SYNTARA LIMITED — Capital/Financing Update 2004

Jun 30, 2004

pharmaxis

ASX RELEASE $1st$ July 2004

PHARMAXIS TO ESTABLISH LEVEL 1 AMERICAN DEPOSITARY RECEIPT (ADR) PROGRAM

Sydney-based pharmaceutical company Pharmaxis Ltd (ASX code: PXS) today announced it has accepted a proposal from The Bank of New York to establish a Level 1 ADR program to facilitate the purchase of Pharmaxis Ltd shares by United States investors.

Further information: David McGarvey Company Secretary $+61\overline{2}9451\overline{5}203$