CONSTELLATION TECHNOLOGIES LIMITED — Interim / Quarterly Report 2003

Feb 26, 2003

FAX TRANSMISSION

Company Announcements Office To: 1-300300021

From: Agenix Limited [AGX]

Subject: ASX Announcement

27 February 2003 Date

30 (including this page) Page:

Please find attached a copy of the press release, Directors' Report for Agenix Limited for the half year ended 31 December 2002 together with Appendix 4B for the half year ended 31 December 2002.

Kaniga

Tarur . Raniga Company Secretary

$\hat{\boldsymbol{\theta}}$

$\cdot$

Company Announcement

Agenix records 32% interim profit increase from operations. Cash up \$4.4 million

Thursday 27 February 2003

Brisbare-based biotechnology company Agenix Limited [ASX:AGX] today announced a 32% increase in interimmet profit from operations, before adjusting for significant material items.

Interimmet profit for the six months to end of December 2002 was \$2.6 million, before expensing the \$1.7 million research and development investment in ThromboView® and a \$480,000 adjustment to the carrying value of the company's investment assets. Total research and development costs of \$830,000 for ThromtoView® had been capitalised in the previous financial year.

Profit from ordinary activities before income tax for the half-year was \$204,000 compared to \$1.941 million for the previous corresponding period. Agenix recorded a net increase in cash of \$4.4 million. which includes an increase of \$1.25 million since the end of the last financial year. Receivables were down \$1.75 million over the previous corresponding period.

Conswlidated revenue was \$18.3 million for the half year, compared to \$18.8 million for the previous corresponding period. AGEN Biomedical Ltd, a 100% owned subsidiary which manufactures diagnostic kits. contributed \$8.9 million to the revenue result, recording a slight decrease in sales. Product shipments initially expected to occur in December last year were recorded in January and February 2003 due to a delay in registration approval.

Milton Fharmaceuticals, Agenix's other 100% subsidiary, recorded a strong turnaround in profitability. Sales increased by \$164,000, or 1.8%. Excluding the sales of the deleted Milton Nappy Sanitiser and Milton Launcry Powder, sales were up 6.8%.

Don Frome, Chief Executive Officer of Agenix Limited, said: "AGEN had a solid half year and we are very excited by the progression of our blood clot-imaging project ThromboView® through to the clinical trial stage. Phase I humanitrials of ThromboView®are scheduled to begin at Brisbane's Q-Pharm facility on March 17. Submissions to the Therapeutic Goods Administration and other preparations remain on track. This will be the first time that a humanised monoclonal antibody will enter a phase I trial in Australia and the first time that ThromboView® will be injected into a human anywhere in the world."

ThromboView® uses radiolabelled antibodies to locate blood clots in the body. Agenix believes that the technology could revolutionise the \$US 3 billion annual clot diagnostic imaging market.

"We are continuing to make changes in the company that allow us to focus our efforts and resources where we will have the greatest success. Agenix is now solely located in Brisbane which completes the consolidation of operations that we started in late 2001," Mr Home said. "Milton's turnaround has been very pleasing and we are looking forward to that trend continuing. With a net increase in cash of \$4.4 million since this time last year the company is in sound health and well positioned to capatilise on opportunities for growth that we have identified."

For more information contact: Mr Donald Home CEO Agenix Limited Ph: 61 7 3370 6314

Agenix Limited [ASX:AGX] is a listed Australian-based company. It manufactures, distributes and markets human and velerinary diagnostic test kits, over-the-counter pharmaceuticals and infant care products via its fully-owned subsidiaries AGEN Biomedical and Milton Pharmaceuticals. Agenix focuses on developing a horizontally integrated product portfolio to service the needs of the acute phase thrombosis market. Agenix's lead candidate is its high-technology ThromboView® blood clot-imaging project, which uses radiolabelled antibodies to locate blood clots in the body. This could revolutionise the \$US 3 billion annual clot diagnostic imaging market: Agenix employs 190 staff and sells its products to more than 50 countries. ThromboView® is a registered trademark of Agen Biomedical Ltd, a wholly owned subsidiary of Agenix Ltd, Brisbane, Australia. www.agenix.net

DIRECTORS' REPORT

FOR THE HALF YEAR ENDED 31 DECEMBER 2002

REVIEW OF OPERATIONS

Profit from ordinary activities before income tax for the half year was \$0.204 million compared to \$1.941 million for the previous corresponding period.

For the six months ended 31 December 2002, the Directors reviewed the carrying value of the company's investments and provided \$0.477 million against these investments.

Up to 30 June 2002, all expenditure incurred on the ThromboView project was capitalsed in the accounts. From 1 July 2002, all expenditure on this project was expensed and during the six-month period ended 31 December 2002, total expenditure of \$1.732 million was incurred on the ThromboView project (compared to \$0.83 million incurred for the previous corresponding period).

The TromboView project is continuing to meet its critical milestones and is tracking according to original timelines. There have been no technical problems encountered in the project and it is anticipated the project will be completed as planned.

The following shows the achievements of the key timelines on the project:

29 November 2002 Toxicology testing completed 20 December 2002 CTX documentation submitted to TGA

Other important timelines for this project in the near future are:

17 March 2003 First dose in humans

The following table summarises the financial performance for the six months ended 31 Detember 2002, adjusting for significant / material items:

	Current period ended 31 December 02 \$'000	Previous corresponding Period - 31 December 01 \$'000
Profit from ordinary
activities before tax and
adjustment for significant
/ maxerial items	2,571	1,941
Percentage increase	32.5%
Deduct significant 7
material items
$ThrorboView$ expenditure
$$0.830$ incurred in previous
corresponding period and
was capitalised)	1,732
Provision for carrying value
of in restments	477
Re-stracture cost	158
Profit from ordinary
activities before tax	204	1,941
Income tax expense	(225)	(281)
Profit (loss) from ordinary
activities after tax	(21)	1,660

The net loss after tax for the half year was \$0.021 million compared to a net profit after tax of \$1.660 million for the previous corresponding period. The loss after tax was due to a write down in the carrying value of the company's investments and expensing of the expenditure incurred on the ThromboView project as stated above. The provision for the carrying value of the company's investments also resulted in permanent differences in tax expense of \$0.143 million.

