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TANOX, INC. COMPLETES US$244.2 MILLION INITIAL PUBLIC OFFERING

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Underwriters' Exercise Over-Allotment Option

Houston - Tanox, Inc. (Nasdaq: TNOX) today announced that it has completed its public offering of common stock, which included the exercise of the underwriters' over-allotment option. The public offering price of the common stock was US$28.50 per share. All of the shares sold were newly issued by the Company. The Company now has 42,541,123 shares of common stock outstanding.

Gross proceeds from the offering were $244.2 million. Net proceeds to the Company were $225.9 million. Proceeds from the offering will be used for research and development, including clinical development of the Company's pipeline products, potential acquisitions of complementary technologies and products, capital expenditures and general corporate purposes.

CIBC World Markets Corp. acted as lead manager for the offering. Robertson Stephens, Warburg Dillion Read L.L.C, Adams, Harkness & Hill, Inc. and KBC Securities acted as co-managers. A copy of the prospectus relating to this offering may be obtained by faxing a request to CIBC World Markets Corp. at +1 212 766-0749.

Tanox identifies and develops therapeutic monoclonal antibodies to address significant unmet medical needs in the areas of immunology, infectious diseases and cancer. E25, Tanox's most advanced product in development, is an anti-immunoglobulin E, or anti-IgE, antibody. Tanox, Inc. holds patents around the world covering the use of anti-IgE antibodies for the treatment of IgE-mediated diseases. Tanox is developing E25 in collaboration with Novartis and Genentech. E25 has successfully completed Phase III clinical trials in both allergic asthma and seasonal allergic rhinitis (hay fever). In addition, Tanox is developing a number of monoclonal antibodies to treat other allergic diseases or conditions, such as severe allergic reactions to peanuts, autoimmune diseases, HIV and to restore the suppressed immune systems of chemotherapy patients.

This press release shall not constitute an offer to sell or solicitation of an offer to buy any such securities, nor shall there be any sales of the securities mentioned herein in any state in which such offer, solicitation, or sales would be unlawful prior to any registration or qualification under the laws of any such state.

Statements in the Company's press releases, reports and information disclosures about its products, including E25, and their prospects for development and commercialisation, other than statements of historical facts, are forward-looking statements and are subject to a number of uncertainties that may cause actual events or results to differ materially from those suggested in the forward-looking statements. Factors that could affect actual events or results include risks associated with obtaining regulatory approval for and market acceptance of the Company's products, performance by the Company's present and future collaboration partners, the outcome of pending litigation, the uncertainty of preclinical and clinical testing results, the Company's limited experience and capability in manufacturing and marketing the Company's products, the Company's ability to enter into future collaborations, competition and technological change, the strength of the Company's patent portfolio, the Company's ability to manage growth and to attract and retain key personnel, the Company's access to additional financings in the future, and existing and future government regulations. Other risks that may affect the Company include the variability of royalty, license and other revenues, timelines that are subject to change, and the unpredictability of decisions by the FDA and other regulatory agencies, including decisions regarding whether sufficient data and compliance with other requirements exist to support product licensure.

This release and other information about Tanox, Inc. can be found on the World Wide Web at http://www.tanox.com.

SOURCE Tanox Inc.



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