Clavis Pharma ASA (OSE: CLAVIS) announces positive interim clinical phase II results for ELACYT single agent therapy in patients with late stage acute myeloid leukaemia (AML). The results are presented today at the American Society of Haematology (ASH) 2008 conference.

The patients included in the study represent a difficult to treat patient group that have failed two previous therapeutic regimens. This patient group constitutes a significant unmet medical need, as there are no efficacious treatments currently available for late stage AML. An analysis of the interim results from the ELACYT study shows that three of the first twenty patients have gone into complete remission.

An independent data monitoring committee has reviewed the results and has recommended continuation of the study. Further enrolment of patients is ongoing.

The interim results are presented today at the American Society of Haematology (ASH) 2008 conference at 5:30 PM - 7:30 PM (PST) in the Moscone Center, Hall A (Poster Board no.: I-54).

"The results from the first 20 patients are most encouraging and represent a major step forward in our development of ELACYT, for the treatment of cancers of the blood" says Geir Christian Melen, CEO of Clavis Pharma. "The continued enrolment of patients has been rapid and clinical responses have been reported also in the next cohort of patients."

ELACYT is currently in development in AML both as monotherapy for late stage patients and in combination with idarubicin for patients who have failed first course treatment. Clinical responses have been reported throughout the phase I and II parts of the program, and the safety profile looks favourable.

ELACYT has previously been granted orphan drug designation by both the FDA and the European Commission for the treatment of AML.

The ELACYT AML program involves 15 major cancer centres in the USA and Europe.

About Leukaemia

Approximately 300,000 new cases of leukaemia are diagnosed globally each year, resulting in around 220,000 deaths. Leukaemia represents a market with high unmet medical needs, which may open for accelerated approval processes to expedite market access for new drugs. It is a segmented market covering a broad variety of disorders. A major clinical concern is the high rate of disease recurrence. The five-year survival for the most common acute leukaemia type, acute myeloid leukaemia (AML), is in the range of 5-10% for treated elderly patients, and approximately 30% for treated younger adults.

About Clavis Pharma

Clavis Pharma ASA is an oncology focused pharmaceutical company using its proprietary Lipid Vector Technology (LVT) platform to create New Chemical Entities (NCEs), by significantly improving already established drugs. The improvements are achieved by chemically binding specific unsaturated lipids to existing, and well understood, approved pharmaceuticals. Data generated suggests the resulting patentable NCEs offer improved efficacy and reduced side effects through enhanced pharmacokinetic properties, greater tissue penetration and, in many cases, additional modes of action.

Clavis Pharma's objective is to develop its drug candidates until significant value has been created and proof of principle in man has been shown. For further clinical development and commercialisation of the products, Clavis Pharma will enter into strategic partnerships with established pharmaceutical or biotech companies. The company's product portfolio includes four new cancer drugs: ELACYT(TM) is in Clinical Phase II, Intravenous CP-4126 is in Clinical Phase I, Oral CP-4126 in Phase I, and CP-4200 is in early preclinical development. Results indicate that these products have promising potential for several cancer indications within solid tumours and leukaemia.

The shares of Clavis Pharma ASA are listed on the Oslo Stock Exchange (ticker: CLAVIS). Additional information on Clavis Pharma can be found at: http://www.clavispharma.com/.

Disclaimer

The information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

This news release contains forward-looking statements and forecasts based on uncertainty, since they relate to events and depend on circumstances that will occur in the future and which, by their nature, will have an impact on results of operations and the financial condition of Clavis Pharma. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. Theses factors include, among other things, risks associated with technological development, the risk that research & development will not yield new products that achieve commercial success, the impact of competition, the ability to close viable and profitable business deals, the risk of non-approval of patents not yet granted and difficulties of obtaining relevant governmental approvals for new products.

No expressed or implied representations or warranties are given concerning Clavis Pharma or the accuracy or completeness of the information or projections provided herein, and no claims shall be made by the recipient hereof by virtue of this Information Memorandum or the information or projections contained herein. Any representations or warranties made to an investor in Clavis Pharma will be subject to separate sale and purchase agreements to be negotiated between the parties. Clavis Pharma(TM) and ELACYT(TM) are registered trademarks of Clavis Pharma ASA.

Clavis Pharma ASA Positive ELACYT Phase II Results

Clavis Pharma