Group sales for the half year were \$18.348 million compared to \$18.809 million for the previous corresponding period. This is a decrease of \$0.461 million or 2.5%.

Contribution to the group sales were as follows:

	2002	2001
	(S 2 000)	(S'000)
Diagnostic products (Agen)	8.890	9.470
Pharmaceuticals products (Milton)	9,210	9 0 4 6
Molecular biological products (Jemaka)	248	293
TOTAL SALES	\$18,348	\$18,809

The decrease in Agen's sales during this period resulted from a change in the phasing of veterinary products shipped to Asia due to a delay in registration approval. Sales which were initially expected to occur in December were in fact shipped during January and February 2003.

Agen's trading profit before research and development for the half year was \$3.773 million compared to \$4.563 million for the previous corresponding period. EBITDAR (eartings before interest, tax, depreciation, amortisation and research and development) was \$4.104 million compared to \$4.897 million. The decrease in tracting profit and EBITDAR is mainly due to sales below previous corresponding per cd level and increase in overheads in the marketing activities of the Animal Health business of Agen as the company increases its support of Agen's direct sales effor s in Australia.

Milton Pharmaceuticals sales increased by \$0.164 million or 1.8% over the previous corresponding period. Excluding the sales of the deleted Milton Nappy Sanitiser and Milton Laundry Powder, sales increased 6.8%, from \$7.980 million to \$8.524 million. The majority of this increase was generated by the core pharmaceutical business.

Trailing profit for the half year was \$0.595 million compared to a trading loss of \$0.376 for the previous corresponding period. This result was achieved through an increase in margin and reduction in overheads.

SUBSEQUENT EVENTS

Subsequent to the half year ended 31 December 2002, Agenix closed its Sydney office. The Perth office was closed late in 2001. Agenix is now based solely in Brisbane.

DIFECTORS

The names of the directors of Agenix Limited in office during the half year and until the date of this report were:

Ravitidran Govindan Donald Home (appointed 12 December 2002) Wong Fong Fui Dr. Katherine Woodthorpe Mark Carnegie (resigned 11 December 2002)

ROUNDING

The economic entity has applied the relief available to it in ASIC Class Order 98/0100 and accordingly certain amounts in the half year financial report and in this report have been rounded off.

Signe1 in Brisbane in accordance with a resolution of the Directors dated 24 February $200$ :

Kwoodrome

Dr. Katherine Woodthorpe Director

Appendix 4B Half yearly/preliminary final report

Rules 4.1, 4.3

Appendix 4B

Half yearly/preliminary final report

Introduced 30/6/2002.

Name of enery
Agenix Limited
ABN or equivalent company Half yearly Preliminary reference final (tick) (ick)	Half year/financial-year ended ('current period')
58 009 213 754	$31$ December 2002
For announcement to the market Extracts from this report for announcement to the market (see note 1).			\$A'000
Revenues from ordinary activities (item $1.1$ )	up/down 1.6%	to	18,562
Profit (loss) from ordinary activities after tax attributable to members (iten: 1.22)	+p/down	to	(21)
Profit (loss) from extraordinary items after tax attributable to members $i$ am 2.5(d))	gain (loss) of
Net profit (loss) for the period attributable to members $(i$ tem $1.11)$	up /down	to	(21)
Dividends (distributions)	Amount per security		Franked amount per security
Final dividend (Preliminary final report only - item 15.4) Interim divice ad (Haif yearly report only - item 15.6)	-¢		$-\mathbf{r}$
Previous corresponding period (Preliminary final report - item 15.5; helj'yearly report - item 15.7)	-¢		-¢
*Record date for determining entitlements to the dividend. (in the case of a trust, distribution) (see item $15.2$ )
Brief explanation of any of the figures reported above (see Note 1) and short details of any bonus or cash issue or other item(s) of importance not previously released to the market:

If this is a half yearly report it is to be read in conjunction with the most recent annual financial report.

$\sim$

⁺ See chapter 19 for defined terms.

Appendix 4B
Half yearly/preliminary final report

	Condensed consolidated statement of financial performance
		Current period - \$A'000	Previous corresponding period - \$A'000
1.1	Revenues from ordinary activities (see items 1.23 $-l.25)$	18,562	18,867
1.2	Expenses from ordinary activities (see items 1.26 $\delta$ 27)	(18, 206)	(16, 713)
1.3	Berrowing costs	(152)	(213)
1.4	Share of net profits (losses) of associates and joint venture entities (see item 16.7)
1.5	Profit (loss) from ordinary activities before tax	204	1,941
1.6	Income tax on ordinary activities (see note 4 and rafar to item 19/8)	(225)	(281)
1.7	Frofit (loss) from ordinary activities after tax	(21)	1,660
1.8	Profit (loss) from extraordinary items after tax (ce: item 2.5)
1.9	$\Gamma$ et profi $\Gamma$ (loss)	(21)	1,660
1.10 1	$\Gamma$ 'e: profit: (loss) attributable to outside $+$ equity interests
1,11	Net profit (loss) for the period attributable to niembers	(21)	1,660
	Non-owner transaction changes in equity
$1.12^{\circ}$	Increase (decrease) in revaluation reserves
1.13	Net exchange differences recognised in equity
1.14	Other revenue, expense and initial adjustments
1.15	recognised directly in equity (attach details) Initial adjustments from UIG transitional provisions
1.16	Tetal transactions and adjustments recognised cirectly in equiry (items $1.12$ to $1.15$ )
1.17	Tetal changes in equity not resulting from transactions with owners as owners	(21)	1,660

Earnings per security (EPS)	Current period	Previous corresponding Period
1.18 Easic EPS (cents per share)	0.0 c		1.le-
Di-uted EPS (cents per share) 1.19	0.0c		1.lc

⁺ See chapter 19 for defined terms.

