Singapore, Jun 29, 2009: Australian company, ChemGenex Pharmaceuticals has decided to seek a voluntary delisting from the NASDAQ Capital Market and to fully deregister from the US Securities and Exchange Commission’s (SEC) ongoing reporting obligations.

The delisting from NASDAQ also means the company’s regulatory compliance requirements relating to Board structure are less onerous and the Board is able to be reduced in size. Accordingly, Dr Dennis Brown, Mr Donald Santel and Dr Julie Cherrington will resign as Directors effective July 20, 2009, but will continue their involvement with the company as active members of Advisory Boards.

The voluntary decision to delist from NASDAQ and to deregister is said to be taken following a detailed review of the limited benefits generated by the listing as compared to the significant, and growing, compliance costs of maintaining it.

According to the company, in order to maintain the current NASDAQ listing, it is required to devote disproportionately large amounts of management time to meet numerous reporting and compliance obligations, such as the preparation and filing of periodic reports, annual reports on form 20-F and compliance with burdensome control issues at great expense. Based on this, the company no longer sees sufficient value in maintaining its secondary level 2 listing on NASDAQ.