Progress For Cortecs In Fiscal 1996

Encouraging progress was made by UK pharmaceutical company Cortecs International in the year ended June 30, according to the firm's chairman, Glen Travers. He said: "we have seen important advances in our platform technologies and have managed to control our costs and cash burn."

The four goals achieved by the firm in the fiscal year were, he said:

- therapeutically-active oral calcitonin and initial positive oral insulin results in man demonstrated the ability to deliver large peptides orally with commercially viable doses and the potential versatility of Cortec's delivery systems (see page 19); - initial human results indicated that sufficient immune response may be generated by the firm's oral mucosal vaccine technology to impact the course of disease;- creation of a solid financial foundation for the group following the raising of L58 million ($90.9 million) and growth in turnover; and - expansion of the firm's linkages with centers of excellence through agreements with the universities of Cambridge, Canberra and Singapore.