Issue 5, February 2007 Dear Shareholders Welcome to the first edition of Apollo Life for this year, our regular newsletter to keep shareholders informed about our latest developments. If you would like any further information, please contact us. Regards John Priest - CEO

HOT TOPIC:

Arthritis tablet looking good Strong preclinical results with an oral TNF blocker now put Apollo on the path to developing a second major application for the Oradel™ platform, which is already on its way to human clinical trials with oral insulin. The TNF blocker market is big in its own right, but these results also prove Oradel up for antibodies, which are an even bigger and faster growing market.

ALSO IN THIS ISSUE:

Oral insulin: clinical human trials, here we come... Apollo’s insulin in a tablet is a step closer to becoming a reality after a final toxicology study report showed it to be safe at extremely high doses. Cashed up and ready to go full steam ahead 2007 is set to be an exciting year as Apollo is well funded to crank up the pace with a boost from private investors. The company has already raised $13.5 million and is offering shareholders the opportunity to participate in a Share Purchase Plan (SPP) on the same terms as the recent placement. This would take the total to $15 million. TNF (Tough Nasty Factor) – what is it and how does it work? One of Apollo’s most important areas of research involves TNF blockers – but what are they and how do they work?

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