Cortecs reaches milestone on the development of a rapid Doctor's office diagnostic for osteoporosis.

LONDON, ENGLAND, UK--(BUSINESS WIRE)--Jan. 25, 1995-- Cortecs International (NASDAQ:DLVRY/LSE:COR.L/ASX:CRI) ("Cortecs"), announced today that it has achieved the first milestone, ahead of schedule, in its development of a rapid, whole blood, point-of-care diagnostic product for the detection of collagen breakdown which is a key indicator of osteoporosis.

In May of 1995, Cortecs announced a collaboration with the Danish company Osteometer BioTech A/S, a leading company in the diagnosis of osteoporosis, to develop a rapid diagnostic product for the doctor's office to detect bone breakdown. The first stage in the agreement was for Cortecs to produce a working prototype. This showed the feasibility of the diagnostic by proving the ability to link Cortecs' rapid diagnostics expertise with the unique bone marker technology of Osteometer called Cross-Laps. In the recently published, two-year, 484 subject, EPIDOS study on the use of bone markers for the prediction of hip fractures, Cross-Lapp( was the only one of five markers tested to be a significant predictor of hip fracture after correction of variables.

In a separate development a statement was made today by Osteometer concerning the announcement by Ostex International Inc. that the Washington Research Foundation (WRF) has withdrawn its legal action in the Netherlands against Osteometer and others alleging infringement of WRF's European patent with WRF paying the defendants' legal costs. Osteometer is considering its position with respect to further recovery from WRF.

Dr. Michael Flynn, President of Cortecs, stated that: "This is an important development in our aim to launch this calendar year a rapid doctor's office diagnostic to predict osteoporosis and monitor adequacy of therapy. The withdrawal of the WRF action was not unexpected."

Professor Claus Christiansen, Chairman of the Board of Osteometer, stated: "We are very pleased with the progress made by Cortecs on the development of the rapid point-of-care test and are confident that together we can simplify the management of osteoporosis with this test. Osteometer is also satisfied with the recent announcement by Ostex International Inc. of the withdrawal of the legal action by the Washington Research Foundation."

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.

Other major areas include:

MACROMOL - A range of systems for the oral delivery of biotechnology drugs such as calcitonin which is presently in Phase II clinical trials.

Oral Therapeutic Antigens - Orally delivered treatments against diseases such as influenza and pseudomonas infection (in cystic fibrosis) which is currently in Phase I/II trials.

ADEPT - An oral system to prevent and treat diarrhoea without antibiotics.

Point-of-Care Diagnostics - A range of innovative diagnostic kits including:

HELISAL - A whole blood test for the detection of Helicobacter pylori and a rapid saliva test in development.

A rapid test in development to assist in the monitoring of the medium and longer term control of diabetes.

Cortecs also markets a range of ethical and OTC medicines and diagnostic products.

Notes To Editors

OSTEOPOROSIS

"THE SILENT EPIDEMIC"

Osteoporosis has been termed "The Silent Epidemic" because of the large numbers suffering from the disease - many remaining undiagnosed.

25 million Americans are affected, at least 200 million worldwide suffer from the disease of whom only about 10 million are being treated.

In the USA, there are 1.5 million related fractures in the elderly every year. 20% of hip fractures are fatal.

Almost half of all women will have related bone fractures by the time they reach 70 years of age.

The disease in the USA alone costs $10 billion. In the UK, the costs of the disease to the NHS are estimated at (640 million per annuam.

Cortecs' rapid point-of-care diagnostic for the detection of Osteoporosis could result in the reduction in health care costs in the future through diagnosis allowing treatment of the disease at an early stage.

CONTACT: Dr. Michael Flynn -or- Van Negris

Cortecs International Inc. Kehoe, White, Savage & Co.,

011 44 181 568-7071 [phone]

or

Zena Bates 

Buchanan Communications

011 44 171 489-1441