INSTITUTE OF DRUG TECHNOLOGY AUSTRALIA LIMITED (IDT)

NEWS RELEASE

23 May 2003

IDT COMMENTS ON PROSPECTUS ISSUED BY VIRAX HOLDINGS LIMITED

COMMENT

Further to a comment made in a Prospectus issued by Virax Holdings Limited (ASX: VHL) on Thursday 22 May 2003, Institute of Drug Technology Australia Limited (ASX: IDT) confirms that it has had a preliminary discussion with representatives of the Virax Board in relation to a possible merger of the two companies.

The possibility of a merger with Virax is only one of a number of possible transactions under consideration by the IDT Board.

At present IDT does not believe the discussion with Virax, nor consideration of other transactions, have progressed to the point where notification to the market is required.

IDT will continue to comply with its continuous disclosure obligations under the ASX Listing Rules.

For information contact:

Dr Graeme L Blackman
Chairman and Managing Director
Institute of Drug Technology Australia Limited
45 Wadhurst Drive
Boronia Victoria 3155

Telephone: 61 3 9801 8888
Facsimile: 61 3 9801 8773

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