Acqn.of Australian Phytochemicals Ltd/Resignation ofDirector

Document date: Wed 24 Jul 2002 Published: Wed 24 Jul 2002 09:25:41
Document No: 220005 Document part: A
Market Flag: Y
Classification: Asset Acquisition , Director Appointment/Resignation
BIOPROSPECT LIMITED 2002-07-24 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
BioProspect Limited ('BioProspect') is pleased to announce that it
has signed a Letter of Intent to acquire from Southern Cross
University ('SCU') the 49% held by it in Australian Phytochemicals
Limited ('APL').

The equity held by SCU in APL will be acquired for the issue of three
million new ordinary shares in BioProspect.

The philosophy driving this acquisition relates to the current status
of Qcide and its rapid movement towards commerciality.

APL holds 7.5% of the intellectual property in terms of net cash
inflows from sales of Qcide. The acquisition provides now for
BioProspect to have the equity to control all of the intellectual
property and, as consequence of that, the cash flow which would be
derived from the income stream which would have otherwise been
attributable to APL thereby providing for a more streamlined profile
for proposed international partners.

In order to provide a smooth transition of scientific services for
BioProspect, SCU will provide research and extract services from its
existing Centre for Phytochemistry. This will provide continuity in
respect of key members of staff, equipment and facilities.

RESIGNATION OF PETER WATERMAN

Professor Peter Waterman has resigned from the Board of BioProspect
following his retirement from his position with SCU. However, he will
continue as Scientific Adviser responsible for new science projects
and continued research into projects such as the further development
of Qcide and other new exciting discoveries. The Board of BioProspect
is delighted that Professor Waterman has decided to continue his
relationship which will enable him to focus on driving the Company's
scientific processes.

COST SAVINGS

As a result of the foregoing initiatives BioProspect will enjoy
annual cost savings in excess of $500,000 per annum.

The above arrangements are subject to the finalisation of
documentation and will be effective from 1 August 2002.

S Snell
CHIEF EXECUTIVE OFFICER

For further information, please contact:

Mr Selwyn Snell
CHIEF EXECUTIVE OFFICER
(Ph) 07 3229 5755
(Fax) 07 3229 4655

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