Release issued 6th June 2002

Zambon Group SpA (Zambon) and Vectura Limited (Vectura) today announced the signing of a collaboration agreement, under which Zambon will license Vectura's PowderHale(tm) pulmonary formulation technology for the development and commercialisation of a new dry powder inhaler product. Vectura's PowderHale technology improves the performance of dry powder inhalers by increasing fine particle fractions, delivery precision and reproducibility. Zambon is planning to have its new product into initial Phase I trials during the second half of 2002.

The agreement has been reached following the completion of an initial feasibility study which demonstrated the ability of the PowderHale technology to achieve the inhaler performance characteristics required by Zambon. Under the terms of the Licence Agreement, which were undisclosed, Vectura will earn licence and milestone fees, as well as royalties on Zambon's sales and sub-licensing revenues.

The PowderHale formulations utilise specially selected components termed 'Force Control Agents' that modify the interactive forces between the active drug substance and the carrier particles, thus achieving optimal flow properties as well as superior de-aggregation and aerosolisation characteristics. These formulation systems have been successfully applied to a wide variety of therapeutic drugs and inhaler devices.

Zambon has already signed a license agreement with the Danish drug delivery company, Direct-Haler A/S, for the exclusive worldwide rights to develop, manufacture and commercialise Direct-Haler® Pulmonary inhaler in the area of lung diseases. The innovative, monodose, disposable dry powder inhalation device is patented worldwide, and opens a new track of development in inhalation device technology. The innovative device combined with product developed utilising Vectura's PowderHale technology is expected to achieve improved performance characteristics.

ZAMBON GROUP

Zambon is a multinational pharmaceutical company with its registered office in Italy and consists of affiliate companies and representative offices, with production plants in Italy, Switzerland, Brazil and China.

Zambon has based its growth on its policies of internationalisation, increasing its high research profile and the continued development of its human resources and today is a multinational whose turnover is mainly achieved abroad. See more details in the full pharmalicensing profile for Zambon.

VECTURA LIMITED

Vectura is a fast-growing drug delivery company specialising in the application of its core expertise in particle science and device engineering to the development of unique technology platforms and enhanced-performance products of high commercial value. The company already has an established reputation as a leading European provider of innovative inhaler formulations for pulmonary delivery.

Vectura employs 95 people based on the University of Bath campus and on the Cambridge Science Park. Its major shareholders are Friends Ivory and Sime funds, Merlin funds, the University of Bath and its management.

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