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EIF Announcement

  1. Signs its 5th international drug delivery agreement

    Document date: Mon 01 Jul 2002 Published: Mon 01 Jul 2002 09:44:10
    Document No: 191861 Document part: A
    Market Flag: Y
    Classification: Progress Report
    EIFFEL TECHNOLOGIES LIMITED 2002-07-01 ASX-SIGNAL-G

    HOMEX - Melbourne

    +++++++++++++++++++++++++
    Eiffel Technologies Ltd (EIF: ASX) has signed its fifth international
    agreement in the area of pharmaceutical reformulation in only eight
    months. The UK listed pharmaceutical group, Profile Therapeutics plc
    (LSE: PTP), and Eiffel Technologies will combine their respective
    technologies to investigate the delivery of an undisclosed
    pharmaceutical compound in an initial project that is expected to
    take approximately six months.

    "Our fifth agreement with an international pharmaceutical company in
    such a short period of time is a very positive sign for the Company"
    said Eiffel CEO Christine Cussen. "It's an indication of the rapid
    acceptance of SuperCritical (SCF) technology within the
    pharmaceutical industry and a very positive endorsement that Eiffel
    is now received as a key player in the international arena of SCF for
    pharmaceutical reformulation."

    "The momentum is clearly building in the use of SCF techniques for
    pharmaceutical reformulation," said Cussen. "We believe that the low
    number of commercial competitors in this sector and the very strong
    interest in the technology by the pharmaceutical and biotechnology
    industries have been key factors in Eiffel signing its fifth
    international drug-delivery agreement." Eiffel believes it is the
    only commercial group that offers the full suite of SCF technologies.

    Eiffel is ramping up its development work due to the international
    expansion of its collaborative work within the pharmaceutical
    industry, and its new research facility in Sydney is expected to be
    opened next month.

    Unlike traditional drug discovery, re-engineering of currently
    marketed drugs is quicker and cheaper than new drug development,
    usually taking between three to five years to bring a reformulated
    product to market compared to ten to fifteen years in new drug
    development. Drug re-engineering, using SCF, can be used to extend
    the patent life of drugs prior to generic competition. This
    represents a significant commercial opportunity for Eiffel
    Technologies, given that drugs to the value of $US 40 billion are due
    to experience generic competition in the next 5 years.

    SCF technology involves a chemical engineering technique that can
    produce consistent and fine pharmaceutical particles without the
    harsh crushing, milling and grinding techniques currently in place.
    Increased and more consistent absorption of active pharmaceutical
    compounds into the body, reduced patient side effects, and the option
    of alternative, more convenient drug delivery routes are the main
    advantages the technology offers. The technology is predicted to
    become the preferred method of production of many pharmaceutical
    products in the future.

    Re-engineering of pharmaceuticals offers the possibility of producing
    oral or inhaled insulin, replacing the series of multiple daily
    injections. Inhalation of cancer drugs that currently require daily
    injection or weekly infusion through hospital admission may also be
    achieved through particle re-engineering. Reducing dose frequency
    from daily to once or twice a month for patients with chronic
    illnesses or reducing the regime of multiple daily tablets by
    patients with AIDS, for example, to a single combination tablet is a
    very attractive proposition and a possibility using this technology.

    Eiffel Technologies Ltd, is a bioengineering company focused on
    improving the performance and delivery of pharmaceuticals, proteins
    and peptides. The company has headquarters in Melbourne and its
    research facility is located the University of NSW. The company's
    business model is to enter into long-term manufacturing agreements
    for the reformulation of pharmaceutical compounds yielding improved
    therapeutic performance and offering less invasive or streamlined
    delivery choices for patients.

    The company has drug delivery alliances with Sheffield
    Pharmaceuticals Inc, and BattellePharma Inc in the US, and Amarin
    Corporation Plc in the UK. Eiffel Technologies is listed on the ASX
    and currently has a market capitalisation of $15 million. For more
    information on Eiffel, see the Company website
    www.eiffeltechnoloqies.com.au for details.

    Profile Therapeutics plc ("Profile") is a UK-based drug delivery and
    specialist pharmaceutical company, focused on providing precise
    delivery of inhaled drugs to patients for whom conventional mass
    market inhalers are ineffective or inappropriate. Using its
    proprietary "intelligent inhaler" technology as the delivery
    platform. Profile collaborates with pharmaceutical and
    biopharmaceutical partners to deliver new therapies and existing
    drugs, that may benefit from a change of route of administration to
    inhaled delivery. Profile has disclosed collaborations with Pfizer
    and Schering AG.

    In addition, Profile has a specialist pharmaceutical subsidiary,
    Profile Pharma, which is focused on delivering existing specialist
    drugs for severe respiratory indications. In March 2002, Profile
    submitted an application for a marketing authorisation for its first
    drug, Promixin(TM), an inhaled antibiotic for use in the treatment of
    Cystic Fibrosis.

    Further information on Profile can be found at www.profilehs.com

    For further information, please contact: -

    Christine M Cussen
    CHIEF EXECUTIVE OFFICER
    Eiffel Technologies Limited
    Level 14/50 Market Street
    MELBOURNE VIC 3000
    Tel: +61 3 9629 8022
    Fax: +61 3 9629 8077
    Email: [email protected]

    or

    Sam Quigley
    CHAIRMAN, Eiffel Research & Development Pty Ltd
    and DIRECTOR, Eiffel Technologies Limited
    Tel: +61 3 9614 5505
    Email: [email protected]

    --------------------------------------------------------------------------------

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