arGEN-X Signs Discovery and Development Alliance With Lilly

ROTTERDAM, The Netherlands, January 5, 2011 - arGEN-X BV, a biopharmaceutical company focused on the discovery and
development of human antibodies using its proprietary SIMPLE Antibody(TM)
platform, today announced it has entered into an alliance with Eli Lilly and
Company ("Lilly") to discover and develop novel therapeutic antibody products
against targets submitted by Lilly.

arGEN-X will generate novel human monoclonal antibody (mAb) candidates
that act on diverse functional sites on Lilly targets. Lilly will have the
option to select the most promising mAb candidates to take forward into
preclinical and clinical development and potential commercialization.

Under the terms of the agreement, arGEN-X will receive license fees and
research funding,as well as potential milestone payments. Other financial and
deal terms were not disclosed. Lilly has exclusive rights to develop and
commercialize mAb-based products discovered in the collaboration.

arGEN-X's CEO, Tim Van Hauwermeiren, said: "The signing of this alliance
with Lilly is a major highlight for arGEN-X and is evidence of the potential
of our SIMPLE Antibody(TM) platform. This collaboration with Lilly is an
important step in fulfilling our ambition of becoming a transforming force in
the human therapeutic antibody space."

Note for the editor

About arGEN-X - www.arGEN-X.com

arGEN-X aspires to be a transforming force in the therapeutic
monoclonal antibody arena. Its SIMPLE Antibody(TM) platform is unmatched in
its ability to blanket human disease targets with functional antibodies,
including targets that cannot be accessed by conventional discovery
platforms. SIMPLE Antibodies(TM) have human sequences and structures,
femtomolar affinities and potencies as well as excellent manufacturability.
The characteristics of SIMPLE Antibodies(TM) provide arGEN-X and its partners
with unprecedented choicein developing differentiated therapeuticmAb
products.

arGEN-X(TM) and SIMPLE Antibody(TM) are deposited trademarks
of arGEN-X BV.

SIMPLE stands for Superior Immunodiversity with Minimal
Protein Lead Engineering

For further information, please contact:

    Citigate Dewe Rogerson           arGEN-X
    David Dible                      Tim Van Hauwermeiren, MSc, eMBA
    Mark Swallow                     Chief Executive Officer
    Nina Enegren
    T: +44-207-282-2949/2948         T: +31-6-122-85-257
    E:David.Dible@citigatedr.co.uk   E: tim.vh@arGEN-X.com

                                     Debbie Allen, Ph.D.
                                     Senior Director, Business Development
                                     T: +44-7974-979479
                                     E: dallen@arGEN-X.com

Citigate Dewe Rogerson, David Dible, Mark Swallow, Nina Enegren, T: +44-207-282-2949/2948, E:David.Dible at citigatedr.co.uk ; arGEN-X, Tim Van Hauwermeiren, MSc, eMBA, Chief Executive Officer, T: +31-6-122-85-257, E: tim.vh at arGEN-X.com ; Debbie Allen, Ph.D., Senior Director, Business Development, T: +44-7974-979479, E: dallen at arGEN-X.com