BioXell reports financial results for 2008

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* Financial results better than guidance
* Year ended with ¤ 43.6 million (CHF 66 million) in liquid
funds
* Focus to be on evaluation of all strategic options and cost
control

Milan, Italy, April 9, 2009 - BioXell S.p.A. (SIX: BXLN) today
reported its financial results for its fiscal year ending on December
31, 2008. Financial results were better than the previous guidance.
Due to higher R&D expenses, the Company recorded a total net loss of
¤ 14.8 million in 2008 versus ¤ 13.5 million in the previous fiscal
year but ended the year with a cash position of ¤ 43.6 million
resulting into a net cash burn of only ¤ 13.7 million.
"Taking into account yesterday's top-line results of our Elocalcitol
Phase IIb trial in Overactive Bladder (OAB), the focus of Management
is the full evaluation of all strategic options for the Company. This
includes the evaluation of our internal development programmes as
well as the assessment of external growth opportunities including M&A
activities", said Francesco Sinigaglia, Chief Executive Officer of
BioXell.
Niels Ackermann, Chief Financial Officer, added, "In light of the
top-line OAB results and the current financial climate, our short
term objective is to focus our spending very carefully and ensure
strict cost control."
In order to implement immediate cost savings, Management has decided
to put the development of BXL746 for the prevention of post-surgical
adhesions on hold as well as to stop the Phase II study of
Elocalcitol in Male Infertility. In addition, BioXell has already
started a process with the goal to broaden its product pipeline
through the evaluation of internal as well as external projects.
A full analysis of the Elocalcitol OAB data as well as a detailed
update on the development pipeline will be presented in the course of
the Annual General Meeting and the Analyst Presentation in Zurich on
April 30, 2009.
To discuss the top-line OAB Phase IIb results, as well as the 2008
Financial Results, BioXell will hold a:

Conference call today, April 9, 2009 at 10.00am CET
To participate in the conference call, please dial +41 (0) 22 592
7312 (Europe & CH), +39 (0) 06 452 108 001 (Italy), +44 207 153 2027
(UK), +1 480 629 1990 (USA)

2008 Financial Highlights
* Financial position with liquid funds of ¤ 43.6 million at
year end
* Net cash burn of ¤ 13.7 million, significantly lower than
budgeted due to strict cost control
* Revenues increased to ¤ 1.5 million (+50%) while operating
expenses amounted to ¤ 18.2 million (+8%) due to larger clinical
trial activities
* Net loss in fiscal 2008 of ¤ 14.8 million compared to net
loss of ¤ 13.5 million in 2007

Summary financials (US GAAP) for the years ended December 31, 2008
and 2007
(audited - in millions of ¤)

2007 2008
Total revenues 1.0 1.5
Research & development expenses 10.4 11.6
General & administrative expenses 6.4 6.6
Total operating expenses 16.9 18.2
Loss from operations (15.9) (16.7)
Financial income (net) 2.4 1.9
Net loss (13.5) (14.8)

Cash and investment Securities 57.2 43.6
Total assets 63.6 50.4
Shareholders' equity 55.3 42.2
Net cash Burn 13.8 13.7

Revenues
Total revenues in 2008 amounted to ¤ 1.5 million which resulted from
government grants (¤ 0.6 million) as well as tax credits from the
Italian Government based on research and development expenses BioXell
incurred in 2007 (¤ 0.9 million).

Operating expenses
Total operating expenses in 2008 reached ¤ 18.2 million, an increase
of 8% compared to 2007. The majority of operating expenses are
related to R&D activities (64%).

R&D expenses amounted to ¤ 11.6 million (¤ 10.4 million in 2007), an
increase of 11% largely due to higher clinical development expenses
compared to the previous year. G&A expenses were ¤ 6.6 million, in
line with the previous year. These included mainly general
management, finance, business development, information technology and
communications.

Net loss
The Company recorded a total net loss of ¤ 14.8 million in 2008
versus ¤ 13.5 million in the previous fiscal year.

