Alliance and LEO Modify Exclusivity Agreement

Alliance Pharmaceutical, through its wholly owned subsidiary PFC Therapeutics, and LEO Pharma A/S have agreed to amend the previously announced exclusivity agreement related to the development and marketing of Oxygent in Europe and Canada. The amendment extends the period of time in which LEO may undertake its due diligence investigation from March 1, 2005, to a date that is 60 days after submission by PFC to LEO of the results of a "proof-of-concept" clinical study in surgery patients to be conducted by PFC to confirm the results of an earlier pilot study.

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