SR Pharma plc

Research Update

London 23 December 2003 - Corixa Corporation (Corixa) and Genesis Research and
Development Corporation Limited (Genesis) announced yesterday that they had
discontinued the development of PVAC following the completion of a randomised
placebo controlled clinical trial of PVAC in mild to moderate psoriasis. The
trial confirmed that PVAC therapy failed to provide a statistically significant
increase in the percentage of patients achieving a 75% reduction in the
psoriasis area and severity index (PASI) score as compared to placebo treated
patients.

PVAC is a product that was being jointly developed by Corixa and Genesis over
which SR Pharma has a broad patent position. Although PVAC is a derivative of
M. vaccae, it has different characteristics from SRP 299 and SRL 172 currently
being developed by SR Pharma.

Psoriasis is a proliferative disease of keratinocyte cells of the skin and has
different characteristics from the diseases, allergic asthma and atopic
dermatitis, currently being treated in our clinical trials programme.

These results do not detract from our belief in the potential benefit of M.
vaccae in the treatment of these diseases.

For further information contact

Dr David Hill

CEO - SR Pharma plc

Tel: 0207 307 1620

Email: d.hill@srpharma.com

Notes To Editors

About SR Pharma:

SR Pharma plc was founded in 1992 and is committed to developing innovative
medicines based on an improved understanding of the role played by the immune
system in combating disease. The company's proprietary M. vaccae-based
technology is the source of a number of product developments. SR Pharma is
currently evaluating SRP299 and AVAC(TM) for the treatment of asthma and atopic
dermatitis. The company is also investigating SRL172 as both a monotherapy and
as a vaccine adjuvant in cancer and infectious diseases. These products enhance
the immune responses needed to combat cancer and infection, while regulating
those that mediate allergies.

Additional information can be found on the company's website: www.srpharma.com.



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