Balance sheet
Total shareholders' equity amounted to ¤ 42.2 million as of December
31, 2008 (¤ 55.3 million as of December 31, 2007). BioXell ended the
fiscal year with ¤ 43.6 million in cash and investment securities,
and maintained ¤ 3.0 million in financial debt, a result of public
financing on favourable terms.

Financial outlook
In view of the announcement of the Phase IIb OAB results announced
yesterday, BioXell's objective is to focus its spending very
carefully. The financial funds at the end of 2008 should be
sufficient to finance BioXell's operations for the next three fiscal
years.

Important upcoming Events
* Conference
call:
Today, April 9, 2009 at 10.00 CET
To participate in the conference call, please dial +41 (0) 22 592
7312 (Europe & CH)
+39 (0) 06 452 108 001 (Italy), +44 207 153 2027 (UK), +1 480 629
1990 (USA)
* Annual Shareholders'
Meeting April 30, 2009, at 10.30
CET
Zunfthaus zur Waag Zunftsaal, Münsterhof 8, CH-8001 Zürich
* BioXell Analyst
Presentation April 30, 2009,
at 14.15 CET
Zunfthaus zur Waag Zunftsaal, Münsterhof 8, CH-8001 Zürich
An audio webcast of the Analyst Presentation will be made available
for this event. Please refer to the Company website at
www.bioxell.com for dial-in information.
Annual Report 2008
BioXell's 2008 Annual Report is available to download electronically
from the Company's website at www.bioxell.com. Alternatively, a hard
copy can be ordered from: BioXell S.p.A. (Investor Relations), Centro
Direzionale Milano 2 Palazzo Vasari, 20090 Segrate (MI), Italy.
About BioXell
BioXell (SIX: BXLN) is a biopharmaceutical Company focused on the
discovery and development of drugs that exploit novel mechanisms of
action to treat important urological, inflammatory, and related
disorders with significant unmet medical needs. The Company was
founded in 2002 as a spin-out from Roche. BioXell's strategic goal is
to become a fully integrated pharmaceutical Company by maximizing the
commercial potential of its product portfolio and leveraging existing
platforms into profitable partnerships.

In June 2006, BioXell listed its shares on the main segment of the
SIX Swiss Exchange. BioXell approx. employs 40 people and has its
sites in Milan, Italy.

More on BioXell can be found at: www.bioxell.com

For further information, please contact:

BioXell
S.p.A.
Dynamics Group SA
Alvise Sagramoso
Christophe Lamps
Tel: +39 (0)2 210 49
51
Tel: +41 (0)22 308 6222
Fax: +39 (0)2 210 49
529
Fax: +41 (0)22 308 6236
alvise.sagramoso@bioxell.com cla@dynamicsgroup.ch

This press release can be downloaded at www.bioxell.com.
Disclaimer
This press release does not constitute or form part, or all, of any
offer or invitation to sell or issue, or any solicitation of any
offer to purchase or subscribe for, any securities, nor shall part,
or all, of these materials or their distribution form the basis of,
or be relied on in connection with, any contract or investment
decision in relation to any securities. This press release contains
forward-looking statements based on the currently held beliefs and
assumptions of the management of BioXell, which are expressed in good
faith and, in their opinion, reasonable. Forward-looking statements
involve known and unknown risks, uncertainties and other factors,
which may cause the actual results, financial condition, performance,
or achievements of BioXell, or industry results, to differ materially
from the results, financial condition, performance or achievements
expressed or implied by such forward-looking statements. Given these
risks, uncertainties and other factors, recipients of this document
are cautioned not to place undue reliance on these forward-looking
statements. BioXell disclaims any obligation to update these
forward-looking statements to reflect future events or developments.

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bioXell S.p.A
via Olgettina 58 Milan Italy

WKN: A0J3MW; ISIN:
IT0004069933 ;
Listed: Main Market in SIX Swiss Exchange;
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