INSTITUTE OF DRUG TECHNOLOGY

AUSTRALIA LIMITED (IDT)

NEWS RELEASE

5 June 2003

VIRAX HOLDINGS LIMITED

Further to the announcement made by Institute of Drug Technology
Australia Limited (ASX: IDT) on 23 May 2003, IDT announces that:

* the board of IDT has decided that its present intention is not to
further pursue the possibility of a merger of IDT and Virax Holdings
Limited ("VHL") (the "Possible Merger") nor to have, or entertain,
any further correspondence with VHL in relation to the Possible
Merger; and

* it has, in writing, advised the directors of VHL of the above fact.

IDT notes that the decision made reflects the current intention of
the board of IDT and that IDT reserves its right, at a later date, to
reconsider the issue and, if relevant, request that discussions
regarding the Possible Merger recommence.

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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