Agennix Raises $22 Million in Private Financing

HOUSTON -March 30, 2005- Agennix Incorporated, a closely held developer of protein and peptide-based drugs, today announced completion of private placement financing of $22 million.

"The additional capital extends our cash life well into 2007 and will enable us to capitalize on data from our ongoing Phase II trials in cancer and wound healing expected by mid-2005," said Rick Barsky, chief executive officer of Agennix. "We will also be able to initiate Phase III trials following positive data from the ongoing trials."

All major existing shareholders in Agennix participated. New investors included senior biotech company executives and several major corporations. All investors received common stock. To date the company has raised $86 million.

Agennix, a privately owned Houston-based biopharmaceutical company, is the world leader in the development of recombinant human lactoferrin (rhLF), a natural immunostimulatory protein. Oral and topical rhLF have been shown to be safe and well tolerated. RhLF has also been shown to be effective in cancer and wound healing pre-clinical models, and in Phase I/II human clinical trials in cancer. Agennix is the first and only company to manufacture substantial quantities of human lactoferrin and holds global patents on its technology, with 76 issued patents, and more than 50 pending patents. Agennix has seven Phase II human clinical trials currently underway in the treatment of cancer and diabetic foot ulcers, with company sponsored U.S. INDs in both areas.

More information about Agennix is available on the Company's web site at http://www.agennix.com.