Media Release
2 September 2004

BONE STRIKES ELITE RESEARCH ALLIANCE AHEAD OF ASX LISTING

BIOPHARMACEUTICAL development company Bone Medical Limited is pleased to announce it has
entered into a Collaborative Testing Agreement with the Institute of Bone and Joint Research (IBJR), at
Sydney’s Royal North Shore Hospital, to advance the company’s rheumatoid arthritis product BN006.

This is an important milestone leading up to Bone’s listing on the Australian Stock Exchange through a
reverse takeover of Revenir Limited, which has changed its name to Bone Medical Limited. The
company is to re-list on the ASX under the symbol BNE on Friday 3 September 2004.

Bone CEO Dr Jim Phillips said the collaboration with IBJR further demonstrated the company’s
business plan to combine in-house development with academic collaborations to expand capabilities.

“Collaborations such as this one with the IBJR form the core of our business strategy and we are
actively exploring additional similar relationships.”

“The agreement with IBJR will build on our previous work and accelerate development of the project
through its pre-clinical phase,” said Dr Phillips.

Bone’s product BN006 is designed to regulate tumour necrosis factor (TNF) levels, one of the primary
causes of rheumatoid arthritis. In stark contrast to currently available treatments, BN006 acts on the
cells that release TNF to reduce the damaging oversecretion, and is being developed to be orally
delivered, providing the company with significant potential competitive advantages. These advantages
are added to as current TNF Antibody treatments are very expensive and complex to manufacture,
whereas BN006 variants have already been manufactured using a relatively simple synthetic process.

“Current products use antibodies to neutralise the effects of TNF, which is like trying to catch the horse
after it’s bolted. Bone on the other hand is working on oral products to regulate the release of TNF or as
it were, to stop the horse from bolting in the first place.”

The market for the anti-TNF products to treat rheumatoid arthritis is approximately US$3.3 billion with
sales expected to grow beyond US$5 billion by 2005.

“We are very pleased to be working with the Institute and its Chairman and Director Professor Philip
Sambrook given his extensive promotion of musculoskeletal education in the Asia Pacific area,” he said.
As a requirement of its share swap with Revenir, the company completed a capital raising of $2.52
million through the issue of 4.2 million shares at 60 cents each. Post consolidation and capital raising
the company will have approximately 44.2 million ordinary shares on issue.

ABOUT BONE LIMITED
Bone 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 subsidiaries of its controlling shareholder, Proxima
Concepts Limited (Proxima), for the intellectual property of those companies in the field of musculoskeletal
therapies.

ABOUT THE INSTITUTE OF BONE & JOINT RESEARCH (IBJR)
The IBJR was established in 1999 to provide an Institute devoted to advancing the understanding of the
disorders and diseases of the musculoskeletal system, their diagnosis and treatments. The Institute is
lead by Professor Philip Sambrook, the Florence & Cope Professor of Rheumatology at the University
of Sydney and a member of several international Scientific Editorial Boards. Professor Sambrook has
also served on the Asia Pacific League of Associations for Rheumatology (APLAR), is Vice President
of the Asia Pacific Osteoporosis Foundation and a member of the Osteoporosis Australia Board.

For more information visit www.bone-ltd.com or www.ibj.usyd.edu.au
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