NRDL commences Phase I of P1201-07

Nicholas Piramal India Ltd has informed that NPIL Research and Development Ltd ("NRDL") (name now changed Piramal Life Sciences Ltd) has commenced Phase I studies of a new experimental drug molecule, P1201-07, in The Netherlands.

In this regard the Company has issued the following Press Release:

"NPIL Research & Development Ltd (NRDL), recently demerged from Nicholas Piramal India Ltd (NPIL) has commenced Phase I studies of a new experimental drug molecule, P1201-07, in The Netherlands.

The Company had submitted the Clinical Trial Application (CTA) for P1201-07 to the Central Committee on Research involving Human Subjects (CCMO), the regulatory authority of The Netherlands and the Independent Ethics Committee of the foundation Evaluation Of Ethics in Biomedical Research (BEBO), Assen, The Netherlands. Both these bodies have approved the Company's application to initiate the Phase I study of P1201-07.

P1201-07 is an in compound from Eli Lilly & Co. (USA) and is being developed for metabolic disorders.

"This is our fourth new drug to enter the clinic and the first from the research
collaboration with pharma major Eli Lilly. The drug development timeline is on schedule. We in-licensed this molecule from Lilly only in January 2007, and it has gone to the clinic in just a year", said Dr. Swati Piramal, Director -Strategic Alliances & Communications, NPIL."

Further the Company has inform that, it may be recalled that the Company (i.e. Nicholas Piramal) has demerged its NCE Research Unit to NRDL pursuant to the Composite Scheme of Arrangement which has been sanctioned by the Hon'ble Bombay High Court. The Record Date for issue of shares by NRDL to the shareholders of the Company under the said scheme was February 22, 2008. The shares of NRDL would be listed on the BSE and NSE in accordance with the Scheme.