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Novopharm Biotech Inc. Company Update.

TORONTO--(BUSINESS WIRE)--Nov. 22, 1996--Novopharm Biotech Inc. (VSE:NVO.) Novopharm Biotech Inc. announced today that it is in the final stages of negotiating a long-term, worldwide agreement with a major multinational pharmaceutical company for the development sale, and distribution of biopharmaceutical products. First revenues from the sale of these products are expected within the next two years. Final details of the agreement will be forthcoming once it has been approved by both parties.

Dr. Michael Dan, Chief Executive Officer of Novopharm Biotech commented, "The company intends to leverage off the successful core business of its parent company, Novopharm Limited, and create lasting value for its shareholders at a very low marginal cost. Funding for the innovative research program at Novopharm Biotech will remain unchanged. Results of early clinical trials with the company's first generation of products have been very encouraging, and a new generation of recombinant products is rapidly moving through scale-up and pre-clinical testing, with filing expected with the FDA in 1Q97. In anticipation of the positive impact of these developments, the company has applied for a listing on the Toronto Stock Exchange, which has been conditionally approved and is expected to be finalized before the end of this quarter".

Novopharm Biotech is a publicly traded subsidiary of Novopharm Limited, one of Canada's largest generic pharmaceutical companies. Novopharm Biotech is focused on isolating the natural immune response to cancer, re-engineering the antibodies involved in this process, and successfully reintroducing them into cancer patients. The company has research facilities in Winnipeg, MB, San Diego, CA, and Birmingham, AL.

CONTACT: Novopharm Biotech Inc.

Stacey Jurchison,

416/291-8888, ext. 5165

416/291-2162 (FAX)
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Publication:Business Wire
Date:Nov 22, 1996
Words:272
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