Canbex Therapeutics Receives GBP1.75 Million Translation Award From the Wellcome Trust

LONDON, March 23, 2011 - Canbex Therapeutics Ltd. (Canbex) announced today that it has received a
Translation Award of up to 1.75 million ($2.8 million) from the Wellcome
Trust to support development of a drug for the treatment of the debilitating
muscle spasms associated with multiple sclerosis and potentially other
disorders.

The award will facilitate further preclinical development of Canbex's VSN
series of compounds and the progression into clinical trials. It is
anticipated that a Phase I trial of lead compound VSN16R could begin in
December 2012.

"We are delighted that Canbex can move their lead compound VSN16R forward
towards clinical trials," said Dr Stephane Mery of Canbex.

Preclinical studies have shown that VSN16R treatment reduces muscle
spasms in an animal model of MS spasticity, with a far lower burden of side
effects than the decades-old compounds that are currently in clinical use.
Even at high doses, animals treated with of VSN16R did not show the limpness
and muscle flaccidity, know as the "rag doll effect", that is a
characteristic of existing compounds.

"Multiple sclerosis (MS) patients urgently need more tolerable treatments
for the painful and debilitating muscle spasms that many of them suffer, and
we believe that VSN16R has the potential to meet that need, and enhance the
quality of life for people living with MS" Mery added.

MS is a serious and progressive chronic disease for which no satisfactory
cure is in sight. Spasticity, characterized by sudden and uncontrollable
movements of limb and torso musculature, is among the most painful, damaging
and debilitating symptoms of the disease. It can manifest itself in the form
of gait disorders, fatigue, spasms and pain. Spasticity can also occur in
other conditions, including bladder dysfunction and spinal cord injury.

Current forms of treatment for spasticity are unsatisfactory, and a drug
against spasticity that is well tolerated and effective could make a
substantial difference to quality of life for MS patients and potentially
many others.

Canbex has been developing its VSN series of compounds with the support
of investors including Fast Forward LLC, a not for profit organization
established by the National Multiple Sclerosis Society, USA, to accelerate
the development of treatments for MS. "Fast Forward's support has been a
uniquely powerful endorsement of our efforts, one which has encouraged other
funders and the MS community to engage with us," Stephane Mery said.

UCL Business , Senior Business Manager Dr Abbie Watts on Ph: +44(0)207679-9000