M.L. Laboratories

Proposed Flotation of Cobra

M.L. Laboratories PLC
29 April 2002

29 April 2002

                              ML LABORATORIES PLC

                Proposed flotation of Cobra Therapeutics Limited

The directors of ML Laboratories PLC ('ML') announce their intention to float
the contract manufacturing business of ML's subsidiary Cobra Therapeutics
Limited ('Cobra') on AIM. This business comprises the manufacture on behalf of
third parties of DNA and protein therapeutics for clinical trials. Prior to
completion of the transaction Cobra will transfer to ML its research and
development activities. The flotation is proposed to be effected by way of a
reverse takeover of an existing AIM-quoted company, Buyers Guide plc ('Buyers

ML is at an advanced stage of pre-contract negotiations with Buyers Guide for
the sale of Cobra to Buyers Guide on terms which will result in the issue of new
Buyers Guide shares to ML giving it a controlling interest in Buyers Guide. It
is also proposed that there will be a placing of new Buyers Guide shares, which
is to be underwritten by Collins Stewart Limited, the broker, to raise
additional working capital to fund the expansion of the enlarged group, and also
to enable Cobra to repay to ML a certain portion of intercompany indebtedness.
Following the acquisition and the placing ML expects to own approximately 60 per
cent. of the enlarged Buyers Guide group. Buyers Guide has also signed heads of
agreement, subject to contract, for the sale of its existing business activity
to two of its directors for a nominal amount plus a proportion of its book

If concluded, the divestment of Cobra in this way will be a significant step in
the repositioning of ML as a highly focussed biopharmaceutical research and
development company with a development pipeline of future products which
includes gene therapy cancer treatments for liver, head, neck and prostate
cancer, all of which are in the clinic, a pain management portfolio whose lead
compound is about to enter Phase III studies and a portfolio of early stage
related research projects including DNA vaccines, cancer killing systems and
targeted drug delivery.

The proposed divestment of Cobra will be conditional inter alia on the consent
of ML shareholders to be given at an extraordinary general meeting ('EGM'). It
is anticipated that a circular to shareholders convening the EGM will be posted


For further information please contact:
ML Laboratories PLC                                             01925 844700
Stuart Sim

Weber Shandwick Square Mile                                     020 7950 2800
Ben Padovan or Graham Herring

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