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2004
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news release

Australian Biotech's Gene Silencing to Unleash a Global Storm

TORONTO, June 11 /MediaNet International/ - At Bio2002 today, little known Australian biotech company, Benitec Ltd (ASX:BLT), unleashes a revolution in gene control.

The technology, targeted gene silencing, uses a natural cellular process known as RNA interference (RNAi) to silence any gene in any cell in any multicellular organism.

Unveiling the technology is Professor John Mattick, keynote speaker in the session entitled 'Maximizing the Value of Genomic Information: Technologies, Specific Applications and Therapeutic Product Opportunities.

'Prof Mattick, internationally recognized for his contribution to the study of gene regulation by RNA, has also recently been appointed Non-Executive Director of Benitec Ltd.

"Benitec's technology is natural and potent and is recognized as offering a new means of gene control, which is significantly more effective than current antisense technology," said Prof. Mattick.

Benitec holds a strong proprietary position for gene silencing and has already been granted an Australian patent and has priority filing dates in the US and in 15 other countries covering all principal markets.

The Australian patent was granted on 30 January and is the world's first patent grant for RNAi-mediated gene silencing.

"Benitec now offers a universal toolbox for applications of RNAi to mammalian genes," said Mr John McKinley, Executive Chairman and CEO.

"The breadth of application and ease of this platform technology is being rapidly recognized by pharmaceutical and biotechnology companies and institutes."

Benitec offers freedom to operate through licensing and partnering arrangements with companies and institutes seeking to use its technology for gene discovery and drug development.

Based in Brisbane, Australia, Benitec has a long-standing partnership and research collaboration with the Queensland State Government and its Department of Primary Industries (DPI), the nation's leading agricultural research institute.

"The research excellence through the DPI has been instrumental in ensuring that Benitec is leading the field in this technology," said Mr McKinley.

"Through the DPI's extensive work in plant gene suppression, Benitec has been able to extend the technology's scope beyond its use in plants and invertebrates."

"Once again Queensland is holding up its reputation as the Smart State, being first to recognize and capture the value of gene silencing technology for the biotech industry," said Queensland Premier, Peter Beattie.

"It is a shining example of the excellent partnerships between public and private entities in Australia - taking leading research through to its commercial potential."

"The company's commanding position in gene silencing is evidenced by wide recognition that this is the most important biotechnology to be developed in the past decade," Mr McKinley said.

For interviews:
Paris Brooke for Benitec Cell: +61 407 715 574
John McKinley, Executive Chairman Cell: +44 7767 367 193

Editors' Note:
Background Briefing - Benitec Limited

Benitec is a public company listed on the Australian Stock Exchange (ASX:BLT). Benitec provides precision control for a new generation of targeted pharmaceuticals and a revolutionary approach to gene discovery.

Its gene silencing technology provides potential for development of therapeutic applications for a range of catastrophic diseases, including cancers, autoimmune dysfunctions and viral infections, and in agriculture to enhance crop and horticultural production and further animal health. Benitec holds a dominant position globally in gene silencing technology.

Benitec has completed seven years of research and development, in conjunction with the Queensland Department of Primary Industries, which holds joint ownership of the IP.

Initial R&D programs undertaken by the DPI were focused on gene suppression in plants, but more recently Benitec has concentrated on human and animal applications for which the technology has been proven in the laboratory. The company is now moving into a global commercialization phase, targeted initially at the North American market.

Benitec's gene silencing platform technology triggers a natural process (RNA interference) that selectively shuts down, or silences, target genes in any organism - human, animal, plant or pest.

Its potential human applications include treatments for diseases such as cancers, psoriasis, HIV, AIDS, hepatitis C and Alzheimer's disease and major Third World parasitic diseases, including malaria and sleeping sickness. For animal health, the technology offers the opportunity to produce livestock resistant to major infectious diseases such as foot and mouth and swine fever and without the capability to act as carriers of these diseases.

The technology was first established for plant applications. It is used extensively in research and production of new crop and horticultural plant varieties to enhance production and product traits. Benitec is extending the scope of its gene silencing technology for gene discovery in plants and pests, to identify novel pesticide targets and develop potent, effective control measures for pests and diseases.

Disclaimer: This document contains "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the Company's business strategy and future plans of operation. Forward-looking statements involve known and unknown risks and uncertainties; both general and specific to the matters discussed in this press release. These and other important factors, including those mentioned in various Securities and Exchange Commission filings made by the Company, may cause the Company's actual results and performance to differ materially from the future results and performance expressed in or implied by such forward-looking statements. The forward-looking statements contained in this press release speak only as of the date hereof and the Company expressly disclaims any obligation to provide public updates, revisions or amendments to any forward-looking statements made herein to reflect changes in the Company's expectations or future events.