Bioxel Announces Issuance of Shares in Payment of Interests on 2002 Debentures

QUEBEC CITY, QUEBEC–(EMWNews – July 15, 2008) – THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Bioxel Pharma Inc. (“Bioxel” or the “Corporation”) (TSX VENTURE:BIP) a leading manufacturer of taxane active pharmaceutical ingredients (APIs) and developer of targeted oncology drugs, announces that it has elected to issue 743,836 common shares to Societe Innovatech Quebec et Chaudiere-Appalaches (“Innovatech”) in payment of $74,384 of interest payable on July 14, 2008 on the $1,000,000 principal amount outstanding convertible debentures held by Innovatech. The debenture was issued on July 15, 2002 as part of a financing totalling $2,500,000 of principal amount of convertible debentures, of which $1,000,000 remains outstanding.

FORWARD-LOOKING STATEMENTS

Some of the statements made herein may constitute forward-looking statements. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause Bioxel’s actual results, performance or achievements to be materially different from those expected or implied by any of Bioxel’s statements. Actual events or results may differ materially. Bioxel disclaims any intention, and assumes no obligation, to update these forward looking statements.

ABOUT BIOXEL PHARMA

Bioxel Pharma Inc. is an emerging leader in biopharmaceuticals, focused on developing, manufacturing and marketing taxane active pharmaceutical ingredients and proprietary products for improved cancer therapy. Taxanes are used in drug products for the treatment of cancer and other diseases, including psoriasis, rheumatoid arthritis and cardiovascular disease.

The TSX Venture Exchange has not reviewed the contents of this press release and accepts no responsibility for the adequacy or the accuracy thereof.