Protein Delivery Completes $23-Million Private Stock Offering

Protein Delivery Inc. (PDI), a development-stage drug delivery company, has completed a $23-million private stock offering to institutional and venture capital groups. Investors include American Express Financial Advisors, Crescendo Ventures, Aurora Funds, Oakwood Investors, and others. The offering was managed by Vector Securities International, Inc., a Chicago-based investment bank focused on the healthcare industry.

PDI applies medicinal chemistry technology to convert injectible drug products, such as insulin, into oral forms. PDI's oral insulin product is currently in the second phase of human clinical studies. PDI has also targeted a number of injectible-only drug formulations for conversion to oral forms. Two of these drugs are expected to enter human studies in the next few months.

Protein Delivery Inc. is a private, development-stage drug delivery company specializing in proprietary polymer-based technology used to alter drugs, optimizing their delivery into the body to treat serious, chronic disease.

For more information: Christopher Price, President and CEO, Protein Delivery Inc., P.O. Box 13940, Research Triangle Park, NC 27709. Tel: 919-474-0507. Fax: 919-474-9407.