Offer Update: Scheme of Arrangement effective

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IS Pharma plc

("IS Pharma" or the "Company")

Offer Update: Scheme of Arrangement effective

The Board of Directors of IS Pharma plc is pleased to announce that the Scheme of Arrangement relating to the recommended merger of IS Pharma plc and Sinclair Pharma plc became effective on 20 May 2011 in accordance with its terms.

IS Pharma plc +44 (0)1244 625 150

Matthew Hall, Director

finnCap Limited +44 (0)20 7600 1658

(Financial Adviser to IS Pharma)

Matthew Robinson / Ed Frisby