ACRUX LIMITED — Capital/Financing Update 2007

Jul 24, 2007

ACRUX (ASX: ACR) - ASX ANNOUNCEMENT

25 JULY 2007

ACRUX SHARE OPTIONS

Melbourne 25 July: Acrux (ASX: ACR) today reported that following the positive results in its Phase 2 trial of Testosterone MD-Lotion[®] and the successful completion of a $22.5 million placement to fund Phase 3 development over the next two years, the board will further incentivise the Acrux management team through the grant of new share options.

Approximately 3.2 million options will be granted under Acrux’s Employee Share Option Plan at an exercise price of $1.84 per share, representing a 15% premium to the price of the placement and the pending Share Purchase Plan. The options will not be exercisable until two years after the grant date.

Of these options, 1.3 million will be granted to CEO Richard Treagus subject to shareholder approval at the Company’s Annual General Meeting.

Appendix 3B disclosure notices will be lodged with ASX at the appropriate times.

Contact

Jon Pilcher, CFO & Company Secretary +61 438 422 271 jon.pilcher@acrux.com.au

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