Notes to the condensed consolidated statement of financial performance

Profit (loss) from ordinary activities attributable to members

		Current period Ξ. SA'000	Previous corresponding period - SA'000
1.20	Frofit (loss) from ordinary activities after tax $(x_{cm} 1.7)$	(21	1,660
1,21	Let's (plus) outside $^+$ equity interests
1.22	Profit (loss) from ordinary activities after t.u., attributable to members	(21)	1,660

Revenue and expenses from ordinary activities

(see note $\langle 3 \rangle$

		Current	period	Previous
		\$A'000		corresponding period - SA'000
1.23	Revenue from sales or services		18,144	18,809
1.24	Interest revenue		214	58
1.25	C ther relevant revenue		204
			18,562	18,867
1.26	Letails of relevant expenses:
	Cost of goods sold		(9, 136)	(8,802)
	Eistribution expenses		(540)	(718)
	Marketing expenses		(2, 424)	(3,213)
	Cceupancy and admin expenses		(2,752)	(2,710)
	Research and development expenses		(2, 233)	(679)
	Other exp's from ordinary activities		(644)	(591)
	$M$ aterial/significant items [note19.2(a)]		(477)
			(18, 206)	(16, 713)
$\overline{1.27}$	Depreciation and amortisation		(781)	(586)
	excluding amortisation of intangibles $(s_3):$ item 2.3)
1.28	Capitalised outlays Invertest costs capitalised in asset values
1.29	Outlays capitalised in intangibles (unless
	arising from an $^+$ acquisition of a business)

Appendix 4B Half yearly/preliminary final report

Consolidated retained profits

		Current period -	Previous corresponding
		SA'000	period - \$A'000
1.30	Eetained profits (accumulated losses) at the beginning of the financial period	(1, 819)	(1,980)
1.31	Net profit (loss) attributable to members (item 1 . I)	(21)	1,660
$1.32 -$	liet transfers from (to) reserves (details if ncterial)
1.33	Net effect of changes in accounting policies
1.34	Dividends and other equity distributions paid cr payable
1.35	Retained profits (accumulated losses) at end t f Iinancial period	(1, 840)	(320)

Intangible and extraordinary items

		Consolidated - current period
		Before tax	Related tax	Related	Amount (after
		SA'000 $\left( a\right)$	SA 000 (b)	outside + equity interests SA'000 (c)	tan) attributable to members SA 000 (d)
2.1	Amortisation of goodwill	(14)			(14)
2.2	Arnortisation of other intangibles	(306)	44		(306)
2.3	Cetal amertisation of in angibles	(320)			(320)
2.4	Latraordinary items $(d; \text{tails})$
2.5	Total extraordinary items

Comparison of half year profits

(Preliminary final report only)

• Consolidated profit (loss) from ordinary $3.1$ to ivities after lax attributable to members reported for the Ist half year (item 1.22 in the half yearly report)
• $3.2$ Consolidated profit (loss) from ordinary $\varepsilon$ : cuvities after tax attributable to members for the $2nd$ half year

Current year - \$A'000	Previous year - \$A'000
N/A	N/A
N/A	N/A

⁺ See chapter 19 for defined terms.

	Appendix 4B
Half yearly/preliminary final report

	Condensed consolidated statement of	of At end	As shown in	As in last half
	financial position	current period	last annual	yearly report
		\$A'000	report \$A'000	\$A'000
	Current assets	8,748	7,499	4,363
4.1	⊡ash ∶		6,061	6,581
4.2	Receivables	4,836		879
4.3	investments			7,989
4,4	Inventories	6,031 243	6,125 299	313
4.5	Tax assets
4.6	Other-Forward exchange receivable	1,842 896	419	497
	Other-Prepayments and other
4.7	Total current assets	22,596	20,403	20,622
	Non-current assets
4.8	Receivables	270	211
4.9	Investments (equity accounted)
4.10	Other investments	850	1,327	942
4.11	Inventories
4.12	Exploration and evaluation expenditure capitalised (see para. 71 of AASB 1022)
4.13	Development properties ( + mining entities)
4.14	Other property, plant and equipment (net)	7,987	8,193	8,448
4.15	Intangibles (net)	10,465	10,727	10,449
4.16	Tax assets Other-Deferred R&D	2,262	2,262 2,490	5,476 1,704
4.17	Other-Other	2,490		874
4.18	Total non-current assets	24,324	25,210	27,893
4.19	Total assets	46,920	45,613	48,515
	Current liabilities
4.20	Payables	4,406	4,377	5,885
4.21	Interest bearing liabilities	912	954	231
4.22	Tax liabilities
4.23	Provisions exc. tax liabilities	546	541	667
4.24	Other - Forward exchange payable	1,762 129	50	5
	Other-Other		5,922	6,788
4.25	Total current liabilities	7,755
	Non-current liabilities
4.26	Payables
4.27	Interest bearing liabilities	3,032	3,464	4,492
4.28	Tax liabilities	918	920	640
4.29	Provisions exc. tax liabilities	525	600	400
4.30	Other (provide details if material)	15	11
4.31	Total non-current liabilities	4,490	4,995	5,532
4.32	Total liabilities	12,245	10,917	12,320
4.33	Net assets	34,675	34,696	36,195

⁺ See chapter 19 for defined terms.

	Appendix 4B
Half yearly/preliminary final report

	Социслуен сонуонажиен матешент от правстат ромной социммен
4.34	Equity Capital/contributed equity	36,515	36,515	36,515
4.35	Reserves
4.36	Retained profits (accumulated losses)	(1, 840)	(1, 819)	(320)
4.37	Equity attributable to members of the parent entity	34,675	34,696	36,195
4.38	Cutside $+$ equity interests in controlled entities
4.39	Total equity	34,675	34,696	36,195
4,40	Preference capital included as part of 4.37

Condersed consolidated statement of financial position continued

Notes to the condensed consolidated statement of financial position

Exploration and evaluation expenditure capitalised
(To be completed only by entities with mining interests if amounts are material. Include all expenditure incurred.)

		Current period \$A'000	Previous corresponding period - \$A'000
-5.1	C pening balance	N/A	N/A
5.2	Expenditure incurred during current period	N/A	N/A
5.3	Expenditure written off during current period	N/A	N/A
5.4	Acquisitions, disposals, revaluation	N/A	N/A
	merements, etc.
$5.5^{\circ}$	Expenditure transferred to Development	N/A	N/A
	Frepertics
5.6	Clesing balance as shown in the	$\rm N/A$	N/A
	consolidated balance sheet ( item 4.12 )

Development properties

(To be completed only by entities with mining interests if amounts are material)

		Current period \$A'000	Previous corresponding
			period - \$A'000
6.1	Opening balance	N/A	N/A
6.2	Expenditure incurred during current period	N/A	N/A
6.3	Expenditure transferred from exploration and	N/A	N/A
	ev: Juation
6.4	Expenditure written off during current period	N/A	N/A
6.5	A c quisitions, disposals, revaluation	N/A	N/A
	increments, etc.
6.6	Expenditure transferred to mine properties	N/A	N/A
6.7	Closing balance as shown in the	N/A	N/A
	consolidated balance sheet (item 4.13)

⁺ See chapter 19 for defined terms.

