An agreement reached between India’s leading Biotech company and a pioneering US Biotech firm, targets an exciting and commercially viable new delivery for Insulin.

Bangalore, India, and Research Triangle Park, North Carolina
October 20, 2004

Bangalore based Biocon Limited, and North Carolina’s Nobex Corporation have announced a research collaboration to jointly develop an oral Insulin product for the treatment of Diabetes on a global scale.

The collaboration combines the proven peptide production capabilities of Biocon, with the proprietary peptide oral-delivery technology of Nobex.  The two companies will focus on the development of an oral insulin product that can be used to treat a diabetic population that is estimated to increase to more than 200 million worldwide by the year 2030.

 “Biocon is pleased and excited with the opportunity to partner with Nobex on such an important product opportunity,” said Ms. Kiran Mazumdar-Shaw, Chairman and Managing Director of Biocon.  “Our company is committed to finding biotechnology solutions for customers worldwide.  By working with Nobex to explore the development of a much-needed new means of treating diabetes, we are taking another step forward to support our global Insulin strategy.”

“We have known for some time that oral insulin is a commercially viable treatment,” said Dr. Christopher H. Price, President and Chief Executive Officer of Nobex.  “In early 2004, Nobex discovered a new, modified insulin molecule with much better oral absorption and potency than previous compounds.  Now, working collaboratively with a partner having Biocon’s resources, talents and credentials in insulin manufacturing and product development, we are taking the critical next steps in turning good science into a commercially viable product.”

Both companies indicated that the collaborative effort in developing the oral insulin product will require several years to reach the market.  However, they expect to have significant clinical data and make firm progress towards manufacturing within two years. The agreement provides for Biocon to invest in the equity of Nobex. Other financial terms of the agreement were not disclosed.

Biocon is India’s premier biotechnology company with strongly growing sales and profits. Biocon employs more than 600 highly qualified scientists at its campus in Bangalore. Together with its subsidiaries, Syngene and Clinigene, Biocon is a fully integrated Biotechnology enterprise with global scale capabilities in biopharmaceuticals and successful initiatives in drug discovery, clinical development, bioprocessing and global marketing. Biocon develops products and solutions to partners and customers across the globe. Many of these products have USFDA and EMEA acceptance.

NOBEX Corporation is a privately held drug development company based in North Carolina’s Research Triangle Park. Nobex specializes in medicinal chemistry applied to optimizing the delivery of therapeutic peptide drugs by oral and other non-injectable routes of administration. Nobex focuses on developing products for chronic indications in the metabolic and cardiovascular therapeutic areas. The company has advanced three products into clinical study with several other products in preclinical development on its own and with partners or collaborators.

FOR ADDITIONAL INFORMATION: 

Paula Sengupta
Biocon Limited
Tel +91 80 2852 3434
Fax: +91 80 2852 3423
E-mail:  paula.sengupta@biocon.com

Biocon media kit and fact sheets available at www.biocon.com

Dr. Christopher Price
Nobex Corporation
Tel:  +1 (919) 474-0507
Fax:  +1 (919) 474-9407
E-mail:  cprice@nobexcorp.com

Vicki Morgan
Nobex Corporation
Tel: +1 (919) 433-2231
Fax:  +1 (919) 474-9407
E-mail: vmorgan@nobexcorp.com

Nobex media kit and fact sheets available at www.nobexcorp.com