ACRUX LIMITED — Capital/Financing Update 2014

Feb 4, 2014

5 FEBRUARY 2014

ACRUX (ACR) - ASX ANNOUNCEMENT

2014 OUTLOOK

Melbourne, 5 February 2014 : Acrux (ASX: ACR) had its regular bi-annual meeting with Lilly last week under the parties’ obligation to keep each other informed of their material matters relating to the manufacture, development and marketing of Axiron. As previously reported, quarterly sales of Axiron last year were:

Q1 2013	Q2 2013	Q3 2013	Q4 2013	Total for 2013
US$37.1m	US$47.1m	US$40.6m	US$53.9m	US$178.7m

On the basis of current knowledge, continued growth is expected in net sales for calendar 2014, with successive quarters showing increased net sales compared to those achieved in the previous quarter. This should lead to the achievement of the sales threshold required to trigger the US$50 million milestone payable in early 2015.

Consistent with previous advice, Acrux will distribute cash in excess of medium term working capital requirements. Our working capital requirements remain at approximately $5 million per annum and our current cash reserves are approximately $17 million. As advised previously, Acrux will receive a US$25m milestone payment in early March. The post-tax value of the milestone is approximately $20 million at current exchange rates and will be used to fund a special dividend to shareholders. Details of the dividend will be announced with the half-year results on 20 February 2014.

Contact

Ross Dobinson, Executive Chairman: 03 9691 5920

About Acrux (ASX: ACR)

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.

• The Acrux technology, used in marketed products including Axiron®, Evamist® and Recuvyra™, is based on a fast-drying, small volume, accurately dosed solution, containing penetration enhancers, that when applied topically, deposit drug through the skin for long acting delivery.

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• Acrux has three products marketed by licensees in the USA, three products approved in Europe, and further products at earlier stages of development.

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