RTP Announces Private Placement

RTP Pharma. Inc. the Canadian operating affiliate of a private U.S. biopharmaceutical company, received an equity investment of C$14.6 million from numerous sources. The funds generated from this private placement will be used primarily for the clinical advancement of RTP's products in development, which are based on the company's proprietary Insoluble Drug Delivery technology.

"To date in 1998, RTP has made significant progress with our collaborators in developing IDD based formulations of numerous major drugs which are insoluble or poorly soluble in water," said Gary W. Pace, Ph.D., president and CEO of RTP Pharma. Through our arrangement with Sparta, we are now applying the IDD technology to one of Schering Plough's anti-cancer drugs."

RTP Pharma develops and commercializes novel formulations of drugs that are insoluble, or poorly soluble in water. RTP focuses on selected, currently marketed drugs, which, through the application of its proprietary IDD technology, offer improved medical benefits over existing products as well as strong commercial potential. IDD technology improves the effectiveness of insoluble drugs and enables new methods of administration.

RTP has alliances with Elan, AMRAD Operations Pty LTD., Sparta Pharmaceuticals Inc. and Schering Plough Corporation on drugs formulated using IDD technology.

For more information: Dr. Gary Pace, RTP Pharma Inc., Montreal Quebec, Canada, Tel: 514-362-1304.