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Giaconda Receives European Patent for Myoconda

SYDNEY, Australia, April 7, 2008-Giaconda Limited (ASX: GIA), today
announced that the European Patent Office (EPO) has granted its patent for
its lead product, Myoconda, a combination therapy for patients with
Crohn's Disease who are infected with MAP (Mycobacterium avium
paratuberculosis).

The formal Decision to Grant from the EPO affords protection until April
2018 in all European member states and extension states, with patent
number EP 98912149.6. The application was filed as part of a broader,
international application under the Patent Cooperation Treaty (1970).

"The European Union is a key territory for MyocondaR," said Patrick
McLean, Giaconda's Chief Executive Officer. "The protection of MyocondaR's
intellectual property until 2018 in Europe provides an excellent window of
opportunity for earnings. From the company's perspective, this milestone
is another step in expanding our patent coverage and adding value to the
IP portfolio."

About Giaconda Limited

Giaconda Limited is a biotechnology company involved in developing and
licensing innovative and cost effective medical therapies in the field of
gastroenterology. Giaconda's products are targeted towards the treatment
of serious conditions that are not adequately addressed by any existing
therapy. In this way, Giaconda's products are intended to satisfy these
significant unmet medical needs of the gastrointestinal market. The
Giaconda portfolio consists of five products, all of which are novel
combinations of known compounds. Giaconda has two lead products, MyocondaR
for the treatment of Crohn's Disease and HelicondaR for the treatment of
resistant Helicobacter pylori infection.

About MyocondaR - A Combination Antibiotic Therapy for the Treatment of
Crohn's Disease

MyocondaR, the Company's Anti-MAP therapy for the treatment of Crohn's
Disease is a combination of three registered anti-mycobacterial drugs -
rifabutin, clarithromycin and clofazimine. These three drugs are widely
marketed world-wide for the treatment of mycobacterial and other
infections. MyocondaR presents these three compounds in a specific
patented combination.

MyocondaR is based on the proposition that MAP infection is a significant
factor in Crohn's Disease. Prof. Borody has long been at the forefront of
this approach, which is gaining increasing acceptance among
gastrointestinal specialists worldwide. Prof. Borody has published
significant data demonstrating that patients treated with anti-MAP
combination therapy such as that found in MyocondaR experience long-term
remission of clinical symptoms and inflammation, some for up to nine years.

About Crohn's Disease

Crohn's Disease is a chronic inflammatory disease of the gastrointestinal
tract. The disease most commonly affects the lower small intestine and the
large intestine. Symptoms of Crohn's Disease include abdominal pain,
diarrhoea, fever and weight loss. In severe cases, the intestine can
become blocked or obstructed, requiring surgery. Young patients with
Crohn's Disease may also suffer growth retardation. Patients suffering
Crohn's Disease are conventionally treated with drugs aimed at reducing
inflammation and other associated symptoms. The cause of Crohn's Disease
is unknown, thus the standard treatments aim to treat symptoms rather than
the cause of the disease. The bacterium Mycobacterium avium ss.
paratuberculosis (MAP) is the lead candidate as an infectious cause of
Crohn's Disease. By targeting the MAP infection, MyocondaR is designed to
address a possible source of the disease, rather than attempting to merely
alleviate its symptoms.

For more information please visit www.giacondalimited.com

Except for historical information, this news release may contain
forward-looking statements that reflect the Company's current expectation
regarding future events. These forward looking statements involve risk and
uncertainties, which may cause but are not limited to, changing market
conditions, the successful and timely completion of clinical studies, the
establishment of corporate alliances, the impact of competitive products
and pricing, new product development, uncertainties related to the
regulatory approval process, and other risks detailed from time to time in
the Company's ongoing quarterly and annual reporting.



CONTACTS:


Company

Media & Investor Relations

Patrick McLean - Chief Executive Officer

Fay Weston - Talk Biotech

T: +61 (0)2 9370 0069

T: +61 (0)422 206036

E: pmclean@...

E: fayweston@...