Release issued 8th June 2004

Ethypharm and Kowa enter into Licence and Supply Agreement for two OroDispersibleTablets in Japan. The Two Companies to Develop an Oral Flashtab® Version of Paracetamol and Ibuprofen for Japan.

Ethypharm, a specialty pharmaceutical company providing drug delivery solutions, and Kowa, a leading Japanese OTC Pharmaceutical company, announce that they have entered into a licence, distribution and supply agreement for the Japanese market.

This agreement concerns the licence to Kowa of Ethypharm's Flashtab technology for the manufacturing, distribution and marketing of Acetaminophen and Ibuprofen for the relief of moderate pain, on the Japanese market.

This agreement concerns the licence of two ODT products, Namely Acetaminophen and Ibuprofen, using Ethypharm's proprietary Flashtab® technology, an orally disintegrating dosage form that dissolves quickly in the mouth without need for water.

According to the terms of the contract, Ethypharm grants the exclusive rights to use its Flashatb® technology to Kowa in Japan for these two products. Kowa is responsible for the approval, marketing and distribution of the products as OTC products under its own trademark in Japan. The launches are foreseen in 2007.

"We are excited about working with Kowa, and concluding this agreement", declared Bruno Delie, Senior VP Business and Commercial at Ethypharm. "We are confident that Kowa will be an excellent partner for Ethypharm in Japan and will help promote our Flashtab® technology in this territory," he said. "Our links with Japan have grown significantly over the past 3 years, with the launch of our microgranule sustained release Morphine Sulfate formulation in December 2001", he added.

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About Ethypharm www.ethypharm.com Ethypharm is one of the world's leading drug delivery system (DDS) companies that provides effective solutions to optimise the delivery of active molecules into the body. The Company's DDS technologies can improve drug efficacy, improve patient compliance and comfort, extend the life cycles of existing pharmaceutical products, and reduce the total cost of treatment. The Company has developed a broad range of technology platforms for oral delivery, and now has 50 products sold in more than 70 countries.

About Flashtab® Flashtab® is Ethypharm's patented technology Flashtab®. It's a new oral form consisting of a taste-masked tablet that dissolves quickly in the mouth. It combines micro encapsulated API and fast dispersion It is used to improve palatability of bad-tasting and difficult-to-swallow medicines. Flashtab® medicines can be administered anywhere, without the need for water or chewing.

About Kowa www.kowa.com Created in 1894, Kowa Company Ltd. Has 47 affiliated companies and employs 2105 people Their business activities are constituted with, among the best known: A Textile Division , a Business Development Division, a Non-textile Division, a Life Science Division and a Pharmaceutical Division , which represents 37% of Kowa turnover. Created in 1947, Kowa Pharmaceutical Division is specialized in the manufacturing and selling of ethical products and Consumer Healthcare products, mainly Analgesic, anti allergic and cardiovascular drugs.

(13th July 2007) Buprenorphine - Merck Generiques becomes the 2nd partner of Ethypharm in France

(10th April 2007) Astorg Partners leads MBO of Ethypharm alongside management and existing investors

(12th December 2005) Ethypharm announced today changes in its Board of Directors and in the organisation of the company.

(14th October 2004) FIRST APPROVAL OF ETHYPHARM'S ONCE-A-DAY MORPHINE SULFATE FORMULATION IN DENMARK

(30th September 2004) ETHYPHARM's formulation of Tramadol SR Bid approved in Germany