Media Release
3 September 2004

BONE MEDICAL LISTS ON ASX TODAY

BIOPHARMACEUTICAL development company Bone Medical Limited (ASX: BNE) today
made its debut on the Australian Stock Exchange.

Bone Medical listed through a reverse takeover of Revenir Limited, ratified by shareholders at
a General Meeting on 2 August 2004.

Bone Medical completed a capital raising of $2.52 million by offering 4.2 million shares at
60 cents per share, which closed early and oversubscribed. The company has 44.2 million
shares on issue and a capitalisation on listing of $26.5 million based on the above issue price
of $0.60.

The company will use the proceeds to develop and commercialise its portfolio of
biopharmaceutical developments projects for the treatment of bone disease.

Bone Medical Chief Executive Officer Dr Jim Phillips said the company’s three lead
products are in a good position to license on to international companies and had been very
well received by investors.

“Our product pipeline is composed of seven core project areas and is well balanced in terms
of time to market and risk profile,” he said.

“Bone’s products provide broad medical applications to a growing global need for
musculoskeletal treatments, in particular osteoporosis and arthritis.

“Our product development is currently progressing at a pace that indicates early revenues and
good shareholder returns may well be achievable.”

Dr Phillips said Bone Medical’s intellectual property includes an oral form of the calcitonin
drug used in the treatment of osteoporosis.

“BN002 oral calcitonin represents a represents a licensing opportunity that may result in the
company receiving payments for licensing this IP to an international pharmaceutical
company,” he said.

“Additionally, the previous experience of Bone Medical’s Board and management in drug
development and commercialisation provides contracts and a breadth of expertise
appropriate to the effective functioning of a small biotechnology company with international
aspirations.

“Our focus will remain on accelerating our core projects successfully through their various
clinical phases toward commercialisation and to generate shareholder wealth.”

About Bone Medical Limited

Bone Medical Limited is an international biopharmaceutical development company
positioned to exploit the growing market in the treatment of bone disease particularly in
osteoporosis and arthritis. Bone has a portfolio of biopharmaceutical development projects
for the treatment of bone disease including, Oral Calcitonin BN002, Oral Parathyroid
Hormone BN003, TNF Regulators BN006, Bone Cell Regulators BN005/BN008 and Joint
Protection & Collagen Tolerance Programme BN007.

Bone has been granted exclusive licenses from three owned subsidiaries of its controlling
shareholder, Proxima Concepts Limited (Proxima), for the intellectual property of those
companies in the field of musculoskeletal therapies.

For more information about Bone Medical Limited, please contact:

Or visit:
www.bone-ltd.com.