CADOUX LIMITED — Board/Management Information 2005

Oct 6, 2005

SOLBEC ANNOUNCES RESIGNATION OF MANAGING DIRECTOR AND THE APPOINTMENT OF NEW DIRECTOR

Summary

• Managing Director to resign
• Dr Graeme Howie appointed Executive Director

Perth, Australia. Friday 7 October 2005: Solbec announces that its Managing Director. Stephen Carter, has tendered his resignation effective 31 December 2005 to enable him to pursue other interests.

Mr Carter has made a substantial contribution to Solbec and been instrumental in the development of its lead compound Coramsine® to the stage where it can now proceed with further clinical development. The Directors are pleased that Mr Carter has agreed to remain a Consultant and a Director upon cessation of his executive duties.

The Company also advises that Dr Graeme Howie has been appointed an Executive Director of Solbec to assist in the further clinical development of Coramsine® and the overall strategic development and positioning of the Company and its platform glycoalkaloid technology. Dr. Howie has worked in the Australian and global pharmaceutical industry for over 28 years including as a senior product development executive for Pharmacia and later Pfizer in the United States primarily responsible for the research and development of a number of biotechnology projects. Dr. Howie retired from Pfizer and returned to Western Australia in January 2005 and is a non executive director of Neuren Pharmaceuticals Limited. Dr. Howie's expertise and knowledge of the pharmaceutical industry, including drug research and development, particularly in the United States' market, will be of great assistance to Solbec as it continues the development of its compounds including Coramsine®".

The Company will look to appoint a new Chief Executive Officer in the near to short term.

Mr Tony Kiernan, Chairman of Solbec said: "The Directors acknowledge Stephen Carter's contribution to the development of Coramsine® and believe he will continue to provide value in his role as a director and consultant. Dr. Howie's appointment is timely given the advancing stage of development of our compounds and Coramsine in particular".

Further information:

Tony Kiernan	Media:
Chairman
$\sqrt{2}$ Tel: $(08)$ 9323 0999	Justine Lamond
Mob: 0418 912 843	Tel: (02) 9237 2800
Email: tony.kiernan@solbec.com.au	Email: $\text{ilamond}(a)$ beg.com.au