Disposal

Cater Barnard PLC
15 October 2001


             Cater Barnard plc ('Cater Barnard' or 'the Company')

                   Disposal of Think Direct Marketing Inc.



The Board of Cater Barnard announces today that it has agreed to conditionally
sell its 17.5% investment and its option to acquire the remaining 82.5% in
Think Direct Marketing Inc. ('TDMI'), a company based in Connecticut and
Colorado USA, to IMX Pharmaceuticals Inc. ('IMX'), a NASDAQ quoted company.


The consideration payable by IMX is US$16,800,000 to be satisfied by the issue
to Cater Barnard of 933,333 ordinary shares in IMX at $4 per share, the issue
of $1,866,668 in Loan Notes and $11,200,000 in preference shares in IMX. The
investment in TDMI was acquired by Cater Barnard by way of several equity
investments between February 2000 and May 2000 and the book value of the
investment and option is £8.925m.


The preference shares which have a par value of $80, are convertible into
equity in IMX Pharmaceuticals at the rate of 20 ordinary shares per preference
share. The preference shares are redeemable after 31 January 2003. Both the
preference shares and loan notes will pay interest annually at 5%. The loan
notes are repayable on 31 December 2006.


The ordinary shares in IMX which form part of the consideration will be sold
by Cater Barnard in due course to raise additional working capital for the
Company.