Giaconda Receives European Patent for Heliconda^®

Sydney, NSW, 9 November, 2006 – Giaconda Limited (ASX: GIA), today announced that
the European Patent Office has granted its patent for the combination of rifabutin, amoxicillin
and a proton pump inhibitor for the treatment of resistant Helicobacter Pylori infection. This
patent is part of a wider PCT application (priority date 30 April 1998) that has already been
granted in Australia and the United States.

The issued patent entitled "Improved Method for Eradication of H. pylori " (European patent
no: 1073436) provides further protection for Heliconda^®, Giaconda’s resistant Helicobacter
pylori infection therapy. Heliconda^® is a combination of three compounds, rifabutin,
amoxicillin and a stomach acid suppressant known as a proton pump inhibitor.

The grant of this patent allows Giaconda to ratify the patent in Austria, Belgium, Cyprus,
Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Monaco, Portugal,
Spain, Sweden, Switzerland and Liechtenstein, The Netherlands, and the United Kingdom.
Giaconda will begin proceedings to validate this patent in all of the above territories.

“This is another step in securing Giaconda’s intellectual property in key territories and
completes coverage for Heliconda^® in our target markets” said Rosa Surace, Giaconda’s
Chief Operating Officer. “As we advance our development and licensing activities the
intellectual property associated with our product portfolio is a key priority.” she continued.

About Heliconda^® – A Combination Therapy for the Treatment of Resistant Helicobacter pylori infection
Heliconda^® is designed to address resistant H. pylori infection by incorporating the antibiotic
rifabutin which has reported eradication rates of 79-80% in patients where all other available
antibiotic regimens have failed. In addition to rifabutin, the Heliconda combination includes
amoxicillin and a stomach acid suppressant known as a proton pump inhibitor.

In a Phase II study of 130 patients with resistant H. pylori infection, Giaconda demonstrated
successful eradication of the infection in 90.9% of patients treated with Heliconda^® who had
failed one or more H. pylori eradication attempts using standard triple antibiotic therapy. The
presence of clarithromycin or metronidazole resistant strains had no significant impact on
the eradication rates.

About Helicobacter Pylori (H. pylori):
Helicobacter pylori (H. pylori) is a bacterium believed to infect around 50% of the population
worldwide. H. pylori lives in the mucosal lining of the stomach and causes up to 90% of
peptic ulcer disease. Current treatment for H. pylori infection focuses on eradicating the
bacteria using a combination of antibiotics and a stomach acid suppressant. With the
increased use of antibiotics to treat infections and the resultant prevalence of antibiotic
resistance, it has become more difficult to treat H. pylori resistant strains. As a result, up to
30% of people fail these treatments.

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, Myoconda^® for the treatment of Crohn’s Disease and Heliconda^® for the treatment of resistant Helicobacter pylori infection. Both of these products are ready for Phase III clinical trials, with a Phase IIIa already complete for Myoconda^®.

More information is available on the website 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.