FOR IMMEDIATE RELEASE

Agennix Completes $20 Million Private Placement Financing

Houston, TX -- May 29, 2002 -- Agennix Incorporated,a closely held developer of protein and peptide-based drugs, today announced it has completed a $20 million private placement financing.

"The additional capital allows us to complete Phase 2 trials in oncology and asthma, further advancing the clinical development of our lactoferrin-based platform, and to expand our manufacturing capacity to commercial scale," said Rick Barsky, chief executive officer of Agennix.

To date the company has raised $64 million. The lead investor in this round was Gordon A. Cain, who has a track record of building tremendous shareholder value across industry lines. He has served as chairman of the board of Agennix since its inception in 1993, and was an early investor in, or founder of, a number of technology-based companies including Agennix, Lexicon Genetics, ADViSYS, Carbon Nanotechnologies, and C Sixty.

Agennix is a privately owned Houston-based biopharmaceutical company. It is the world leader in the development of recombinant human lactoferrin (rhLF), a natural immuno-stimulatory and anti-inflammatory protein, and a variety of patented peptides. RhLF has been administered to over 240 people without a single drug-related serious adverse event, and has demonstrated potency in treating cancer, asthma and infections. Agennix is the first and only company to manufacture substantial quantities of human lactoferrin and holds global patents on its technology, with 40 issued patents and 65 patents pending. In 2002, Agennix will initiate or complete five Phase 2 clinical trials in indications including the treatment of cancer, the treatment of infections in chemotherapy patients, and the treatment of asthma. More information about Agennix is available on the CompanyÕs web site at: www.agennix.com.