RENT.COM.AU LIMITED — Management Reports 2008

Dec 14, 2008

==> picture [181 x 64] intentionally omitted <==

ABN 25 062 063 692 Suite 15, 545 St Kilda Rd Melbourne Victoria 3004 Australia Telephone +613 9529 8788 Facsimile +613 9529 2622 www.selectvaccines.com.au

STRATEGIC & OPERATIONAL REVIEW UPDATE

Melbourne, Australia 15 December 2008. Select Vaccines Ltd (ASX: SLT) announces an update on the review of operations and strategy commenced at the beginning of October. The key focus of the review has been to re-evaluate priorities within the Company’s portfolio of technologies and products.

In summary, the focus of the Company over the past months has been, and will continue to be, seeking partnering arrangements in the form of out-licensing or co-development for the Anavax™ VLP (viruslike particle) platform, the anti-viral platform and diagnostics portfolio. Select Vaccines will also seek financial support from government/public foundation funding for some of these technologies and will consider consolidation opportunities within the vaccine space.

Anavax VLP Vaccine Program:

Recent work on the Anavax™ VLP technology demonstrated the successful expression of the Anavax™ Hepatitis C virus VLP in a scalable mammalian cell culture system.

Subsequent experiments to test the immune response to the Hepatitis C virus (HCV) VLP in mice failed to meet the primary endpoint of a significant antibody response, which is essential for prevention of hepatitis C infection. These results are disappointing, as previous studies with an earlier version of the VLPs, produced in a laboratory-scale mammalian cell system, demonstrated better immune responses than those seen using the materials from the scalable mammalian cell culture system. The Good Manufacturing Practice-compliant expression system used in the most recent studies appears to be very suitable for production of Anavax™ VLPs in mammalian cells, but the HCV version of Anavax™ VLPs does not appear to be sufficiently immunogenic when produced in this way.

Following the analysis of data from these experiments and consultation with the Scientific Advisory Panel, the Board and Management of Select Vaccines Ltd has determined that the results do not support continued development of the Anavax™ HCV VLP vaccine at this time. Future development of the Anavax™ technology will instead focus on indications where the technology appears more promising, including those that are suitable for production in the scalable Hansenula yeast system.

Anti-viral & Diagnostic Programs

The Company is evaluating options for out-licensing or co-developing the anti-viral technology, which is focused on the development of small molecule antiviral drugs against picornavirus infections. This group of infections includes encephalitis, meningitis, myocarditis and rhinovirus infections. The estimated market for picornavirus therapies is in excess of US$400 million, a highly attractive market for pharmaceutical companies. [ Antivirals: Global Anti-Infectives Market]. Research and development work has ceased on this project until a partner can be found or the technology out-licensed.

Select Vaccines has two agreements in place for its Hepatitis diagnostic tests. The commercialisation of the diagnostics has been slow in both cases and the Company is seeking to address this with the aim of speeding up revenue generation.

Strategy Overview

The review of research and development operations has led to the Company being able to stretch its available cash until mid 2009 while partnering and/or co-development opportunities are sought. Select Vaccines has always enjoyed a strong working relationship with the Burnet Institute and a contract research agreement has been in place for a number of years. This agreement expires at the end of December 2008 and will not be renewed until a new funded research plan is developed. Select Vaccines hopes to continue the excellent relationship when funding permits and future research is imminent.

The Company is also considering consolidation options in the vaccine space and potential synergies with other companies in this area to strengthen the pipeline.

Chief Executive Officer of Select Vaccines, Ms Julie Nutting, said “After conducting a thorough review of the research and development projects within the Company, we believe that Select Vaccines can extract better value from its existing assets with a clear focus on partnering the Anavax™ VLP and antiviral technologies and optimising commercialisation of the diagnostic portfolio products. We are also evaluating several later stage vaccine candidates for in-licensing and consolidation options in order to strengthen the product portfolio. The main priority is to preserve cash while these options are fully evaluated.”

--ENDS--

About Select Vaccines Limited

Select Vaccines Limited (ASX: SLT) is focused on the development of products targeting infectious diseases of global importance. The Company’s Anavax™ Virus-Like Particle (VLP) vaccine technology provides a platform that can deliver a range of vaccine candidates and offers significant potential advantages over existing VLP technologies. Select Vaccines’ principal research activities are undertaken at Melbourne’s Burnet Institute, Australia’s leading research institute in the field of infectious diseases caused by viruses and other agents.

Further information can be found at www.selectvaccines.com.au

Except for historical information, this news release may contain forward-looking statements that reflect the Company’s current expectation regarding future events. These forward looking statements involve risk and uncertainties, which may cause but are not limited to, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process, and other risks detailed from time to time in the Company’s ongoing quarterly and annual reporting.

CONTACTS:

CONTACTS:
Select Vaccines	Media & Investor Relations
Julie Nutting - CEO	Fay Weston – Managing Director, Talk Biotech
T: +61 (0)3 9529 8788	T: +61(0)2 4885 2662 or +61 (0)422 206036
E: julie.nutting@selectvaccines.com.au	E: fayweston@talkbiotech.com.au