.

  FOR IMMEDIATE RELEASE
Contact:  

Robert F. Apple, Chief Operating Officer
InKine Pharmaceutical Company, Inc.
215-283-6850

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


INKINE ANNOUNCES RESULTS OF ANNUAL SHAREHOLDER’S MEETING

- All Proposals Approved By Shareholders -
 

BLUE BELL, PA  June 7, 2004 -- InKine Pharmaceutical Company, Inc. (Nasdaq: INKP)  today announced the results of its Annual Meeting of Shareholders, held this morning at 10:00am EDT. The record date for shareholders to have voted at the Annual Meeting was as the close of business on April 21, 2004. A formal notice, agenda, proxy statement and ballot were mailed on or about April 28, 2004. Shareholders approved all of management’s proposals and recommended slate of directors. Specifically, shareholders confirmed the election of six directors, including Leonard S. Jacob, M.D., Ph. D., Robert F. Apple, J.R. LeShufy, Steven B. Ratoff, Norman D. Schellenger and Thomas P. Stagnaro. In addition, shareholders also voted to amend the Certificate of Incorporation of the Company to remove any and all shareholder preemptive rights, approved the adoption of the 2004 compensation plan and selected KPMG LLP as independent auditors of the Company for the year ending December 31, 2004. “We are pleased to see that shareholders are aligned with the Board of Directors, whose ultimate goal is to protect and enhance shareholder’s value,” said Leonard S. Jacob, M.D., Ph.D., Chairman and Chief Executive Officer of InKine.

About InKine Pharmaceutical
InKine Pharmaceutical Company, Inc. is a publicly traded specialty pharmaceutical company focused on developing and commercializing pharmaceutical products for the diagnosis and treatment of gastrointestinal disorders. The Company's development strategy is to acquire late-stage drug candidates with short time lines to commercialization. The Company's franchise product, Visicol® is the only tablet purgative preparation indicated for bowel cleansing prior to colonoscopy. InKine's second product, IB-Stat®, is an oral hyoscyamine spray for the treatment of a variety of indications. The Company is also promoting VSL#3®, a probiotic that is effective in treating certain gastrointestinal disorders. Additionally, the Company is developing INKP-102, an advanced generation purgative, which is in Phase II clinical trials for bowel cleansing prior to colonoscopy and Colirest™, which is in clinical trials for the treatment of Crohn's disease. For further information, please visit InKine on its web site http://www.inkine.com.

In addition to historical facts or statement of current condition, this press release and other statements made from time to time by representatives of the Company contain or 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.