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Acrux (ASX: ACR) is pleased to

announce that its CEO Richard Treagus has been nominated for the

2010 Entrepreneur Of The Year awards (southern region – Victoria

.

Richard joins other nominees from across Australia who will

compete for the ultimate prize of being named 2010 Australian

Entrepreneur Of The Year. Regional category winners will be

announced at an awards ceremony in Melbourne on 26 August 2010.

In mid-2007, Richard and the Acrux team saw the potential for

Acrux’s AXIRON product to become a company-maker. AXIRON

is an underarm-applied testosterone solution that, if approved by the

regulatory authorities, will enter a global testosterone therapy market

of US$1.2 billion, growing at 20% per annum.

In March 2010, after successfully completing the Phase 3

development programme, the Acrux team licensed the global rights

for AXIRON to Eli Lilly in a deal worth up to US$335 million plus

royalties - the largest product licensing deal in the history of the

Australian biotechnology industry. Acrux has already received

US$51 million and a further US$87 million will be payable if

AXIRON is granted marketing approval by the US Food and Drug

Administration (FDA).

“AXIRON has completely transformed Acrux’s financial prospects

and I am pleased to confirm that we expect to deliver a maiden profit

of between $46 and $47 million for FY2010”, stated Acrux

Chairman Ross Dobinson. “Acrux and Eli Lilly are working

productively with the FDA and we expect a decision from the

regulator in relation to the AXIRON marketing application during

the quarter ending March 2011”, he said.