Trading Statement

Fulcrum Pharma PLC
30 September 2002


For Immediate Release                                   Monday 30 September 2002


FULCRUM PHARMA PLC

                               TRADING STATEMENT

Fulcrum Pharma PLC, the independent drug development company, successfully
completed a placing in May 2002 to raise £3.25m to support certain growth
strategies.  One of these strategies involves establishing Preferred Supplier
Arrangements ('PSAs') where Fulcrum makes an equity or other capital investment
into a client company in return for preferred supplier status to manage the
development of a number of that client's products.  As detailed in the Company's
interim results statement for the six months ended 28 February 2002, the PSA
strategy is intended to extend Fulcrum's established core drug development
service business through accessing portfolios of contracts from a single client.
Income from a PSA was foreseen to begin in the second-half of the financial
year ended 31 August 2002.


The Board of Fulcrum has reviewed a number of potential opportunities to set up
a PSA.  However, at this time none of these opportunities has satisfied the
necessary criteria to enable progression.  In particular, it is the opinion of
the Board that the volatility in the wider biotechnology and pharma industries
has made it difficult to reach a fair value assessment for a product portfolio
that might be suitable for a PSA with Fulcrum.  The Board is convinced that a
PSA should only be established in conjunction with a fairly valued portfolio,
even at the expense of a reduction in short term profits.



However, it should be noted that the Company's core business remains strong and
is trading in line with Company and market expectations despite the widespread
economic downturn and more specifically the uncertainty in the markets in which
Fulcrum generates revenues.



This decision by the Board not to establish a PSA in this half year has
inevitably affected the outcome for the full year as the expected profit from
such a PSA was not earned in the period.  Nonetheless, the Board expects to
report a profit before tax and exceptional items for the year ended 31 August
2002 in excess of £900,000, which continues Fulcrum's record of strong growth
(profit before tax and exceptional items for the year ended 31 August 2001 of
£546,000).



As a result of not completing a PSA in the year, and thus not making the
associated significant investment, the cash position of the Company remains
exceptionally strong, with over £5m of net cash at the year end.  The Board
continues to believe in the commercial case for PSAs and is continually
reviewing possible opportunities.



The Board expects to announce its final results for the year ended 31 August
2002 on 14 November.

_____________________________________________


For further information, please contact :

Fulcrum Pharma PLC
Jon Court, Chief Executive                                        0870 710 7152

Buchanan Communications
Nicola How                                                        020 7466 5000

Seymour Pierce Limited
Jonathan Wright                                                   020 7648 8700




Notes to Editors:



Fulcrum Pharma plc is an independent, drug development company that is the first
to offer global virtual drug development and strategic outsourcing services to
the pharmaceutical industry.



The Company has expertise in the design, execution and delivery of drug
development programmes and relies on state of the art information technology and
infrastructure in the supply of its services.



Through Fulcrum's services to its clients, the Directors believe that there is
the capacity to deliver products faster and more efficiently to the global
pharmaceutical market. Fulcrum does this by using its skills in the design of
drug programmes that deliver the necessary information for decision-making and
product registration. In so doing, Fulcrum works closely with its clients to
meet their strategic R&D goals.



Fulcrum Pharma is listed on the Alternative Investment Market of the London
Stock Exchange having successfully floated in March 2000.


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