ChemGenex Completes Capital Raising, Announces Rights Issue

A$10 Million Placement Completed

A$7.4 Million Rights Issue Announced
MELBOURNE, Australia & MENLO PARK, California--(Business Wire)--
ChemGenex Pharmaceuticals Limited (ChemGenex) (ASX:CXS) (NASDAQ:CXSP) is pleased
to announce the successful completion of a private placement to sophisticated
and institutional investors in Australia and internationally to raise A$10
million.

ChemGenex placed 23,255,814 fully paid ordinary shares in the Company at an
issue price of A$0.43 per share to raise gross proceeds of A$10 million.

In addition to the placement, ChemGenex intends to offer eligible ChemGenex
shareholders the opportunity to participate in a non-renounceable rights issue
to acquire 1 new share for every 14 shares held to be issued at the same price
as the placement, being A$0.43 per share, to raise up to an additional A$7.4
million.

The terms and conditions of the rights issue, along with the key dates for
participants will be announced in due course.

The placement was anchored by substantial commitments from existing significant
shareholders including GBS Venture Partners, the international pharmaceutical
company Merck Serono, and Orbis Funds Management. The current investment will
make Orbis Fund Management a substantial shareholder in the company.

The aggregate raising of a potential A$17.4 million will be applied to:

* complete the clinical development of omacetaxine in T315I positive CML;
* complete the regulatory filings in the USA and Europe for omacetaxine in T315I
positive CML;
* progress pre-commercialization and partnering discussions concerning
omacetaxine; and
* prepare for the commercial launch of omacetaxine in the United States.

"We are delighted to have completed this capital raising in a difficult
financial climate, and look forward to further consolidating our financial
position through the rights issue," said Greg Collier, Ph.D., Chief Executive
Officer and Managing Director. "We look forward to completing the regulatory
submissions for omacetaxine in the US and Europe over the coming months, and to
preparing for the commercial launch of omacetaxine."

ChemGenex anticipates immediate resumption of trading on ASX effective from
market open on 9 April 2009.

ABN AMRO Morgans Corporate Limited acted as Manager to the placement and has
agreed to act as Lead Manager for the rights issue.

An updated corporate presentation is available at the company`s website
(http://www.chemgenex.com/wt/page/presentation_archive).

About ChemGenex Pharmaceuticals Limited(http://www.chemgenex.com)

ChemGenex Pharmaceuticals is a pharmaceutical development company dedicated to
improving the lives of patients by developing personalized oncology medicines.
ChemGenex harnesses the power of genomics both to discover novel targets and
drug compounds, and in clinical trials to develop more individualized treatment
outcomes. ChemGenex`s lead compound, omacetaxine mepesuccinate, is currently in
phase 2/3 clinical trials for chronic myeloid leukemia (CML). ChemGenex has a
second anticancer compound, amonafide dihydrochloride (Quinamed®) which is in
phase 2 clinical development for various solid cancers, and a portfolio of
assets in pre-clinical development. ChemGenex currently trades on the Australian
Stock Exchange under the symbol "CXS" and on NASDAQ under the symbol "CXSP". For
additional information on ChemGenex Pharmaceuticals, please visit our web site
at http://www.chemgenex.com.

Details on the clinical trials can be accessed from the following websites;
http://clinicaltrials.gov/ct2/show/NCT00375219?term=homoharringtonine&rank=9 and
http://www.tkiresistantcmltrials.com

Safe Harbor Statement

Certain statements made herein (including for this purpose sites to which a
hyperlink has been provided) that use the words "estimate", "project", "intend",
"expect", "believe" and similar expressions are intended to identify
forward-looking statements within the meaning of the US Private Securities
Litigation Reform Act of 1995. These forward-looking statements involve known
and unknown risks and uncertainties which could cause the actual results,
performance or achievements of the company to be materially different from those
which may be expressed or implied by such statements, including, among others,
risks or uncertainties associated with the development of the company`s
technology, the ability to successfully market products in the clinical
pipeline, the ability to advance promising therapeutics through clinical trials,
the ability to establish our fully integrated technologies, the ability to enter
into additional collaborations and strategic alliances and expand current
collaborations and obtain milestone payments, the suitability of internally
discovered genes for drug development, the ability of the company to meet its
financial requirements, the ability of the company to protect its proprietary
technology, potential limitations on the company`s technology, the market for
the company`s products, government regulation in Australia and the United
States, changes in tax and other laws, changes in competition and the loss of
key personnel. These statements are based on our management`s current
expectations and are subject to a number of uncertainties that could change the
results described in the forward-looking statements. Investors should be aware
that there are no assurances that results will not differ from those projected.

ChemGenex
Dr. Greg Collier
CEO and Managing Director
Cell (Australia): +61 419 897 501
Cell (USA): +1-650-200-8145
gcollier@chemgenex.com
or
Media Relations - Australia
Buchan Consulting
Therese Minehan, +61 2 9237 2800
Cell: + 61 (0) 414 388 955
tminehan@bcg.com.au
or
Media Relations - USA
Kureczka/Martin Associates
Joan Kureczka, +1-415-821-2413
Jkureczka@comcast.net

Copyright Business Wire 2009