Biomin Therapeutic - Canapharm Manufacturing - Company Updates

Business Wire, Sept 18, 1996

PERTH, Ontario--(BUSINESS WIRE)--Sept. 18, 1996--BIOMIN THERAPEUTIC (CANADIAN DEALING NETWORK: BMIN) Biomin Therapeutic Corporation ("Biomin") is pleased to announce that its wholly owned subsidiary, Canapharm Manufacturing Inc. ("Canapharm") has reported initial sale and acceptance of sample product lots to three additional major Canadian generic pharmaceutical manufacturers.

Positive runs of sampling will initiate potential annual orders of 180 - 200 tons of product, equivalent to $4.5 - $5 million in sales. The current North American retail market for the acetaminophen product is $3 billion per year. Utilizing its innovative, Drum-to-Hopper ("DTH") technology, Canapharm will service this market by providing manufacturers with its ready-to-tablet formulation of the most commonly prescribed drug in North America.

The Company anticipates firm orders within the next 4 - 6 weeks, pending completion of the above mentioned independent product trials. By way of the new and increased orders, Canapharm continues its product line expansion in a $US47.5 billion (worldwide) OTC pharmaceutical market which, in the last 15 years, has experienced average growth of 7.3 percent annually.

Canapharm is also pleased to announce that with the recent shipment of 2.5 tons of product to an international Biomin subsidiary, vertical integration within the Biomin group has been initiated. Commencement of inter company purchasing signifies organization and growth within the corporate structure and continues to support Biomin's ultimate objective of building a united corporation through vertical integration.

Biomin is a generic manufacturer and distributor of OTC pharmaceuticals and vitamin/mineral supplements. Its products are packaged under generic names, including Biomin's own label. Biomin's operations are currently carried out in Canada at its Canapharm manufacturing plant, in Latin America and in Eastern Europe.

Further, it is anticipated that the Company's name change to Pharmex Industries Inc., ("Pharmex"), as approved at the Annual General Meeting held on 21 July 1996, will take effect by mid October, 1996, following which the Company will commence trading under the name Pharmex on the Canadian Dealing Network. Specific dates will be announced when available.

CONTACT: Biomin Therapeutic Corporation

Ahmad Doroudian, 604/608-0450 or

Andrew Small, 604/608-0450