RNS Number:6640L
M.L. Laboratories PLC
29 May 2003



For immediate release                                              29 May 2003



                 ML REDUCES STAKE IN COBRA BIOMANUFACTURING PLC


       Total Raised from Divestment of Non-Core Manufacturing Businesses
                               Now Exceeds #13.5m



ML announces that it has agreed to sell 5 million shares in Cobra
Biomanufacturing PLC ("CBM") for a consideration of #4 million before costs.
The shares are being sold on behalf of ML by Collins Stewart which is also
effecting a placing and open offer on behalf of CBM.



S.W. Sim, Executive Chairman of ML stated:

'Shareholders will be aware that a significant proportion of our holding in CBM
was subject to a lock-in arrangement until June 2004.  The placing and open
offer announced by CBM today presents us with the opportunity to reduce our
holding earlier than originally anticipated and realise additional funds for the
Company.



The disposal proceeds will bring the total cash realised to date from the
divestment of CBM via flotation on AIM in June 2002 to #7M and the total gross
sum realised to date from our programme of divestment of non core manufacturing
businesses to in excess of #13.5 million.  The funds raised have improved our
liquidity position considerably and enabled us to focus on the development of
our pharmaceutical product pipeline'.



ML has retained a holding of 1 million CBM shares (approx. 5%) which is
currently valued at #800,000 and is not subject to any lock-in arrangements.




For further information please contact:


Mr. Stuart Sim          Chairman, ML Laboratories PLC       +44 (0) 1925 844 700


Kevin Smith             Weber Shandwick Square Mile         +44 (0) 20 7067 0700
Graham Herring



Note to editors:


ML is a biopharmaceutical product development company with a pipeline of future
products targeted at specialist markets.  ML's activities are supported by a
growing income stream from marketed products it has successfully developed and
licensed to other pharmaceutical companies which include Baxter, Shire and
Celltech.



New therapeutic products in clinical development include cancer treatments, a
pain management compound prepared to enter Phase III studies, a preventative of
sexually transmitted infections, including HIV and a phosphate binder to assist
the management of kidney failure.   ML's portfolio of early stage development
projects includes unique polymer/drug molecules to provide safer and more potent
cancer chemotherapy and technologies for use in the discovery and manufacture of
biotechnology products.



In addition ML provides inhaled drug delivery solutions to the global
pharmaceutical industry through its dedicated respiratory subsidiary Innovata
Biomed.










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