PERCHERON THERAPEUTICS LIMITED — AGM Information 2003

Oct 30, 2003

31 October 2003

The Companies Section The Australian Stock Exchange Limited 530 Collins Street MELBOURNE VIC 3000

Dear Sir/Madam

Annual General Meeting 2003 - Presentation Re:

Please find enclosed the presentation to be made to shareholders this morning at Antisense Therapeutics Limited's Annual General Meeting.

Yours sincerely

Natalie Korchev Company Secretary

Overview Corporate Structure Mission/Strategy * Key Achievements Cad Projects - Multiple Sclerosis, Psoriasis * Looking forward * Summary

ense Therarapeutics

• ♦ Listed on ASX Dec 2001
• Total funds raised to date: $28.5 M
• * Market Capitalisation: $43.4 M (undiluted)
• * Key Shareholders

emae Therapeutres

ense Increases

Z

• Circadían 20%
• Syngene 15% (42% Circadian)
• $Isis$ 11% 5%
• $-OIC$
• Cash reserves of $15.4 M, no borrowings

execution and designal

ANP's Mission

Create, develop and commercialize novel antisense pharmaceuticals for large unmet

Business strategy

• * Leverage 13 years of Isis antisense technology development
• Fast track existing lead projects through pre-clinical and clinical development
• * Create pipeline of new antisense therapeutics
• Commercialise those that are successful in clinical testing via licensing/partnering

Key Achievements - FY 2003

• * ATL1102 commenced Phase I safety study in humans
• * ATL1101 completed preclinical efficacy program
• * Awarded A$1.1M Start Grant
• ♦ Capital Raising A$15M
• * Pipeline Undertaken multiple animal studies on antisense compounds for new indications

Multiple Sclerosis - ATL1102

• * Disease & Market
  • Life-long chronic disease of the central nervous system
  • $-$ Global drug sales of $>$ US$2.5bn in 2002.
  • Need for more effective drug with less side effects

$\bullet$ Product

ense Therapeutics

• Antisense inhibitor to VLA-4 protein whichcontributes to onset of disease
• Biogen monoclonal ab to VLA-4 in Phase III
• Anticipate efficacy, dosing and cost advantages

Multiple Sclerosis - ATL1102 (cont)

♦ Progress

Contraction

Legative Thermeening

• Confirmed activity in pre-clinical murine models of MS
• Confirmed activity also in arthritis and asthma models
• Completed package of pre-clinical animal studies (incl. toxicology)
• Manufactured drug product for Phase I and IIa studies
• Commenced Phase I human trial

Multiple Sclerosis - ATL1102 (cont)

♦ Outlook

Controller Control

ense Therapeutics

• Following successful completion of Phase I trial, Phase IIa trials in 2004

Psoriasis Treatment - ATL1101

* Disease & Market

• Chronic non-contagious skin disorder
• Affects 1-2% of population
• Global drug sales forecaset to exceed US$2 billion by 2007 (Frost & Sullivan)
• Need for more effective therapies

♦ Product

• Antisense inhibitor to IGF-IR regulates cell growth - Developing topical formulation

Psoriasis Treatment - ATL1101(cont)

*Progress

• Selected antisense lead inhibitor
• Prepared topical formulation
• Confirmed cream active in psoriasis skin grafts
• Completed pre-clinical efficacy program
• Awarded A$1.1 million government grant
• ♦ Outlook
  • Commence "Proof of Concept" study in psoriasis patients in 2004

	Outlook
	Project	Value Driver	Timing
the company	ATL1102	Complete Phase I	1st half '64
	(MS)	+Start Phase IIa	2nd half '04
		* Partnering objective	Concl Ph Ha
	ATL1101(Psoriasis)	*Complete product manufactureand toxicology program	1st half '04
		*Start "Proof of Concept" study	2 nd half '04
		*Partnering objective	Concl "PoC"
	Pipeline	Complete multiple animal	Ongoing
	Research	studies with new antisense leads*Objective: to partner acompound at pre-clinical stage	By end 2065

Summary

Antiscotto Therapearics

• * Significant progress in R&D activities
• ♦ Strong cash position allowing ANP to reachkey milestones on lead projects
• ♦ Effective leveraging of partnerships toexpedite R&D programs and reduce development cost and risk
• Clear commercialisation objectives

High growth potential/reduced technical risk