Condensed consolidated statement of cash flows

		Current period \$A'000	Previous corresponding period $- $A'000$
	Cash flows related to operating activities
7.1	Receipts from customers	19,817	19,715
7.2	Payments to suppliers and employees	(17, 642)	(17, 198)
7.3	Dividends received from associates
7.4	Other dividends received
7.5	nterest and other items of similar nature. received	133	58
7,6	interest and other costs of finance paid	(111)	(288)
7.7	Net income taxes received/(paid)	(118)	(201)
7.8	Other (provide details if material)
7.9	Net operating cash flows	2,079	2,086
	Cash flows related to investing activities
7.10	Payment for purchases of property, plant and equipment	(366)	(552)
7.11	Proceeds from sale of property, plant and equipment		230
7.12	Payment for purchases of equity investments		(13)
7.13	Proceeds from sale of equity investments
7.14	Loans to other entities	(52)	(54)
7.15	Loans repaid by other entities
7.16	Other (provice details if material)		(830)
7.17	Net investing cash flows	(418)	(1, 219)
	Cash flows related to financing activities
7.18	Proceeds from issues of $+$ securities (shares, options etc.)
7.19	Proceeds from borrowings		4,280
7.20	Repayment of borrowings	(412)	(4,064)
7.21	Dividends paid
7.22	Other (provide details if material)
7.23	Net financing cash flows	(412)	216
7.24	Net increase (decrease) in cash held	1,249	1,083
7.25	Cash at beginning of period
	see Reconcination of cash)	7,499	3,280
7.26	Exchange rate adjustments to item 7.25.
7.27	Cash at end of period	8,748	4,363
	see Reconciliation of cash)

⁺ See chapte: 19 for defined terms.

$\epsilon$

Non-cash financing and investing activities

Details of firancing and investing transactions which have had a material effect on consolidated assets and liabilities but did not in volve cash flows are as follows. (If an amount is quantified, show comparative amount.) Leased Assets \$100,000 (2001: \$nil)

Reconciliation of cash

Reconciliation of eash at the end of the period (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.		Current period \$A'000	Previous corresponding period - \$A'000
8.1	$\text{Ca}$ can band and at bank	2,935	2,113
8.2	Le sosits at call	5,813	2,250
83	Bank overdraft
8.4	$C$ ther (provide details)
8.5	To al cash at end of period (item 7.27)	8,748	4,363

Other notes to the condensed financial statements

Ratios		Current period	Previous corresponding Period
9.1	Profit before tax / revenue Consolidated profit (loss) from ordinary a stevities before tax (item $1.5$ ) as a percentage of revenue ( item $I.I$ )	1.1%	10.3%
9.2	Profit after tax / "equity interests Consolidated net profit (loss) from ordinary activities after tax attributable to members ( item 1.11 ) as a percentage of equity (similarly a tributable) at the end of the period (item 437)	$-$ %	4.6%

⁺ See chapter 19 for defined terms.

Earnings per security (EPS)

E etails of basic and diluted EPS reported separately in accordance with paragraph 9 and 18 of $10.$ AASB 1027: Earnings Per Share are as follows.

Earnings used in calculating basic and diluted earnings per share	\$
Weighted average number of ordinary shares used in calculating Basic earnings per share	154,182,440
Effect of lilutive securities:
Share options
Adjusted weighted average number of ordinary shares used in calculating Diluted elumings per share	154,182,440

NTA backing (see note 7)	Current period	Previous corresponding period
11.1 Net tangible asset backing per $+$ ordinary $\text{security}$ (cents)	15.7c	16.7c

Discontinuing Operations

(Entities nu t report a description of any significant activities or events relating to discontinuing operations in accordance
with parastriph 7.5 (g) of AASB 1029: Interim Financial Reporting, or, the details of disconti disclosed in their accounts in accordance with AASB 1042: Discontinuing Operations (see note 17).)

Discontinuing Operations $12.1$

$\ddot{\phantom{a}}$

						$+$ See chapter 19 for defined terms.
--	--	--	--	--	--	---------------------------------------	--

Control gained over entities having material effect

• 13.1 Naroe of entity (or group of $entidi.s)$
• 13.2 Cors olidated profit (loss) from ordinary activities and extra ordinary items after tax of the controlled entity (or group of entities) since the date in the current period on which control was ⁺acquired
• 13.3 Date from which such profit has been calculated
• 13.4 Profi. (loss) from ordinary activities and extraordinary items after tax of the controlled entity (or group of entities) for the whole of the previous corresponding period

$\mathbb{S}$ .
$S-$		٠

Loss of control of entities having material effect

• 14.1 Name of entity (or group of entities)
• 14.2 Cox olidated profit (loss) from ordinary activities and extraordinary items after tax of the controlled entity (or group of or tities) for the current period to the date of loss of control
• 14.3 Date to which the profit (loss) in item 14.2 has been calculated
• 14.4 Convolidated profit (loss) from ordinary activities and extraordinary items after tax of the controlled entity (or group of a tities) while controlled during the whole of the previous corresponding period
• 14.5 Contribution to consolidated profit (loss) from ordinary activities and extraordinary items from sale of interest leading to loss of control

Dividends (in the case of a trust, distributions)

• 15.1 Date the dividend (distribution) is payable
• 15.2 $+$ Record date to determine entitlements to the dividend (distribution) (ie, on the basis of proper instruments of transfer received by 5.00 pm if ⁺securities are not ⁺CHESS approved, or security holding balances established by 5.00 pm or such later time permitted by SCH Business Rules if +securities are ⁺CHESS approved)
• $15.3$ If it is a final dividend, has it been declared? (Preaminary final report only)

	---
-
. -	_________

⁺ See chapter 19 for defined terms.

