Completion of Earn Out

Fulcrum Pharma PLC
20 February 2007






                               FULCRUM PHARMA PLC
                         ('the Group' or 'the Company')

                  Successful Completion of Quadramed Earn Out

                     Further Expansion of Edinburgh Office

Fulcrum Pharma plc (AIM:FUL), the drug development and strategic outsourcing
services company, is pleased to announce the results of the earnout relating to
the acquisition of Quadramed Limited ('Quadramed').

Quadramed was acquired at the beginning of February 2006 and was the first step
in the delivery of Fulcrum's strategic objective to significantly expand its
capability in pharmaceutical regulatory services.

As reported in the company's Annual Report for 2006, Quadramed was an important
contributor to Fulcrum's performance and sales growth. During the earnout period
Quadramed's trading has been better than anticipated, with its fee income in
earnout period expected to show a 50% increase over the corresponding twelve
months in the previous year.

As a result of Quadramed's strong performance, the maximum deferred
consideration of £500,000 is payable in convertible loan notes which are to be
issued as at 28th February 2007. The convertible loan notes are repayable as to
£250,000 on 31st August 2007 and to £250,000 on 28th February 2008. Interest is
payable on the loan notes at 2% over bank base rate and the terms of conversion
are that the holders of the notes shall be entitled to convert the notes into
ordinary shares in the capital of the Company on the basis of one new ordinary
share per 6 pence of loan note principal.

As part of the Company's planned organic growth, Quadramed has also taken
further premises alongside Fulcrum's existing Edinburgh office to expand its
services, in particular in regulatory compliance. These premises have been
integrated to share common services. Quadramed has received grant assistance of
up to £130,000 from the Scottish Executive as part of its expansion.

The enlarged Edinburgh office, located at the Heriot-Watt University Research
Park, will further complement Fulcrum's other European offices in Hemel
Hempstead, Midhurst and Strasbourg and will allow the Group to continue the
growth of its drug development and regulatory resources .

Jon Court, Chief Executive of Fulcrum Pharma said: 'I am very pleased with the
success of the Quadramed acquisition. The further expansion of the Edinburgh
office will enable our business to increase both the range of its services and
the volume of work for our international client base.'



FOR FURTHER INFORMATION, PLEASE CONTACT:

Fulcrum Pharma Plc
Jon Court, Chief Executive 0870 7107152

About Fulcrum Pharma plc

Fulcrum Pharma plc is a drug development and regulatory services business that
provides global expertise to achieve drug development and regulatory approval
milestones.

Fulcrum Pharma offers immediate access to a highly credible, integrated
development team that provides strategic and operational leadership required to
ensure that new drugs move smoothly from discovery research to product approval

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



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