ACRUX LIMITED — Capital/Financing Update 2007

Aug 23, 2007

ACRUX (ASX: ACR) - ASX ANNOUNCEMENT

24 AUGUST 2007

ACRUX SHARE PURCHASE PLAN COMPLETION

Melbourne 24 August 2007: Acrux (ASX: ACR) today announced that subscription proceeds of $466,000 were received under the Company’s Share Purchase Plan and 291,250 new shares will be issued to shareholders. The Share Purchase Plan followed the $22.5 million placement to institutional and sophisticated investors in Australia and Europe, completed on 18 July 2007.

The proceeds of the capital raising will be used to fund the investment of $20 million in the phase 3 clinical trial and other late-stage development activities for Acrux's unique Testosterone MD-Lotion[®] product.

"Acrux is now well-funded to execute on the Testosterone MD-Lotion product development opportunity and to take the business through to profitability. With our first product EvaMist™ scheduled for launch in the US in the upcoming months, and plans well underway for the commencement of two phase 3 trials Acrux is entering another very exciting growth period" commented Richard Treagus, Acrux CEO.

Contact

Richard Treagus, Acrux CEO +61 417 520 509; richard.treagus@acrux.com.au

About Acrux - www.acrux.com.au

• Acrux is an Australian drug delivery company, developing and commercialising a range of patient-preferred, patented pharmaceutical products for global markets, using its innovative technology to administer drugs through the skin.

• Fast-drying, invisible sprays or liquids provide a delivery platform with low or no skin irritation, superior cosmetic acceptability and simple, accurate and flexible dosing. The technology platform is covered by broad and well-differentiated, issued patents.

• Acrux’s lead product Estradiol MDTS[®] (EvaMist™ in the USA) to treat menopause symptoms has been approved for marketing by the US FDA. Other products in clinical development include:

  • Testosterone MDTS[®] to treat decreased libido in women

  • Testosterone MD-Lotion[®] to treat testosterone deficiency in men

  • Nestorone[®] MDTS[®] contraceptive spray for women

  • Fentanyl MDTS[®] to treat chronic pain

• Acrux has licensed worldwide rights to its technology for selected contraceptives and for an undisclosed proprietary drug to ORGANON, USA rights for Estradiol MDTS[®] to KV Pharmaceutical and for Testosterone MDTS[®] to VIVUS, and AUS/NZ distribution rights for Estradiol MDTS[®] to Aspen Pharmacare and for Testosterone MDTS[®] and Fentanyl MDTS[®] to CSL Limited. Acrux has also licensed its technology to Eli Lilly and Company for veterinary healthcare products.

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