Disposal

Billam PLC
15 March 2004



                                   BILLAM PLC

            SALE OF INVESTEE COMPANY, SIRUS PHARMACEUTICALS LIMITED

The Board of Billam Plc ('Billam'), the investment company specialising in
technology for the future, announces that that its investee company, Sirus
Pharmaceuticals Limited ('Sirus'), has been acquired by way of an all share
acquisition by Arakis Limited ('Arakis'), an emerging speciality pharmaceutical
company, with a therapeutic focus in inflammatory diseases and oncology
adjunctive therapy.

The value of the share exchange will depend on milestones being achieved in
relation to the product previously developed within Sirus, with the value to
Billam of the initial instalment of £140,175 rising to £311,876 on achievement
of all milestones. The cost of the investment was £480,000. Billam believes that
by becoming part of a larger better resourced group there should be reduced
risks, increased chances for commercial success.

Arakis identifies, develops and commercialises product opportunities based upon
new clinical uses for known drugs, or known drug templates. This approach
significantly de-risks and accelerates the standard pharmaceutical R&D process.
Arakis has six advanced development projects - four clinical and two preclinical
projects. These are all directed at areas of significant unmet medical need.

In addition to the shares in Arakis, Billam will hold shares in three technology
businesses set up to develop and exploit technologies spun out of Sirus prior to
its sale to Arakis.


                                   ---ENDS---

Enquiries

Billam Plc                           020 7336 1300
Angus Forrest

Bishopsgate Communications           020 7430 1600
Maxine Barnes / Dominic Barretto




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