4th European Partnering Event, in Amsterdam, honors Executive Chairman of Cortecs International as Entrepreneur Of The Year.

AMSTERDAM, Netherlands--(BUSINESS WIRE)--April 17, 1996--At the 4th European partnering event in Amsterdam 30 emerging European biotechnology companies gave presentations on the development of their technologies and prospects for the commercialization of therapeutic products derived from their technologies.

The audience consisted of over 175 representatives of the pharmaceutical industry and venture capital and institutional investors from Europe and North America.

The event, which is organized jointly by Atlas Venture and Ernst & Young, has become the most important partnering event for emerging European biotechnology companies, in an industry which is dominated by companies from North America.

In the report on European Life Sciences for 1996, produced by Ernst & Young and published to coincide with this conference the authors noted that 1995 was an extremely active year for European Biotechnology with over 307 million ECUs raised in new finance through IPOs, intermediate funding and venture capital funding. This compares to almost 300 million ECUs raised in 1994. The prospects for 1996 are already looking positive.

As part of the conference proceedings Michiel de Haan, of Atlas Venture, on behalf of the European Life Sciences Partnering Foundation (ELSPF) awarded its annual prize for entrepreneurial technological innovation to Glenn Travers, the Executive Chairman and founder of Cortecs International.

The award was made to Travers in respect of his work and vision in developing the research direction, building up the human resources and attracting the finance to ensure that the objectives of Cortecs International have been successfully achieved.

Cortecs develops innovative Oral Drug Delivery Systems and Rapid Point of Care Diagnostics, which seek to confer significant cost-effective patient benefits and thus enable the company to become a major participant in the international pharmaceutical industry.

Notes to editors:

Atlas Venture

Atlas Venture is a partnership of international venture capitalists formed to finance high-technology businesses seeking success in the global economy. In addition to providing capital, the firm offers these companies a strategic contribution in their business development. Atlas Venture focuses on investments in early stage technology companies and helps these companies to expand internationally by creating a bridge between the United States and Europe.

The Life Sciences team of Atlas is comprised of eight professionals who possess considerable venture capital, operational and technical skills, as well as strong international business experience. Our people are based in key international business centers - Amsterdam, Boston, Munich, Paris.

Today Atlas Venture manages US$250 million. Nearly US$150 million in Europe, with the balance in the United States.

Ernst & Young

Ernst & Young life science service teams are part of an extensive global network of professional with industry specific backgrounds. Our service philosophy is based on the effective integration of people, processes and technology for enterprise wide improvements.

Ernst & Young is committed to supporting companies within each phase of the life sciences industry life cycle. Whether yours is a mature company, a developing private enterprise, an emerging public company or a small visionary start-up, we can help. Our long standing commitment to life sciences companies, coupled with our technical services capabilities, makes Ernst & Young the firm of the future for the life science industry.

Cortecs International

Cortecs International arose in 1988 from the merger of a U.K. clinical research organization (founded in 1976 by Dr. Michael Flynn), with an Australian health care investment company, Western Capital Limited (Incorporated in March 1985 and founded by Glen Travers). The merged group divested itself of its clinical research organization, acquired rights to several technologies and is now developing and marketing a variety of produce.

Cortecs is listed on the U.K., Australian and NASDAQ exchanges.

Glen Travers (40) is a founder and executive chairman of Cortecs International. He is a chartered accountant and a member of the Australian Securities Institute and UK Institute of Directors. He has been chief executive officer from the foundation of the company in 1985. He was primarily responsible for the group's investments in the pharmaceutical development, attracting funding support and the necessary human resources to meet the group's objectives. Travers is primarily responsible for the strategic development of the group and has been a significant investor since inception.

In recognition of escalating healthcare costs, Cortecs under Travers directed its resources towards developing Managed Care Technology platforms. These focused on the development of oral delivery systems of therapeutic products and rapid point of care diagnostics, linking diagnostics to therapeutics.

Cortec's principal research programs cover osteoporosis, diabetes and peptic ulcer disease. They are already marketing their Helisal(TM) product for the rapid diagnosis of infection with Helicobacter pylori. In addition, Cortecs is developing orally active therapeutic vaccines, originating from the work carried out by AIMI (a wholly owned subsidiary of Cortecs International) and the University of Canberra on mucosal immunology. Potential therapeutics for treating Pseudomonas aeruginosa, Influenza A and monilial infections have come out of this research.

In accepting the European Life Sciences Award, Glen Travers commented: "I am very honoured to be chosen to receive this prestigious award. However in accepting it, I acknowledge all my colleagues over the world at Cortecs who have collaborated as a team and helped Cortecs to its present position.

Without their skills and dedication I would not have been asked to accept the award, which I now do on their behalf".

Michiel de Haan said: "The foundation had a difficult task this year in chosing a winner from among several very strong candidates. We eventually chose Cortecs as representing a role model for entrepreneurial development. Its novel decision to list on three exchanges around the world has contributed, in part, to the rapid growth of the company which now has a market capitalisation of Ecu 472 million".

CONTACT: Ernst & Young

Pieter Lucas

31-70-328 66 37 phone

31-70-324 20 75 fax

or

Atlas Venture

Michiel de Ham

31-35 695 48 00 phone

31-35 695 48 88 fax

or

Cortecs International Ltd.

Glen Travers (Executive Chairman)

44 181 569 72 15 phone

44 181 847 23 73 fax

or

Kehoe, White, Savage & Co., Inc.

Van Negris

212/888-1616 phone

212/888-2598 fax