PHARMX TECHNOLOGIES LIMITED — Capital/Financing Update 2012

Jan 10, 2012

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11 January 2012

Settlement of Westpac Dispute

Corum Group Limited has reached a settlement of its dispute with Westpac Banking Corporation Limited which will result in Corum immediately:

• Paying Westpac $1,200,000 as full and final settlement of Corum’s obligations under the Loan Facility Agreement dated 24 January 2007. Westpac will in turn discharge the fixed and floating charge held over Corum’s assets;

• Redeeming for cash the principal amount owing of $1,849,541 and interest due on its Convertible Notes which were subordinated by the Note holders in favour of Westpac; and

• Repaying $1,500,000 being the balance of the loan owing to Lujeta Pty Ltd.

The funds required to settle these amounts have been generated from the Group’s operations.

Corum will then be debt free and its assets will be totally unencumbered.

Geoffrey Broomhead Managing Director

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