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Agreement Extension Further Validates Benitec's ddRNAi Technology

17 July, 2003

Benitec Limited (ASX:BLT), the leader in DNA-directed RNA interference (ddRNAi), announced today an extension of its collaboration with the Garvan Institute of Medical Research investigating the role of specific genes in Type II diabetes. Successful results from the initial collaboration to identify genes responsible for insulin-independent diabetes, first announced on December 12, 2002, led the Garvan Institute to request that the scope of the collaboration be substantially broadened. Under the extended agreement, Benitec will provide Garvan with an increased number of its proprietary ddRNAi constructs directed against an expanded range of potential drug targets.

"We are very excited to extend our agreement with the Garvan Institute," said John McKinley, Chairman and Chief Executive Officer of Benitec Limited. "This takes full advantage of Benitec's enhanced technologies for identifying optimal target sequences and for controlling the onset and duration of gene silencing, providing further validation of our ddRNAi technology and its immediate application to understanding disease processes and developing effective treatments."

Benitec will provide ddRNAi constructs that are designed to shut down (silence) genes identified by Garvan scientists. Close examination of functions that are lost when a target gene is silenced allows the normal function of the gene, and its role in the causation of diabetes, to be determined. The unique precision and control provided by Benitec's advanced technologies will allow the validation of drug targets with unparalleled accuracy.

The initial collaboration used viral vectors to deliver ddRNAi that knocked down novel candidate genes in fat cells (adipocytes). This success has provided both a new perspective on the roles these genes play in glucose metabolism and further validation of Benitec's technology. The extended agreement continues to provide Benitec with a first option to negotiate commercial rights to any new intellectual property arising from the collaboration and enables Benitec to develop RNAi-based therapies against the gene targets.

Patents covering Benitec's core technology for gene silencing by ddRNAi were recently granted in the USA and UK (announced 5 June 2003), coinciding with clear demonstration of its efficacy by scientists at the Garvan Institute. Benitec's proprietary position has been strengthened by additional patent filings that capitalise on the many advantages of ddRNAi in triggering gene silencing.

Professor Ken Reed, Director of Research and Technology at Benitec, commented, "Working closely with our colleagues at the Garvan Institute has been stimulating and productive. We're pleased with the results of our collaboration to date and look forward to making significant inroads into the causative factors of type II diabetes with these expanded investigations. The Garvan's world class research into the effects of insulin on sugar and fat metabolism combined with Benitec's world leading technologies for gene silencing provide the science and the tools for unravelling the gene malfunctions that are responsible for diabetes."

ABOUT THE GARVAN
The Garvan Institute of Medical Research is the largest research institute in New South Wales and an Australian leader in forging productive links with the biotechnology industry. The Garvan's molecular, clinical and translational programs focus on the genetic basis of disease including: diabetes, obesity, osteoporosis, neurobiology, arthritis and cancer. The Garvan's commercial initiatives build on world-class medical research and a strong patent portfolio. The Garvan is a leader in the recently announced Bio-Link initiative, a $5.9m bio-business program covering over 1,200 medical researchers. Recent successes have included collaborative partnerships with biotechnology companies in the US and Australia, technology licenses with pharmaceutical companies in Europe, US and Japan and the formation and financing of a new Australian biotechnology company, G2 Therapies Limited.

ABOUT BENITEC LIMITED
Benitec Limited, based in Queensland, Australia, has key Intellectual Property in the field of gene silencing using DNA constructs to trigger RNA interference (granted patents include US 6,573,099; GB 2353282; AU 2001100608). The Company was the first to demonstrate RNA interference, a universal gene silencing mechanism, in mammalian and human cells. This natural mechanism is now recognized worldwide as the simplest and most precise method for shutting down the activity of any specific gene. The technology is immediately applicable to functional genomics and the identification and validation of drug targets. Benitec's technology can also be applied to the treatment of major human diseases such as cancers, autoimmune disorders and viral infections through the shutting down of disease-causative genes. Other applications include plant improvement and the breeding of viral resistant livestock. Benitec offers customers licences to undertake research and development on its expanding technology platform and tools to deliver the technology's full capability.

This press release contains forward-looking statements which reflect the Company's current expectation regarding future events. Forward-looking statements involve risks and uncertainties. Actual events could differ materially from those projected herein and depend on a number of factors including the success of the Company's research strategy, the applicability of the discoveries made therein, the successful and timely completion of clinical studies and the uncertainties related to the regulatory process.

CONTACTS

Dr Jonathan G Izant
Director of Business Development
Garvan Institute of Medical Research
+61 2 9295 8118
+61 411 861 068
j.izant@garvan.org.au