-4

$\mathcal{A}$

Appendix 4B Half yearly/preliminary final report

Amount per security

		Amount per security	Franked amount per security at % tax (see note	Amount per security of foreign source dividend
15.4	(Freliminary final report only) Fraal dividend: Current year	-¢	-0
15.5	Previous year	-C	-C	-0
15.6	( Falf yearly and preliminary final reports ) linterim dividend: Current year	-¢	-0
15.7	Previous year		-с	-0

Total dividend (distribution) per security (interim plus final)

(Preliminary final report only)

		Current year	Previous year
	$15.8$ + O cinary securities	-é
15.9	Preference -1- securities	-c

Half yearly report - interim dividend (distribution) on all securities or Preliminary final report - final dividend (distribution) on all securities

		Current period \$A'000	Previous corresponding period - \$A'000
15,10	$+$ Drdinary securities (each class separately)
15.11	Preference + securities (each class separately)
15.12	Ofter equity inseruments (each class separately)	$\bullet$
15.13	Toral

The ⁺dividend or distribution plans shown below are in operation.

The last date(s) for receipt of election notices for the ⁺dividend or distribution plans

Any other lisclosures in relation to dividends (distributions). (For half yearly reports, provide details in cc:ordance with paragraph 7.5(d) of AASB 1029 Interim Financial Reporting)

⁺ See chapter 19 for defined terms.

Details of aggregate share of profits (losses) of associates and joint venture entities

entities':	Group's share of associates' and joint venture	Current period SA'000	Previous corresponding period - \$A'000
16.1	Prosit (loss) from ordinary activities before tax
16.2	Income tax on ordinary activities
16.3	Profit (loss) from ordinary activities after tar
16.4	E: t aordinary items net of tax
16.5	Net profit (loss)
16.6	Adjustments
16.7	Share of net profit (loss) of associates and joint venture entities

Material interests in entities which are not controlled entities

The economic entity has an interest (that is material to it) in the following entities. (If the interest was acquired or disposed of auring either the current or previous corresponding period, indicate date of acquisition or disposal ("to dd/mm/yy").)

	Name of entity	Percentage of ownership interest held at end of period or date of disposal		Contribution to net profit (loss) (item 1.9)
17.1	Equity accounted associates and joint venture entities	Current period	Previous corresponding period	Current period SA 000	Previous corresponding period - SA 000
17.2	$\mathbf{I}$ o $\mathbf{I}$
17.3	Ctl cr material irterests
	PhytoFrotein Biotech Pte Ltd	27%	31%
17.4	Tosal	27%	31%

$+$ See chapter 19 for defined terms.

Appendix 4B Half yearly/preliminary final report

Issued and quoted securities at end of current period
(Description must include rate of interest and any redemption or conversion rights together with prices and dates)

18.1	Category of + securities l'reference + securities $(A \cdot script on)$	Total number	Number quoted	Issue price per security (see note 14) (cents)	Amount paid up per security (see note 14) (cents)
18.2	Changes during current period (1) Increases through issues (c) Decreases through returns of capital, buybacks, recemptions
18.3	+ Crdinary securities	154,182,440	154, 182, 440
18.4	Changes during current period (a) Increases through issues (b) Decreases through returns of capital, buybacks
18.5	+ Convertible debt securities (description and conversion fc.c.or)
18.6	Changes during current period (a) Increases through issues (b) Decreases through securities matured, converted
18.7	Options (description and conversion factor)			Exercise price	Expiry date
	Unlisted Options Unlisted Options Eurployee Option Plan Employee Option Plan	9,000,000 250,000 3,794,000 75,000		\$0.55 \$0.40 \$0.33 \$0.44	$(ij'$ any) 30/01/03 24/11/04 19/07/07 19/07/07
18.8	Issued during current period
18.9	Enercised during current period
18.10	Erpired during current period Exployee Option Plan	312,000		\$0.33	19/07/07

⁺ See chapter 1⁷ for defined terms.

Appendix 4B Half yearly/preliminary final report

Debentures (description)
Changes during current period (a) Increases through issues
(c) Decreases through securities matured, converted
U isecured notes description )
Changes during current period
(a) Increases through issues
(b) Decreases through sesurities matured, converted

Segment reporting

(Information on the business and geographical segments of the entity must be reported for the current period in accordance with AASB '005: Segment Reporting and for half year reports, AASB 1029: Interim Financial Reporting. Because entities employ different structures a pro forma cannot be provided. Segment information in the layout employed in the entity's $+$ accounts should be reported separately and attached to this report.)

Comments by directors

(Comments on the following matters are required by ASX or, in relation to the half yearly report, by AASB 1029: Interim Financial Reporting. The comments do not take the place of the directors' report and statement (as required by the Corporation: xict) and may be incorporated into the directors' report and statement. For both half yearly and preliminary final reports, if there are no comments in a section, state NIL. If there is insufficient space to comment, attach notes to this report.)

Basis of financial report preparation

• 19.1 If this report is a half yearly report, it is a general purpose financial report prepared in accordance with the listing rules and AASB 1029: Interim Financial Reporting. It should be read in conjunction with the last annual report and any announcements to the market made by the entity during the period. The finarcial statements in this report are "condensed financial statements" as defined in AASB 1029: Interix: Financial Reporting. This report does not include all the notes of the type normally included in an annua! financial report.
• 19.2 Material factors affecting the revenues and expenses of the economic entity for the current period. In a half yearly report, provide explanatory comments about any seasonal or irregular factors affecting operations.
• (a) At 31 December 2002, the company made a provision of $$477,000$ against the carrying value of investments.
• (b) For the six months ended 31 December 2002, total expenditure of \$1.732m (\$0.083m) for the previous corresponding period) has been incurred by the company in its lead project ThromboView®. This expenditure incurred for the current period was expensed compared to it being capitalised for the previous corresponding period.
• A description of each event since the end of the current period which has had a material effect and which $19.3$ is not already reported elsewhere in this Appendix or in attachments, with financial effect quantified (if possible).

⁺ See chapter 1! for defined terms.

19.4 Fraulting credits available and prospects for paying fully or partly franked dividends for at least the next year.

Franking credits on a 'gross up' basis are \$527,786.

By applying the 'tax-paid' basis, effective 1 July 2002, the amount is \$226,194.

