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    PSIRON LTD 2002-12-17 ASX-SIGNAL-G

    HOMEX - Brisbane

    +++++++++++++++++++++++++
    As foreshadowed in the Company's recent releases to the market the
    Company is pleased to announce the signing of a major biotech deal
    with Canon Inc of Japan.

    Psiron Ltd announces today that it signed a Memorandum of
    Understanding (MOU) on the 16th of December 2002 with Canon Inc of
    Japan.

    The MOU provides that Canon Inc will be granted an exclusive
    worldwide licence over the Vapotronics Intellectual Property relating
    to inhaled drug delivery. Psiron recently acquired a majority holding
    in Vapotronics.

    The market for drug inhalation is forecasted to grow to US$22 billion
    by 2005 and feedback received from the pharmaceutical industry
    indicates that a marketshare of up to 25%, or US$ 5 billion, would be
    achievable for this technology. Canon using the Vapotronics
    Intellectual Property is expected to monopolise if not dominate this
    new pharmaceutical business.

    The commercial terms of the MOU include a US$ 1 million upfront fee
    and royalties of 0.5% on all device sales and 10% of the royalties
    received by Canon from pharmaceutical companies. Royalties in the
    drug delivery systems industry are typically between 5 and 15% of
    sales of the pharmaceutical company. The royalty stream payable by
    Canon to Vapotronics is expected to be very substantial.

    "A landmark agreement for the Australian biotechnology industry",
    said Ron van der Pluijm, Psiron's Chief Executive. "The commercial
    upside for our company based on the terms negotiated is enormous, and
    with a company like Canon involved it dramatically increases the
    potential".

    "Very few agreements have been reached between Australian biotech
    companies and respected major top 500 multinational such as Canon. It
    shows that a strong IP position is key to achieving this".

    Additionally the two parties have agreed to a collaborative venture
    on the further pharmaceutical development of this drug delivery
    system on terms yet to be agreed.

    "Initial interest in the technology from the pharmaceutical companies
    has been very promising and a contact from a major pharmaceutical
    company has already been received by Psiron", said Ron van der
    Pluijm.

    Canon and Psiron expect to have the final agreements executed before
    the end of March 2003.

    For further enquiries, please contact:

    R van der Pluijm
    MANAGING DIRECTOR
    Psiron Ltd
    (02) 9659 8650

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