Notification of major interest in shares

For Immediate Release

13 January 2009

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

Alliance Pharma

2. Reason for the notification

An acquisition or disposal of voting rights 

YES

3. Full name of person(s) subject to the notification obligation:

RAB CAPITAL PLC

ACTING AS DISCRETIONARY MANAGER OF RAB SPECIAL SITUATIONS (MASTER) FUND LIMITED

4. Full name of shareholder(s) (if different from 3.)

CREDIT SUISSE CLIENT NOMINEES (UK) LIMITED

5. Date of the transaction (and date on which the threshold is crossed or reached if different):

09/01/2009

6. Date on which issuer notified:

12/01/2009

7. Threshold(s) that is/are crossed or reached:

11%

8. Notified details:

n/a

A: Voting rights attached to shares

Class/type of shares 

 if possible using the ISIN CODE

Situation previous to the Triggering transaction 

Resulting situation after the triggering transaction

Number of Shares 

Number of Voting Rights viii

Number of shares 

Number of voting rights ix

% of voting rights

Direct

Direct x

Indirect xi

Direct

Indirect

ORDINARY SHARES

GB0031030819

19,843,399 

n/a

n/a

17,818,399

n/a

10.99%

B: Financial Instruments

Resulting situation after the triggering transaction xii

Type of financial instrument 

Expiration date xiii

Exercise/ Conversion Period/ Date xiv 

Number of voting rights that may be acquired if the instrument is exercised/ converted. 

% of voting rights

n/a

n/a

n/a

n/a

n/a

Total (A+B)

Number of voting rights

% of voting rights

SEE ABOVE

10.99%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable:

RAB Capital Plc acts as investment manager for RAB SPECIAL SITUATIONS (MASTER) FUND LIMITED. RAB Capital plc does not act as custodian for its clients and therefore the shares are held in the nominee name of the custodian of its clients, which is .

Proxy Voting:

10. Name of the proxy holder:

n/a

11. Number of voting rights proxy holder will cease to hold:

n/a

12. Date on which proxy holder will cease to hold voting rights:

n/a

13. Additional information:

n/a

14. Contact name:

LEGAL TEAM

15. Contact telephone number:

020 7389 7000

Annex Notification Of Major Interests In Shares

A: Identity of the person or legal entity subject to the notification obligation

Full name (including legal form for legal entities)

RAB CAPITAL PLC

Contact address (registered office for legal entities

1 ADAM STREET,

LONDON WC2N 6LE

Phone number

020 7389 7000

Other useful information (at least legal representative for legal persons)

Alliance Pharma plc

+ 44 (0) 1249 466966

John Dawson, Chief Executive

Richard Wright, Finance Director

www.alliancepharma.co.uk

Buchanan Communications

+ 44 (0) 20 7466 5000

Mark Court / Rebecca Skye Dietrich / Stasa Filiplic