Cortecs signs exclusive licensing agreement with Inflazyme for ELISA and Rapid diagnostic products for diagnosing tuberculosis.

LONDON--(BUSINESS WIRE)--Nov. 25, 1996--Cortecs International ("Cortecs") (NASDAQ:DLVRY/LSE:COR/ASX:CRI) the UK based pharmaceutical company, has signed an exclusive worldwide agreement with a Canadian company, Inflazyme Pharmaceuticals Limited(a) ("Inflazyme") (NASDAQ-BB:IZYPF / VSE:IZP), for the development of an ELISA and also Rapid Point of Care tests for the diagnosis of tuberculosis. The agreement involves mutual equity investment, milestone payments and royalties. The companies plan to utilise their existing technologies and expertise to develop and commercialise a series of diagnostic products, using whole blood, plasma, serum or saliva, suitable to assist in rapid diagnosis of tuberculosis.

Inflazyme will provide Cortecs with expertise, reagents and antigens and Cortecs will manufacture and create markets for the diagnostics worldwide. Cortecs will combine Inflazyme's patented technology with its own ELISA and Rapid Point of Care technologies used in their Helisal (H. pylori) range of products. The ELISA tests will be designed for hospital laboratory use while the Rapid Point of Care tests are planned to be small, self contained disposable units which will provide a rapid answer without the need of special apparatus.

Tuberculosis causes more morbidity and mortality than any other infection in the world. The disease is endemic in areas where poverty, overpopulation and malnutrition are prevalent, including both developing countries and the Western world. Tuberculosis is spread primarily through airborne transmission by aerosolised droplets during coughing, sneezing or talking.

More than 1.7 billion persons worldwide (one third of the world's population) harbour dormant tuberculosis infections. The World Health Organisation (WHO) estimates that there will be more than 8 million new cases of active tuberculosis disease diagnosed each year, and over 2.9 million deaths are attributed to tuberculosis annually.

The WHO estimates that tuberculosis testing will increase 10-14% annually through the year 2000 to nearly 1 billion tests. In developing countries and Europe, the number of tuberculosis tests conducted per year is over 400 million (including x-rays, sputum smears, sputum cultures and skin tests).

Commenting on the announcement, Dr Michael Flynn, President of Cortecs and Chief Scientific Officer, said: "Tuberculosis remains a global disease and simple methods of diagnosis which can be carried out without additional apparatus are needed to improve detection and management programs. Cortecs hopes that through the development of both ELISA and Rapid Point of Care tests it will be able to assist in identifying patients and controlling the spread of tuberculosis through communities around the world."

Dr. Hassan Salari, President and Chief Executive Officer of Inflazyme, said: "We are very pleased to be linking with Cortecs International for the development of ELISA and Rapid Point of Care tests for the diagnosis of tuberculosis. Cortecs experience in bringing new diagnostic products to the market is evidenced by their ability to establish collaborations with large multinational diagnostic and pharmaceutical companies on a global basis, such as Boehringer Mannheim and Astra Hassle and Zenyaku Kogyo in Japan.

Current diagnostic tools for tuberculosis are at times inadequate and time consuming, some requiring weeks before a diagnosis is obtained. As a result the most suitable choice of diagnostic tests are serodiagnostics and we look forward to working with Cortecs in an attempt to bring these tests to the market."

Cortecs International 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, new oral mucosal vaccines and point of care rapid diagnostics which provide the opportunity to advance the management of serious diseases such as:

OSTEOPOROSIS

Oral Calcitonin - an oral therapy for the prevention of bone breakdown. In Phase II/III.

Osteosal - a rapid doctors' office test in collaboration with Osteometer to detect increased bone breakdown indicating the risk of the disease osteoporosis and also to monitor the adequacy of therapy. In development.

HELICOBACTER PYLORI Helisal - a rapid doctors' office whole blood test for the detection of H. pylori. In the market. A rapid saliva test in development. A 'one-step' whole blood test for the detection of H. pylori. In development.

Oral Therapeutic Vaccine - in development to stimulate immunity. Oral Therapeutic - in research to improve eradication results.

DIABETES

Glycosal - three rapid doctors' office tests in collaboration with Exocell to assist in the management and identification of diabetes. In development.

Oral Insulin - an oral therapy for diabetes. In Phase I trials. CYSTIC FIBROSIS & CHRONIC BRONCHITIS Pseudostat - oral therapeutic antigen to treat and prevent lung infection with Pseudomonas aeruginosa now in Phase II trials.

INFLUENZA Flustat - an oral vaccine against influenza in Phase I trials.

THRUSH Moniliastat - an oral therapeutic vaccine against vaginal thrush. Enters human trials in current financial year.

MALE HORMONE DEFICIENCY Halo Testosterone - an oral male hormone replacement therapy in development to treat male hypogonadism.

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

(a) Note to Editors: Inflazyme Pharmaceuticals Limited (Nasdaq-BB:IZYPF/VSE:IZP), is a biopharmaceutical company focused on the discovery and development of therapeutic agents for diseases with a major inflammatory component. Inflazyme's lead compound, Appall, appears to possess unique properties that may make it an orally effective agent for the treatment of asthma. Other lead indications for Inflazyme's developing technologies include allergy, arthritis and psoriasis.

"Safe Harbor" Statement under the U.S. 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 or 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 U.S. Securities and Exchange Commission. Press releases and other Cortecs International Limited information are available on the Cortecs International Limited web site: http://www.cortecs.com.

CONTACT: Dr. Geoffrey Hill, Managing Director Mr. James King

Cortecs Limited Corporate Relations

012 44-288-781 Inflazyme Pharmaceuticals Ltd.

[phone]

or

Ms. Zena Bates & Ms. Lisa Baderoon John P. Kehoe / Van Negris

Buchanan Communications Kehoe, White, Savage & Company, Inc.

011 44 171 489 1441 [phone]