CONSTELLATION TECHNOLOGIES LIMITED — Regulatory Filings 2011

Jul 28, 2011

AGENIX LIMITED 爱健克斯有限公司

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(ASX: AGX)

29 July 2011

Shareholder Update

Dear Shareholder,

Agenix today released its cash flow statement for the quarter ended 30 June 2011 and expects to release its Interim Financial Report in August 2011.

The Company continues to make important progress on several fronts and our aim with this letter is to provide you with an overview of our activities during the quarter and a summary of our current position.

Our primary focus areas continue to be to maximise shareholder value by exploiting the full worth of our unique intellectual property, leveraging our strong partnerships while developing new ones, delivering on key milestones, reducing our risk and maintaining control over our costs.

The following provides a summary of recent progress and success towards achieving these goals and an update on our operational status.

Our financial position

During the quarter, the Company's operational expenditure was approximately $209,000 per month. This includes a number of non-recurring historical costs budgeted to be paid and satisfied by the end of 2011 as well as activity in support of our development milestones.

We finished the quarter with $1.883 million in cash, compared to $549,000 for the same period in 2010. Overall our position is greatly improved and the Company is now based on solid foundations, though further capital will be required for AGX-1009 clinical trials and expansion to the Company’s activities. Operating activities used cash of $627,000 including non-recurring historical costs of $240,000. Importantly, ongoing administration overheads are projected to be curtailed to approximately $400,000 per quarter for FY2012. The strength of the Australian Dollar continued to have a negative impact on the translation of funds used by our China subsidiary.

We will continue to invest in the scale-up of our China operations and prepare for the start of our clinical study there in 2012.

Lead diagnostic ThromboView[®] validated and set for Phase III trial

Without doubt, the key development this quarter was publication in the American Journal of Respiratory and Critical Care Medicine and the journal Heart, Lung and Circulation of two very positive peer-reviewed studies that reconfirmed the safety, efficacy and accuracy of our lead diagnostic, ThromboView, in patients with suspected acute pulmonary embolism.

These two papers have sparked strong interest among the international medical community and potential commercial partners.

In summary, the US researchers, led by Dr Timothy Morris from the University of California San Diego Medical Center, found ThromboView was accurate, safe and well-tolerated by patients with a range of illnesses and enhanced the ability to accurately diagnose acute pulmonary embolism.

This is important because some of greatest benefits of this promising technology will be among the many patients who cannot safely undergo the current standard tests due to preexisting illnesses.

The researchers confirmed their results warranted further study in a larger population. ThromboView is now ideally positioned to begin a Phase III trial and we are actively engaged in an expressions of interest divestment program with potential partners.

Our focus is the creation of financially beneficial partnerships with global medical and pharmaceutical partner organisations to expedite the final Phase III study ahead of a formal application for US, European or Chinese regulatory approval.

I invite you to contact me directly if you would like details of the two peer-reviewed articles or more detailed information about ThromboView.

On track to begin Phase I Hepatitis B drug clinical study in China in 2012

Our Chinese partner, the Beijing-based Institute of Medicinal Biotechnology (IMB), is a key asset for Agenix and together we are making progress towards the first human studies for our lead Hepatitis B compound, AGX-1009, in 2012. AGX-1009, purchased by Agenix from IMB last year, is one of the drug candidates supported by the Chinese Government’s State Special Funds for Important Newly Developed Drugs.

During the quarter, a series of highly productive meetings with senior IMB representatives confirmed we are on track to file our formal application with China's State Food and Drug Administration (SFDA) in the second quarter of 2012 ahead of approval to begin a Phase I human study the same year.

SFDA regulatory approval means our trial costs will be a fraction of what they would be if we were to conduct the same study in Europe or the US.

The Director of IMB Professor Jiang Jian-Dong and his team are experienced world leaders in their field and have together submitted hundreds of successful applications to the SFDA.

In May, our partners at IMB confirmed the necessary pre-clinical protocols are in order and we are on track to file our submission as scheduled.

Working with IMB, we have the opportunity to improve the quality of life for millions of people by commercialising an affordable effective once-daily treatment for Hepatitis B – a major cause of death in the developing world.

Closing summary

Agenix today is a cohesive team of talented and skilled people working for an internationally focused Australian company with a promising future.

The team in Australia and China continues to make solid progress on multiple fronts and we are on the path of achieving a number of meaningful milestones for our two lead products.

We are actively conducting due diligence on new potential projects and partners. Over time, we are looking to forge relationships which may lead to new collaborations and businesses that take the Company into the future.

We are not given to extravagant statements; our culture is to make products rather than promises. All of us appreciate your ongoing support and look forward to providing you with updates over the coming months as we work to build shareholder wealth.

Yours sincerely,

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Nicholas Weston

Chairman & Chief Executive Officer

Tel: +61 3 8616 0379

www.agenix.com