July 28, 2003

Dear Shareholder:

During the past several months Seroptix has engaged in parallel fund raising and strategic planning efforts. We are pleased to report that both efforts have been productive. The Company has attracted sufficient capital to support the initiation of its refocused R&D efforts. The details of recent financing efforts will be communicated to shareholders in a separate memorandum

The strategic review of Seroptix technology has convinced management that the field of natural or 'intrinsic' fluorescence, which has been the focus of the Company's R&D efforts for the past several years, continues to offer significant opportunity for the development of novel high-value intellectual property, technology and products. Among the most valuable Seroptix assets projected would be derived from the company's efforts to exploit intrinsic fluorescence for the identification of specific molecular species associated with disease. New molecular 'markers' or 'targets' represent valuable intellectual property that is essential to the development of innovative break-through therapeutic agents and definitive diagnostic tests. The identification of new molecular targets today is the basis for the development of future therapeutics and diagnostics, and management believes our technology will be productive and quite attractive to major pharmaceutical partners. This novel application of Seroptix fluorescence technology is referred to as Spectra Molecular Informatics (or SMI) and is described in greater detail on the corporate website.

Our current plan adopts a strategy that uses novel technology and SMI principles to yield clinically important and commercially valuable information that will be sold or licensed to pharmaceutical partners for further development. The plan permits the staged growth and reemergence of the company as a self-sustaining and profit generating entity acquiring new value through intellectual property and molecular marker partnerships, that will ultimately enhance corporate prospects for independent development, merger or acquisition. To fully implement our corporate strategy, additional financing will be required to support the aggressive acceleration of our R&D and corporate goals, and position the company as a leader in the field of disease-target molecule identification.

We appreciate the sustained interest of our current investors and we are looking forward to the aggressive advancement of our corporate objectives and to the building of and exciting and profitable company.


Stephen Feldman
Chairman of the Board

Victor Sapirstein
Vice Chairman of the Board

Ted Maione
Chief Scientific Officer

For additional investment information, please contact:

Stephen R. Feldman
Seroptix Inc.
Chairman and CEO


Ted Maione
Executive VP and CSO
Seroptix Inc.


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