19.5 Unsers disclosed below, the accounting policies, estimation methods and measurement bases used in this report are the same as those used in the last annual report. Any changes in accounting policies, estimation methods and measurement bases since the last annual report are disclosed as follows. (Disclose changes and differences in the half yearly report in accordance with AASB 1029: Interim Financial Reporting. Disclose changes in accounting policies in the preliminary final report in accordance with AASB 1001: Accounting Policies-Disclosure).

At 31 December 2002, Agenix has adopted a revised AASB 1012 "Foreign Currency Translation", and have recognised a forward exchange receivable of \$1,841,967 and payable of \$1,762,425 on the Statement of Financial Position. All gains and losses on these contracts have been deferred. At 31 December 2001 and 30 June 2002, the company had not entered into any forward contracts.

• 19.6 Revisions in estimates of amounts reported in previous interim periods. For half yearly reports the nature and amount of revisions in estimates of amounts reported in previous +annual reports if those revisions have a material effect in this half year.
• 19.7 Changes in contingent liabilities or assets. For half yearly reports, changes in contingent liabilities and contingent assets since the last + annual report.

19.8	Income tax reconciliation
	Prima facie tax expense at 30%	(61)
	Acjust for permanent differences:
	Amortisation of intangibles and re-valued assets	(134)
	Investment provision not tax effected	(143)
	Research and development uplift	130
	Other miscellaneous non-deductible expenses	(17
	Tetal permanent differences from operations	164)
	Tax expense per line 1.6	(225)

$\overline{a}$

⁺ See chapter 19 for defined terms.

Additional disclosure for trusts

• 20.1 Number of units held by the management company or responsible entity or their related parties.
• $20.2$ A statement of the fees and commissions payable to the management company or responsible entity.

Identify:

• initial service charges $\blacksquare$
• management fees $\blacksquare$
• other fees $\mathbf{I}$

Annual meeting

(Preliminary final report only) The annual meeting will be held as follows:

Place

Date

Time

Approximate date the 'annual report will be available

πт

N/A
$\overline{\text{N/A}}$
N/A ٠
N/A

⁺ See chapter 19 for defined terms.

Compliance statement

This report has been prepared in accordance with AASB Standards, other AASB authoritative $\mathbf{1}$ pronouncements and Urgent Issues Group Consensus Views or other standards acceptable to $A₅X$ (see note 12).

Ider tify other standards used

• This report, and the ⁺accounts upon which the report is based (if separate), use the same $\overline{2}$ accounting policies.
• 3 This report does give a true and fair view of the matters disclosed (see note 2).
• This report is based on 'accounts to which one of the following applies. 4

(Tick one) $\Box$	The $\tau$ accounts have been $\checkmark$ audited.	The * accounts have been subject to review.
	The + accounts are in the process of being audited or subject to review.	The + accounts have not yet been audited or reviewed.

• 5 If the audit report or review by the auditor is not attached, details of any qualifications are attached/will follow immediately they are available* (delete one). (Half yearly report only the audit report or review by the auditor must be attached to this report if this report is to satisfy the requirements of the Corporations Act.)
• The entity has a formally constituted audit committee. 6

Date: $.24/02/03$ Sign here: irector/Company Secretary)

DR. KATHERINE WOODTHORPE Print name:

Notes

For announcement to the market The percentage changes referred to in this section are the $\mathbf{1}$ . percentage changes calculated by comparing the current period's figures with those for the previous corresponding period. Do not show percentage changes if the change is from profit to loss or loss to profit, but still show whether the change was up or down. If changes in accounting policies or procedures have had a material effect on reported figures, do not show either directional or percentage changes in profits. Explain the reason for the omissions in the note at the end of the announcement section. Entities are encouraged to attach notes or fuller explanations of any significant changes to any of the items in page 1. The area at the end of the announcement section can be used to provide a cross reference to any such attachment.

⁺ See chapter 19 for defined terms.

$2.$ Time and fair view If this report does not give a true and fair view of a matter (for example, because compliance with an Accounting Standard is required) the entity must attach a note promiding additional information and explanations to give a true and fair view.

Condensed consolidated statement of financial performance 3.

• The definition of "revenue" and an explanation of "ordinary activities" are set $\textbf{Item}$ 1.1 out in AASB 1004: Revenue, and AASB 1018: Statement of Financial Performance.
• This item refers to the total tax attributable to the amount shown in item 1.5. Item $1.6$ Tax includes income tax and capital gains tax (if any) but excludes taxes treated as expenses from ordinary activities (eg, fringe benefits tax).
• Income tax If the amount provided for income tax in this report differs (or would differ but 4. for compensatory items) by more than 15% from the amount of income tax prima facie payable on the profit before tax, the entity must explain in a note the major items responsible for the difference and their amounts. The rate of tax applicable to the franking amount per dividend should be inserted in the heading for the column "Franked amount per security at % tax" for items $15.4$ to $15.7$ .

5. Con-lensed consolidated statement of financial position

Format The format of the consolidated statement of financial position should be followed as closely as possible. However, additional items may be added if greater clarity of exposition wil be achieved, provided the disclosure still meets the requirements of AASB 1029. Interim Financial Reporting, and AASB 1040: Statement of Financial Position. Also, banking institutions. trusts and financial institutions may substitute a clear liquidity ranking for the Current/Non-Current classification,

Basis of revaluation If there has been a material revaluation of non-current assets (including investments) since the last 'annual report, the entity must describe the basis of revaluation adopted. The description must meet the requirements of AASB 1010. Accounting for the Revaluation of Non-Current Assets. If the entity has adopted a procedure of regular revaluation, the basis for which has been disclosed and has not changed, no additional disclesure is required.

• Cordensed consolidated statement of cash flows For definitions of "cash" and other terms 6. used in this report see AASB 1026: Statement of Cash Flows. Entities should follow the form as closely as possible, but variations are permitted if the directors (in the case of a trust, the management company) believe that this presentation is inappropriate. However, the presentation adopted must meet the requirements of AASB 1026. "Mining exploration entities may use the form of cash flow statement in Appendix 5B.
• Net tangible asset backing Net tangible assets are determined by deducting from total 7. tangeble assets all claims on those assets ranking ahead of the ⁺ordinary securities (ie, all liabilities, preference shares, outside +equity interests etc). +Mining entities are not required to state a net tangible asset backing per ⁺ordinary security.
• Gair. and loss of control over entities The gain or loss must be disclosed if it has a material 8. effect on the 'accounts. Details must include the contribution for each gain or loss that

l,

⁺ See chapter 19 or defined terms.

increased or decreased the entity's consolidated profit (loss) from ordinary activities and ext aordinary items after tax by more than 5% compared to the previous corresponding period.

