Cortecs International discusses fiscal 1994 accomplishments, 1995 objectives at annual general meeting.

LONDON--(BUSINESS WIRE)--Nov. 16, 1994--At its Annual General Meeting held in London yesterday, shareholders of Cortecs International (NASDAQ: DLVRY/ASX: CRI) reelected to the board of directors Glen Travers, Cortecs' executive chairman, Dr. Michael Flynn, the company's president, and Dr. Dudley Earl.

During the meeting, Travers reviewed with shareholders the company's accomplishments during the 1994 fiscal year ended June 30, 1994 citing in particular:

o The full listing and admission of Cortecs to trading on the London Stock Exchange;

o The raising of UK$15 million in equity through a private placing of new ordinary shares with current major shareholders and other institutions. Together with the company's existing resources, it is expected funding is in place for at least the next two years;

o Revenues from pharmaceutical marketing and diagnostics operating divisions (of UK$4.7 million), which helped offset ongoing research and development costs in the company's core oral drug delivery business, will reduce the company's capital "burn rate" and extend the funding time horizon;

o The launching of the company's first Rapid Point of Care Diagnostic, Helisal Rapid Blood, for the detection of helicobacter pylori, a common cause of peptic ulcers and gastritis;

o The signing of several collaboration agreements covering Helisal-based H. pylori products, including Boehringer Mannheim Diagnostics, Sweden-based Astra and Zenyaku Kogyo, a Tokyo-based pharmaceutical company;

o The signing of a testing agreement with Hoechst Veterinar GmbH for the company's ant-diarrheal project, ADEPT.

o Entering into Phase II clinical trials in the U.K. for the oral delivery of salmon calcitonin for the treatment of post-menopausal osteoporosis and Paget's disease;

o The completion of a Phase I study with the pseudomonas aeruginosa vaccine for cystic fibrosis;

o The commencement of Phase I studies for the oral delivery of insulin;

Separately, the company announced that it has applied for patent applications for its MACROSOL oral delivery technology (derived from the company's MACROMOL technology). Developed in London, the technology brings together its oral delivery of large molecule peptides and proteins systems applying them to the wide field of vaccination. Initial animal tests have been completed with encouraging results; further detailed tests are currently underway with results expected in early 1995.

The company also announced the appointment of Dr. Leonard Brookes as Director of Research and Development. Brookes will oversee the company's initiative from the research phase of its oral drug delivery technologies into the production phase.

Added Travers: "We are optimistic about developments of MACROMOL in the oral delivery of biotechnology drugs and anticipate results from our new technology for oral prevention and treatment of a broad range of local and systemic infections. We believe that these technologies could provide tremendous commercial opportunities for Cortecs.

"In conclusion, the past year has been one of positive achievement in which we have negotiated agreements with major international pharmaceutical companies. We have progressed our key R & D projects, brought the total to nearly one hundred and fifty peer reviewed publications and had additional patents granted and applied for. We have also launched product in the form of the Helisal range, particularly the rapid tests, and are looking forward to increased revenues from our diagnostics division as our UK and overseas sales start to build."

Cortecs is a British-based company quoted on the London Stock Exchange, the Australian Stock Exchange, and on NASDAQ. The company specializes in the development of new pharmaceutical delivery systems for the healthcare industry. Cortecs currently has several innovative drug delivery technologies under development.

CONTACT: Cortecs International Ltd., London

             Michael Flynn, 011-44-81-568-7071
                    or
             Kehoe, White, Savage & Co. Inc., New York
             John P. Kehoe/Robert Cavosi, 212/888-1616