March 7, 2003

News Release: Completes a Public Offering of $9.5 Million

Bioxel Pharma Inc. a leading manufacturer of naturally derived taxanes and targeted oncology drugs, announced that it has completed a public offering of 13,571,429 common shares representing total proceeds of $9.5 million at an issue price of $0.70 per share. This offering also includes an option granted by the Company to the agents to increase the size of the offering to $10 million by March 21, 2003 and an over-allotment option to purchase within 30 days from the date of the closing of the offering, additional common shares of up to 15% of the number of common shares sold under the offering at the issue price. The syndicate is led by Dundee Securities Corporation and includes National Bank Financial Inc. and Canaccord Capital Corporation. In addition, Bioxel Pharma Inc. has also issued to an arm's length party, 64,286 common shares at a price per share of $0.70 in payment of consulting services.

Bioxel Pharma Inc. is an emerging leader in biopharmaceuticals, focused on developing, manufacturing and marketing naturally derived taxanes, including Paclitaxel. Taxanes are used in the development of therapeutic drugs for the treatment of cancer and other diseases, including psoriasis, rheumatoid arthritis and Alzheimer's disease. The corporation produces cGMP Paclitaxel and is building a platform of other taxane-based drug candidates such as taxane analogs, proprietary formulations and immunoconjugates targeting various cancers and multi-drug resistant tumours.



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

CONTACT: TEL: (418) 654-9666 Bioxel Pharma Inc. (www.bioxelpharma.com)

Mr. Pierre Lacroix, President and CEO

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