Phosphagenics Limited (“Phosphagenics”) (ASX: POH, AIM: PSG, OTCQX: PPGNY) today announced the appointment of Michael Ashton as a Non-Executive Director. In addition to joining the Board of Directors, he will also consult to the Company on commercialisation strategies.

Michael has more than 30 years’ experience in the international pharmaceutical industry having held senior management positions with Merck Inc., Pfizer Inc., Faulding Inc. and SkyePharma Plc, where he was CEO.

He is a member of the Boards of Hikma Plc., Proximagen Neuroscience Plc. and Transition Therapeutics Inc.

Harry Rosen, Phosphagenics’ President & CEO, said: “I am delighted to welcome Michael to our Board and believe his appointment considerably strengthens our commercial team.”

Michael Ashton said: “The Company’s technologies and new product development opportunities are very exciting. I am very pleased to be joining the Board at this time.”

ENDS......
 

About Phosphagenics Limited

Phosphagenics is a Melbourne-based, globally driven biotechnology company focused on the discovery of new and cost effective ways to enhance the bioavailability, activity, safety and delivery of proven pharmaceutical and nutraceutical products.

Phosphagenics’ core technology is built around the science and application of phosphorylation, a process where the addition of a phosphate group has been found to enhance the bioavailability, activity and safety of existing pharmaceuticals and nutraceuticals, as well as to assist in the production of drug delivery platforms.

Phosphagenics’ shares are listed on the Australian Stock Exchange (POH) and the London Stock Exchange's Alternative Investment Market (PSG). An ADR – Level 1 program was established in the U.S. with The Bank of New York Mellon (PPGNY) for U.S. investors to trade in Phosphagenics’ stock on the ‘over-the-counter’ market. In July 2007, this was upgraded to the International OTCQX, a new premium market tier in the U.S. for international exchange-listed companies, operated by Pink Sheets, LLC.

For more information, please visit Phosphagenics’ web site at www.phosphagenics.com