Lavipharm Laboratories Inc. Acquires Exclusive Rights to Phasex Corporation; Technologies for Use in the Pharmaceutical and Cosmetic Fields.

Lavipharm Laboratories Inc. announced today that it has acquired exclusive and perpetual rights to Phasex Corporation's supercritical fluids (SCF) technology, patents, trademark, and know-how for use in the pharmaceutical and cosmetic fields, together with a thirty-percent (30%) equity stake in Phasex Corporation.

Phasex, based in Boston, Massachusetts, applies SCF technology to the development of separation, purification, and recrystallization processes, with particular emphasis on particle design of small and bio-molecules, including proteins and peptides.

"Lavipharm continues to expand and strengthen its position in the drug delivery industry by constantly adding to its technology platform.  The SCF technology licensed from Phasex is a great example of this initiative," said Dr. A. Lavidas, Chairman of Lavipharm Laboratories Inc.  "The founder and president of Phasex, Dr. Val Krukonis, is a highly regarded scientist, opinion leader and author in the supercritical fluids and particle design of small and bio-molecules, Val will provide to us a strong knowledge base in polymers and polymer processing, which he has acquired through twenty five years of research," continued Dr. Lavidas.

"The Agreement between Phasex and Lavipharm is the culmination of a long term goal that I have had to take the Phasex technology to another level," said Dr. Krukonis.  "This arrangement combines the strengths of the two companies to fully exploit the potential for supercritical fluids in the pharmaceutical and cosmetic arenas.  I feel that Lavipharm's commitment to Phasex, its technology, and to its future has been further demonstrated through Lavipharm's acquisition of the thirty percent equity interest in, and the right to purchase the remaining shares of Phasex Corporation," said Dr. Krukonis.

Earlier this fall, Lavipharm announced its acquisition of Separex S.A., based in France.  Separex is a world leader in formulation of proteins/peptides and small molecules, particle design, extraction and fractionation, utilizing its environmentally friendly and flexible SCF technology, which is rapidly gaining acceptance as an attractive and improved alternative to solvent based processes used in the pharmaceutical and biotech industries.

"By combining Lavipharm's existing expertise in drug delivery, with its newly obtained expertise through the Separex acquisition and this arrangement with Phasex, we have become a world leader in the application of supercritical fluids technology to traditional pharmaceuticals, proteins and peptides.  Lavipharm can now deliver "one-stop shopping" to its clients by providing early stage research and development services, design and manufacturing of highly specialized GMP/CIP equipment, and commercial manufacturing services," said Zsolt Lavotha, President and CEO of Lavipharm Laboratories Inc.

"Lavipharm's capabilities as a trouble shooter for pharmaceutical and biotech companies, addressing common drug delivery issues such as poor solubility, low bio-availability, inadequate adsorption and dosing frequency issues, are greatly enhanced through this expanded and strengthened technology platform.  We have now put ourselves in the position where our combined expertise in the field of formulation and particle design utilizing this environmentally friendly "green" SCF technology will undoubtedly provide significant value to our clients.  Indeed, Lavipharm will now be able to satisfy the every-increasing demand in the pharmaceutical industry for developing superior new formulations or improving existing products, under a quicker development schedule and at substantially lower costs.  There is no doubt, that this is the technology platform of the future for the pharmaceutical and biotech industries," said Mr. Lavotha.

Lavipharm Laboratories is the research and development engine of the Lavipharm Group of Companies, founded in Greece in 1911.  Lavipharm Group's sales last year were $250 million.  For more information, visit Lavipharm's Web site at www.lavipharm.com.