Ixion Returns to Private Status

Alachua, FL- November 20, 2002. Ixion Biotechnology, Inc., a clinical stage biotech company focused on cell-based treatments of metabolic disorders, announced that on October 16, 2002, it had filed Form 15 with the SEC to suspend filing annual and quarterly reports, proxy statements, and other reports under the Securities Exchange Act of 1934.

Because Ixion has fewer than 300 shareholders, it is not required to file reports under the Securities Exchange Act. It had been filing those reports voluntarily. "The Board determined that the accounting and management cost of continued SEC reporting greatly outweighed the benefits to Ixion's shareholders," said Kimberly A. Ramsey, Vice President and Controller. "Even though we will no longer be filing the reports with the SEC, we intend to continue to make our financial results available to our shareholders on a quarterly and annual basis. The Company's withdrawal from SEC reporting will not affect our operations in any respect, except to make more resources available to achieve Ixion's research goals."

Alachua, Fla.-based Ixion is a clinical-stage biotechnology company that is developing cell-based therapies for the treatment of metabolic disorders. Ixion's Stem Cell / Diabetes business unit is developing an adult stem cell approach to treat insulin-dependent diabetes. In our other business unit, Oxalate Control, we are the world's leader in developing diagnostic and prevention options for oxalate-related disorders, such as primary hyperoxaluria, recurrent kidney stones, Crohn's Disease, and cystic fibrosis. For more information about Ixion's current activities and recent news releases, visit Ixion's Web site at www.ixion-biotech.com or call 386-418-1428, Ext. 301.

Contacts:

Weaver H. Gaines
Chairman and Chief Executive Officer
Ixion Biotechnology, Inc.
13709 Progress Blvd., Box 13
Alachua, FL 32615
Info@ixion-biotech.com

Lisette Hilton
561-392-5649 (voice)
561-392-7496 (fax)
Info@ixion-biotech.com