• Roynoling of figures This report anticipates that the information required is given to the 9. nearest \$1,000. If an entity reports exact figures, the \$A'000 headings must be amended. If an entity qualifies under ASIC Class Order 98/0100 dated 10 July 1998, it may report to the nearest million dollars, or to the nearest \$100,000, and the \$A'000 headings must be amended.
• 1. Comparative figures Comparative figures are to be presented in accordance with AASB 1018 or ASB 1029 Interim Financial Reporting as appropriate and are the unadjusted figures from the latest annual or half year report as appropriate. However, if an adjustment has been made in accordance with an accounting standard or other reason or if there is a lack of comparability, a note explaining the position should be attached. For the statement of fint noial performance, AASB 1029 Interim Financial Reporting requires information on a year to date basis in addition to the current interim period. Normally an Appendix 4B to which AASB 1029 Interim Financial Reporting applies would be for the half year and consequently the information in the current period is also the year to date. If an Appendix 4B Half yearly version is produced for an additional interim period (eg because of a change of reporting per od), the ertity must provide the year to date information and comparatives required by A4.3B 1029 Interim Financial Reporting. This should be in the form of a multi-column version of the consolidated statement of financial performance as an attachment to the ac ditional Appendix 4B.
• Additional information An entity may disclose additional information about any matter, and $11.$ must do so if the information is material to an understanding of the reports. The information may be an expansion of the material contained in this report, or contained in a note attached to the report. The requirement under the listing rules for an entity to complete this report does not prevent the entity issuing reports more frequently. Additional material lodged with the +ASIC under the Corporations Act must also be given to ASX. For example, a director's report and declaration, if lodged with the ⁺ASIC, must be given to ASX.
• Accounting Standards ASX will accept, for example, the use of International Accounting 12. Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if one exists) must be complied with.
• 1. Comporations Act financial statements This report may be able to be used by an entity required to comply with the Corporations Act as part of its half-year financial statements if prepared in accordance with Australian Accounting Standards.
• Issued and quoted securities The issue price and amount paid up is not required in items 14. 13.1 and 18.3 for fully paid securities.
• 15 Details of expenses AASB 1018 requires disclosure of expenses from ordinary activities according to either their nature or function. For foreign entities, there are similar requirements in other accounting standards accepted by ASX. AASB ED 105 clarifies that the disclosures required by AASB 1018 must be either all according to nature or all according to function. Entities must disclose details of expenses using the layout (by nature or function) employed in their $\pm$ accounts.

The information in lines 1.23 to 1.27 may be provided in an attachment to Appendix 4B.

⁺ See chapter 19 for defined terms.

Relevant Items AASB 1018 requires the separate disclosure of specific revenues and expenses which are not extraordinary but which are of a size, nature or incidence that disolosure is relevant in explaining the financial performance of the reporting entity. The term "reversion is defined in $AASB$ 1018. There is an equivalent requirement in $AASB$ 1029. Interim Financial Reporting. For foreign entities, there are similar requirements in other accounting standards accepted by ASX.

16 Fellars If reporting is not in A\$, all references to \$A must be changed to the reporting currency. If reporting is not in thousands of dollars, all references to "000" must be changed to the reporting value.

17. Discontinuing operations

Half yearly report

All entities must provide the information required in paragraph 12 for half years beginning on or : fter 1 July 2001.

Preliminaty final report

Entities must either provide a description of any significant activities or events relating to discontinuing operations equivalent to that required by paragraph 7.5 (g) of $AASB$ 1029. Interim Financial Reporting, or, the details of discontinuing operations they are required to disclose in their ⁺accounts in accordance with AASB 1042 Discontinuing Operations.

In any case the information may be provided as an attachment to this Appendix 4B.

Format 18.

This form is a Word document but an entity can re-format the document into Excel or similar applications for submission to the Companies Announcements Office in ASX.

⁺ See chapter 19 for defined terms.

	ĺ ļ
ļ $\overline{1}$ ï	i Tri Common I í i ֖֖֖֖֧֧֧֧֧֧֧֧֪֪֪֪֪֪֪֪֪֪֚֚֚֚֚֚֚֚֚֚֚֚֚֚֚֚֚֚֚֚֚֚֡֬֝֓֡֬֝֬֝֬֓֝֬֓֓֝֬ ;

• SECMENT INFORMATION PRIMARY SECMENT
  The industry segments below derive revenue from the following products and operations:
  $\begin{array}{ll}\n\langle j \rangle & \text{Medical diagrams} \
  \langle k \rangle & \text{Drevlopment, manufacture and scale of human and vectorinary diagnostic tests.} \
  \langle i \rangle & \text{Piaicimecidicals} & \cdot & \cdot & \cdot & \cdot & \cdot & \cdot & \cdot & \cdot & \cdot &$ Manufacture and sale of pharmaceutical products
  Molecular Biology
• $\widehat{\mathbf{E}}$

Manufacture and sale of biomedical products
Business segments	Medical Diagnostics		Pharmaceuticals		Molecular Biology		Elimination		Consolidated
	31 Dec \$000 2002	31 Dec 2001 000.3	31 Dec 2002 \$7000	31 Dec 2001 97000	31 Dec 2402 \$7000	31 Dec 2001 \$'000	31 Dec 2002 3'000	31 Dec 2001 37000	31 Dec 2002 3°000	31 Dec 2001 3°000
Segment revenue REVENUE	8,686	9,470	9,210	9,046	248	$\tilde{\mathcal{L}}$			18,144	18,808
Unallocated revenue			IJ						$\frac{8}{1}$
Total consolidated revenue									18,562 ▌	18,808
Segment result RESULTS	1,569	3.884	$\frac{5}{2}$	$\left( \frac{1}{2} \right)$	Ř	Ę,			2,117	3,366
Unallocated expenses			Ш						(1,913)
Consolidated entity profit from Income tax (expense)/benefit ordinary activities before income tax									234 (25)	3,366 (281)
Net profit									$\Xi$	3,085

