EXHIBIT 99.1


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FOR IMMEDIATE RELEASE
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            ANNOUNCEMENT PURSUANT TO NASDAQ MARKETPLACE RULE 4803(A)

MELBOURNE, AUSTRALIA, AND MENLO PARK, CALIFORNIA, U.S.A. (FEBRUARY 26, 2007).
ChemGenex Pharmaceuticals Limited (ASX: CXS, NASDAQ: CXSP), today announced that
it had received a Nasdaq Staff Deficiency Letter concerning its non-compliance
with Nasdaq's audit committee requirement for continued listing as set forth in
Marketplace Rule 4350. This non-compliance resulted from the resignation, as
previously announced, of Mr. Peter Bradfield and Dr. Denis Wade from the board
of directors, reducing the independent members of the audit committee to one.
Nasdaq has requested the Company provide a specific plan and timetable to
achieve compliance with the Rule. The Company will respond as requested and
fully expects to regain compliance as soon as reasonably possible.

This announcement is being made in compliance with Nasdaq Marketplace Rule
4803(a), which requires prompt disclosure of receipt of a non-compliance letter.




ABOUT CHEMGENEX PHARMACEUTICALS LIMITED     (WWW.CHEMGENEX.COM)

ChemGenex Pharmaceuticals is a pharmaceutical development company dedicated to
improving the lives of patients by developing therapeutics in the areas of
oncology, diabetes, obesity, and depression. ChemGenex harnesses the power of
genomics for target discovery and validation, and in clinical trials to develop
more individualized therapeutic outcomes. ChemGenex's lead compound,
Ceflatonin(R), is currently in phase 2/3 clinical trials for chronic myeloid
leukemia (CML) and Quinamed(R) is in phase 2 clinical development for prostate,
breast and ovarian cancers. The company has a significant portfolio of
anti-cancer, diabetes, obesity and depression programs, several of which have
been partnered with international pharmaceutical companies. ChemGenex currently
trades on the Australian Stock Exchange under the symbol "CXS" and on NASDAQ
under the symbol "CXSP".


CONTACTS

Dr. Greg Collier (CEO and Managing Director)  Australia  +61 3 5227 2752
                                              USA        +1 650 474 9800 ext 103
Dr. Dennis Brown (President and Director)     USA        +1 650 474 9800 ext 108
                                              Australia  +61 3 5227 2703




SAFE HARBOR STATEMENT

Certain statements made herein that use the words "estimate", "project",
"intend", "expect", "believe", and similar expressions are intended to identify
forward-looking statements within the meaning of the US Private Securities
Litigation Reform Act of 1995. These forward-looking statements involve known





Announcement Pursuant to Nasdaq Marketplace Rule 4803(a)

Page 2 of 2


and unknown risks and uncertainties which could cause the actual results,
performance or achievements of the company to be materially different from those
which may be expressed or implied by such statements, including, among others,
risks or uncertainties associated with the development of the company's
technology, the ability to successfully market products in the clinical
pipeline, the ability to advance promising therapeutics through clinical trials,
the ability to establish our fully integrated technologies, the ability to enter
into additional collaborations and strategic alliances and expand current
collaborations and obtain milestone payments, the suitability of internally
discovered genes for drug development, the ability of the company to meet its
financial requirements, the ability of the company to protect its proprietary
technology, potential limitations on the company's technology, the market for
the company's products, government regulation in Australia and the United
States, changes in tax and other laws, changes in competition and the loss of
key personnel. These statements are based on our management's current
expectations and are subject to a number of uncertainties that could change the
results described in the forward-looking statements. Investors should be aware
that there are no assurances that results will not differ from those projected.

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