Coremed, Inc. to Raise Funds and Structure Strategic Alliances for Developing Inhalable and Oral Insulin-Delivery Systems; Retains Resource Financial Corporation as Financial Advisor

CHICAGO, June 2 /PRNewswire/ -- Coremed, Inc., a world leader in the development of non-invasive oral and inhaled insulin products and pharmaceutical delivery platform technology, has retained Resource Financial Corporation (RFC), a Chicago-based investment and merchant-banking firm to act in a financial advisory capacity.

In a joint announcement, Coremed founder Frank K. Leung, M.D., F.A.C.E., and RFC Principal Mark E. Teufel said RFC has been exclusively retained to advise the company on a number of strategic business initiatives, including fund-raising and the formation of joint ventures and strategic alliances with global healthcare companies.

Commenting on the market potential of Coremed's products and technology, Leung and Teufel, said: "With rates of diabetes dramatically increasing across the globe, Coremed's revolutionary 'needle-less' insulin-delivery systems have the potential to greatly improve the quality of life for millions who suffer from this chronic disease. We believe Coremed is well-positioned in the marketplace as a major contributor known for 'breakthrough' technology.

"Investment capital proposals and joint venture agreements are being considered to expedite the introduction of several new products," they said.

Since its founding in 1994, Coremed, Inc., (http://www.coremedusa.com) has conducted some of the most intensive pre-clinical biological trials of oral and pulmonary-delivered insulin anywhere. Its drug delivery is considered one-of-a-kind platform technology that differs from commonly used PEGylated polymer technology. Pharmaceutical companies around the world are in various stages of evaluating Coremed's oral and pulmonary insulin technology.

Resource Financial Corporation (http://www.resource-financial.com) has gained a national reputation for helping clients to develop business strategies designed to attract capital, joint venture partnerships, and other strategic alliances.

These are Coremed's products and technology:

• "Needle-less" Alveair™ insulin pulmonary technology has achieved one of the best insulin bioavailabilities in pre-clinical trials. "Not only, Leung said, "does Alveair™ have the potential to replace insulin injection in many clinical conditions, it can also lower the side-effect profile." Terming the results "historic," Leung stated that Alveair™ could "eventually become the world's most prescribed inhalable insulin." Presently, there are two pending joint venture partnerships to expedite the introduction of Alveair™ on an international basis.
• Intesulin™ oral insulin has shown "significant glucose lowering efficacy" when administered with food, based on pre-clinical trials. Stemming from this research, Intesulin™ is now gaining global attention.
• Isulin™, a fast-acting, rapid peak intravenous insulin.

Coremed's published data will be presented this week at the 2004 American Diabetes Association annual meeting. Over the past three years, it has presented findings in over 30 abstracts at previous ADA and Endocrine Society annual meetings.

Earlier this year, Coremed announced that it is considering a joint partnership with Beijing Pharmaceutical Group (BPG) to develop Alveair™ inhalable insulin. Considered the fifth largest pharmaceutical company in the People's Republic of China, BPG is known for its extensive distribution network. An estimated 100 million Chinese are at risk of diabetes, with 45 million as known diabetics.