Cortecs PLC created and to be listed on London Stock Exchange.

LONDON --(BUSINESS WIRE)--July 11, 1997--Cortecs International ("Cortecs") (NASDAQ:DLVRY / LSE:COR / ASX:CRI) the U.K. based pharmaceutical company, today announced that its primary share listing will be moved to the U.K. from Australia to reflect its growing attachment to London.

Since the listing of its shares on the London Stock Exchange in June 1994, Cortecs International Limited ("CIL") has become an important UK based biopharmaceutical company. Its capital base has increased substantially over that time by various capital raising exercises. The majority of the new capital raised has emanated from the UK and other European investors and most of the trading in CIL's shares has occurred on the London Stock Exchange, rather that the Australian Stock Exchange ("ASX") where CIL has had its primary listing since 1986. Furthermore most of the Group's business is carried on in the UK where the vast majority of its employees are located.

The Directors therefore consider that, in order to maximise its opportunities as a UK based group, it is now appropriate for the Group to have as its parent company an English public company with a primary listing on the London Stock Exchange. Accordingly, the Board has proposed to implement a scheme of arrangement ("the Scheme") whereby a newly formed English public company, Cortecs plc ("Cortecs"), will become the immediate holding company of CIL. This will involve each of the existing shareholder in CIL effectively exchanging their shares in CIL for shares in Cortecs.

The commencement of dealings in Cortecs plc Ordinary Shares on the London Stock Exchange is likely to be towards the end of September. Cortecs plc Ordinary Shares will also be traded o the ASX and Nasdaq. Summary of details of the Scheme are set out in Listing particulars of Cortecs being posted today. Further details will follow shortly in an Information Memorandum to be published by CIL.

"Safe Harbor" Statement under the US Private Securities Litigation Reform Act of 1995: Some or all of the statements in this document that relate to future plans, expectations, events, performances and the like are forward-looking statements, as defined in the US Private Securities Litigation Reform Act of 1995. Actual results of events could differ materially from those described in the forward looking statements due to a variety of factors, including those set forth in the Company's filings with the US Securities and Exchange Commission.

Press releases and other Cortecs International information are available on the Cortecs International web site: http://www.cortecs.com.

CONTACT: Glen Travers, Executive Chairman

Cortecs International

011-44-181-569-8861

or

Jonathan Pockson, Group Finance Director

Cortecs International

011-44-181-569-8861

or

John P. Kehoe/Van Negris

Kehoe, White, Savage & Company, Inc

212/888-1616

or

Zena Bates/Lisa Baderoon

Buchanan Communications

011-44-171-489-1441