RENT.COM.AU LIMITED — Capital/Financing Update 2003

Sep 23, 2003

Select Vaccines' first international deal: Hepatitis E rapid diagnostic

Melbourne, Australia - 24th September 2003:

Select Vaccines (ASX:SLT) has signed an agreement for the commercialisation of its Hepatitis E diagnostic kits with Genelabs Diagnostics Pte Ltd. This is the first of several commercial deals expected for Select Vaccines.

The agreement (which is subject to the completion of a detailed technology evaluation, currently underway with Genelabs Diagnostics and contract finalisation) grants an exclusive, worldwide 12 year license to Genelabs for the manufacture and distribution of Select Vaccines' Hepatitis E rapid diagnostic kit. At this stage the USA is excluded from the agreement and is available for a separate licensing deal. Select Vaccines will receive up-front payments and on-going royalties for the 12 year period. The financial terms of the agreement are confidential however they are in-line with Select Vaccines' previous internal revenue estimates.

Genelabs Diagnostics is a highly regarded international company focused on the development, manufacture and distribution of diagnostic tests for the detection of infectious human diseases. The company is headquartered in Singapore with regional offices in Switzerland and China and a strong distribution network in the major markets for Hepatitis E diagnostics. It is a wholly owned subsidiary of Genelabs Technologies, Inc. (Nasdag: GNLD).

Hepatitis E is endemic in the Indian subcontinent. China, the Middle East and throughout SE Asia. It is most commonly acquired from contaminated water. The mortality rate is usually between 0.4 and 4%. This rate jumps to 20% during the third trimester of pregnancy. In the worst affected countries (such as Egypt), general population infection rates exceed 60% by the age of 10 years.

According to Dr Martin Soust, Managing Director of Select Vaccines, using a finger-prick blood sample, the rapid test can diagnose viral infection in minutes with a 98% accuracy rate.

"Existing methods for the diagnosis of Hepatitis E require a blood sample from a vein and take between 24 and 48 hours to yield a result through examination by a pathology laboratory. These tests cost several times as much as our product. There is an immediate need and considerable market for our technology.

"This licensing deal is the first of a number of deals covering a range of Hepatitis diagnostic kits that we are moving rapidly to commercialise. An agreement with a respected multi-national like Genelabs is a critical first step for our Company as it underscores the value of Select Vaccines' technology, Dr. Martin Soust added. In addition, it demonstrates our ability to secure licensing deals with international parties."

The key next steps for Select Vaccines are to commercialise its license-ready rapid diagnostic for the Hepatitis A virus and to accelerate the development of a rapid test for Hepatitis C acute infection. No rapid test exists for either of these conditions and these diagnostic kits would target large global markets.

Vaccines for Hepatitis A currently generate US\$400m in annual sales and Hepatitis C is a major global disease with in excess of 170 million infected persons, growing by 3-4 million each year.

The completion of the technology evaluation process currently underway is anticipated by the end of October 2003. Following this, the detailed licensing contract is expected to be executed between Genelabs Diagnostics and Select Vaccines shortly thereafter.

About Select Vaccines Limited

Select Vaccines listed on the ASX on 3 July, 2003. It is in partnership with Melbourne's Burnet Institute to commercialise research outcomes in the areas of diagnosis, vaccination and therapy for infectious diseases caused by viruses.

The Burnet Institute, established in 1986, is Australia's leading research organisation in the field of infectious diseases caused by viruses and other agents.

Select has formed two project companies, Hepgenics Pty Ltd and Picoral Pty Ltd, to deal with different areas of research and development. Hepgenics is commercialising highly promising R&D projects in hepatitis diagnostics and vaccines developed by researchers at the Burnet Institute.

Picoral's research interests cover the development of therapeutic products with actions against the picornavirus family, responsible for a range of illnesses that includes the common cold, meningitis and encephalitis.

ENDS

Further information Select Vaccines: Dr Martin Soust, Managing Director	$(03)$ 9824 8166	Mobile: 0412 442 844
Media: Rebecca Christie, Buchan Health & Science	(02) 9293 2836	Mobile: 0417 382 391