Robert F. Apple, Chief Operating Officer
InKine Pharmaceutical Company, Inc.

Donald C. Weinberger
Wolfe Axelrod Weinberger Assoc. LLC
212-370-4500, 212-370-4505 fax
[email protected]



BLUE BELL, PA January 27, 2004 - InKine Pharmaceutical Company, Inc. (Nasdaq: INKP) ) today announced that Pharmatel, a pharmaceutical company based in Sydney, Australia, has licensed the exclusive rights to register, manufacture, sell, market and distribute Visicol® for use in Australia and New Zealand. Pharmatel is a leading Australian pharmaceutical company focused in gastroenterology and oncology. As consideration for the license, Pharmatel has paid an undisclosed up-front license fee, with additional royalties due to InKine based on future net sales of Visicol®. Pharmatel will be responsible for all costs to register, manufacture, sell, market and distribute Visicol® in Australia and New Zealand.

"We are pleased to partner with InKine and are excited to introduce Visicol® to the Australian and New Zealand markets. I am certain that patients and physicians will appreciate having a tablet alternative to existing liquid sodium phosphate, picosulphate and PEG solutions," said Nicolas Shortis, Director of Pharmatel.

"We believe that Pharmatel is the perfect partner in Australia and New Zealand," said Robert F. Apple, Chief Operating and Financial Officer of InKine. “Pharmatel has a strong presence in the Australian and New Zealand gastrointestinal marketplace, particularly where they are the leader in selling and marketing colonoscopy preparations to physicians. We will continue to explore other strategic opportunities for Visicol® in targeted international markets to further expand the market for Visicol®,” added Mr. Apple.

About InKine Pharmaceutical
InKine Pharmaceutical Company, Inc. is a publicly traded biopharmaceutical company focused on the diagnosis and treatment of cancer and autoimmune diseases. The Company's development strategy is to acquire late-stage drug candidates with short time lines to commercialization. The Company's first product, Visicol™ is the first and only tablet purgative preparation indicated for bowel cleansing prior to colonoscopy. InKine's second product, IBStat™, is a novel oral hysocyamine spray for the treatment of Irritable Bowel Syndrome (IBS) and spasm of the colon. Additionally, the Company is developing other clinical compounds such as Colirest™, which is in clinical trials for the treatment of Crohn's disease and completed Phase II trials for the treatment of ulcerative colitis. For further information, please visit InKine on their web site http://www.inkine.com.

In addition to historical facts or statement of current condition, this press release may contain forward-looking statements. Forward-looking statements provide InKine's current expectations or forecasts of future events. These may include statements regarding anticipated scientific progress on its research programs, development of potential pharmaceutical products, interpretation of clinical results, prospects for regulatory approval, manufacturing development and capabilities, market prospects for its products, sales and earnings projections, and other statements regarding matters that are not historical facts. You may identify some of these forward-looking statements by the use of words in the statements such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe" or other words and terms of similar meaning. InKine's performance and financial results could differ materially from those reflected in these forward-looking statements due to general financial, economic, regulatory and political conditions affecting the biotechnology and pharmaceutical industries as well as more specific risks and uncertainties such as those set forth in its reports on Form 10-Q and 10-K filed with the U.S. Securities and Exchange Commission. Given these risks and uncertainties, any or all of these forward-looking statements may prove to be incorrect. Therefore, you should not rely on any such factors or forward-looking statements. Furthermore, InKine does not intend (and it is not obligated) to update publicly any forward-looking statements. This discussion is permitted by the Private Securities Litigation Reform Act of 1995.