Bioxel Pharma Seeks to Reprice Warrants Issued in November 2007

Bioxel Pharma Inc. (TSX VENTURE: BIP) a leading manufacturer of taxane active pharmaceutical ingredients (APIs) and developer of targeted oncology drugs, announced today that it is requesting the repricing of the exercise price of 25,993,750 warrants to $0.10 per common share from the initial exercise price of $0.16 and the extension of the expiry date to November 21, 2010 from November 21, 2009. The warrants were issued as part of the private placement by Bioxel on November 21, 2007 of convertible Debentures due 2014. Such repricing is subject to the approval of the TSX Venture Exchange and the warrantholders. Proceeds from any exercise of warrants will be used to continue funding the implementation of its commercial scale manufacturing capabilities for semi-synthetic docetaxel, for R&D and for working capital purposes.

ABOUT BIOXEL PHARMA

Bioxel Pharma Inc. is an emerging leader in biopharmaceuticals, focused on developing, manufacturing and marketing taxane pharmaceutical ingredients. Taxanes are used in drug products for the treatment of cancer and other diseases, including psoriasis, rheumatoid arthritis, Alzheimer's disease and cardiovascular disease. Bioxel sells cGMP paclitaxel and develops a portfolio of other generic taxane APIs and taxane-based proprietary products for improved cancer therapy.

The TSX Venture Exchange has not reviewed the contents of this press release and accepts no responsibility for the adequacy or the accuracy thereof.

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