PERCHERON THERAPEUTICS LIMITED — Capital/Financing Update 2003

Oct 19, 2003

20 October 2003

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

Dear Sir/Madam

Re: Cash Reserves of $15.4 million, no borrowings

Earlier today Antisense Therapeutics Limited (ASX: ANP) released its September 2003 quarterly cash flow report (Appendix 4C) disclosing that the company's cash balance as at the end of that quarter was $10 million. We wish to inform the market that due to the allotment of shares on 8 October 2003 (pursuant to the company's share purchase plan) raising $5.4 million, Antisense Therapeutics cash reserves are currently $15.4 million. This cash balance excludes the $1 million subscribed for by Circadian Technologies Limited in the company's August 2003 private placement, which is subject to shareholder approval at Antisense Therapeutics' Annual General Meeting on 31 October 2003.

As previously announced, the funds raised through the private placement and the share purchase plan will be applied to further progress Antisense Therapeutics' drug development projects: ATL1102 for multiple sclerosis, ATL1101 for psoriasis and other drug discovery activities.

Yours sincerely

Natalie Korchev Company Secretary

About Antisense Therapeutics Limited

Antisense Therapeutics Limited is an Australian publicly listed biopharmaceutical drug discovery and development company. ANP's mission is to create, develop and commercialise novel antisense pharmaceuticals for large unmet markets. Its two most advanced projects target Multiple Sclerosis (ATL1102), which is in Phase I human clinical trials, and Psoriasis (ATL1101).

ANP plans to commercialise its pipeline via licensing/collaboration agreements with major biotechnology and pharmaceutical companies.

ANP's major shareholders include Circadian Technologies Limited (ASX: CIR), Isis Pharmaceuticals Inc (NASDAQ: ISIS), Queensland Investment Corporation and the Murdoch Childrens Research Institute.

Further company details are available on the Antisense Therapeutics website.

Contact Information:	Website: www.antisense.com.au
	Managing Director - Mark Diamond +61 3 9827 8999
	Company Secretary - Natalie Korchey +61 3 9827 8999