DEGMENT INFORMATION - FRIMARY SEGMENT (CONT'D)
Business segments	Medical Diagnostics		Pharmaceuticals		Molecular Biolegy		Eliminations		Consolidated
ASSETS	31 Dec 5.000 2002	31 Dec 800°3 2001	ă \$7000 2002	$\frac{25}{200}$ \$*000	33 Dac 87000 2002	ai Déé 2001 \$*1010	in 17 000.3 2002	$\frac{31 \text{ Dec}}{2001}$ $$^{1000}$	31 Dec 000.3 2002	31 Dec 2001 3000
Unallocated assets Segment assets	23,407	23,036	14,095	14,919	$\Xi$	55	(9,721)	(8, 428)	18,969 27,951	29,904 15,709
Total consolidated assets LIABILITIES									46,920 ║	45,613 ▌
Unallocated liabilities Segment liabilities	3.391	2,865	12,601 Щ	10,699	$\tilde{e}$ ║	$55^{\circ}$	(9,496)	(7,653) ║	6,596 5.649	6,190 4,727
Total liabilities									12,245	10,917
OTHER SEGMENT INFORMATION assets and other non-current Acquisition of property, plant and equipment, intangible
assets	្ទ	57	ă				ਠ
Depreciation	283	24	$\frac{3}{2}$ $\frac{3}{2}$	កន្លង			$\frac{25}{2}$	'≏ ∽	\$884	ដូន្តិ
Amortisation	వ	ş						$\ddot{2}$
depreciation and amortisation Non-cash expenses other than

$\hat{\boldsymbol{\beta}}$

27/02 2003 08:32 FAX 61 7 33706383

$\overline{\phantom{a}}$

APPENDIX 4B - ATTACHMENT A $\frac{F}{2}OR \text{ THE SIX MONTIB ENDED 31 DECRMBER 2002}$

$\frac{1}{\sqrt{2}}$

AGEN BIOMEDICAL LTD

☑027

J.

$\mathbf{r}$

	D31 DECEMBEI
$\ddot{\cdot}$ AITACHI j PENDIX4	THE SIX MONTHS ENDED $\overline{\phantom{a}}$ 5 l ŗ j

$\cdot$

$\bar{\beta}$

I

EGMENT INFORMATION - SECONDARY SEGMENT							Australia and New
Geographical segments	North America		Europe		Asia Pacific		Traland		Uctastance
	31 Dec 60043 2002	31 Dec 2001 \$7000	188 1980 渴 1 ω.	ii Dec 2001 87000	31 Dec 2002 87000	31 Dec 2001 5°000	31 Dec 2002 6°000	31 Dec 2001 8'000	ii Dec 2002 8°000	31 Dec 2001 8 9 000
Acquisition of property, plant and equipment, intangible Other segment information Segment revenue Segment assets	3,484	4,565	2,162	2,146	1,256	1,002	11,242 46,920	11,095 45,613	18,144 46,920	18,808 45,613
assets and other non- current assets							366	473	366	473

$\mathcal{L}(\mathcal{L}^{\mathcal{L}})$ and $\mathcal{L}(\mathcal{L}^{\mathcal{L}})$ and $\mathcal{L}(\mathcal{L}^{\mathcal{L}})$ and $\mathcal{L}(\mathcal{L}^{\mathcal{L}})$

$\mathcal{L}{\text{max}}$ and $\mathcal{L}{\text{max}}$

$\sim 10^{-10}$

DIRECTORS' DECLARATION

In accordance with a resolution of the Directors of Agenix Limited, I state that:

In the opinion of the Directors:

• 1 the financial statements and notes of the consolidated entity:
• (a) give a true and fair view of the financial position as at 31 December 2002 and the performance for the half year ended on that date of the consolidated entity; and
• (b) comply with Accounting Standard AASB 1029 "Interim Financial Reporting" and the Corporations Regulations 2001; and
• 1. there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

On behalf of the Eoard

carze

Dr. Katherine Woodthorpe Director

Dated this 24 February 2003

EU ERNST & YOUNG

INDEPENDENT REVIEW REPORT

To the member: of Agenix Limited

Scope

We have reviewed the financial report of Agenix Limited in the form of Appendix 4B of the Australian Stock Exchange (ASX) Listing Eules, as set out on pages 1 to 16 and the Directors' Declaration for the half-year ended 31 December 2002, but excluding the compliance statement (page 17).

The financial report includes the consolidated financial statements of the consolidated entity comprising Agenix Limited and the entities it controlled at the end of the half-year or from time to time during the half-year. The disclosing entity's directors are responsible for the financial report. We have performed an independent review of the financial report in order to state whether, on the basis of the procedures described, anything has come to our attention that would indicate that the financial report is not presented fairly in accordance with Accounting Standard AASB 1029 "Interim Financial Reporting" and other mandatory professional reporting requirements in Australia, statutory requirements and ASX Listing Rules as they relate to Appendix 4B, and in order for the company/disclosing entity to lodge the financial report with the Australian Securities and Investments Commission and the ASX.

Our review has been conducted in accordance with Australian Auditing Standards applicable to review engagements. Our review was limited primarily to inquiries of the entity's personnel and analytical review procedures applied to financial data. These procedures do not provide all the evidence that would be required in an audit, thus the level of assurance provided is less than that given in an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

Review Statement

As a result of our review, we have not become aware of any matter that makes us believe that the half-year financial report, as defined in the scope section, of Agenix Limited is not in accordance with:

• a) the Corporations Act 2001, including:
• giving a true and fair view of the consolidated entity's financial position as at 31 December 2002 and of $\left( i\right)$ it: performance for the half-year ended on that date; and
• $(ii)$ complying with Accounting Standard AASB 1029 "Interim Financial Reporting", and the Corporations Regulations 2001; and
• other raindatory professional reporting requirements in Australia and ASX Listing Rules as they relate to b) Appendit 4B.

Ernst & Young

M Browning Brisbane February 20(3

1 Eagle Street Brisbane QLD 4000 Australia

Tel 61 7 3011 3333 Fax 61 7 3011 3100 DX 165 Brisbane

PO Box 7878 Waterfront Place Brisbane QLD 4001