Director Shareholding

Fulcrum Pharma PLC
21 November 2002

                               FULCRUM PHARMA PLC

                                ('the Company')

                   Directors Shareholding - Grant of Options


The Company announces that on 2 September 2002, the following options were
granted to the following directors, at an exercise price per share of 10p.


Director                                                 No. of options

Prof. Sir Charles George                                 100,000

Geoffrey Smith                                           350,000

Dr David Clough                                          100,000


The options are exercisable between 2 September 2005 and 2 September 2012.

END


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