Disposal Update

Ardana PLC
27 March 2008


                                   Ardana plc


              UPDATE ON THE PROPOSED SALE OR MERGER OF THE COMPANY


Edinburgh, UK, 27 March 2008 - Ardana plc ('Ardana' or the 'Company') (LSE:ARA)
the pharmaceutical company specialising in improving human reproductive health,
today provides an update to shareholders on developments in relation to the
proposed sale or merger of the Company (the 'Process'), as announced on 19
February 2008.


Since the announcement, the Company has held discussions with a significant
number of interested parties. Even at this early stage, the Company can confirm
that it has received a number of approaches which may or may not lead to an
offer for the Company. It is the Board's intention to ensure that all interested
parties are brought rapidly to the same point in the Process, such that the
Board will be in a position to compare all potential offers equitably.


In addition, the Process has generated significant interest in potential
licensing opportunities for one or more of the Company's products.  The Board is
progressing these licensing discussions in parallel with the Process, to ensure
that the Company is in a position to maximise shareholder value at the
appropriate time. However, the Board will only pursue a licensing transaction if
it does not negatively affect the value of the Company in the view of potential
acquirers.


Given the level of interest in the Company and its products generated by the
Process to date, the Board sees no reason for the significant fall in share
price since the announcement on 19 February 2008.


A further update will be provided to shareholders in due course.


For more information contact:


Ardana plc                                            Financial Dynamics

Dr. Huw Jones - Chief Executive Officer               Julia Phillips

Graham Lee - Chief Financial Officer                  Emma Thompson

Tel: + 44 (0) 131 226 8550                            Tel: [phone]


Piper Jaffray Ltd.

Neil Mackison

James Steel

Tel: [phone]


For further information please see www.ardana.co.uk


                      This information is provided by RNS
            The company news service from the London Stock Exchange