Cortecs International Ltd. announced Wednesday that it hasreceived $6 million in funding from its two largestshareholders, the Paribas Group (part of the French BanqueParibas) and individual Swedish investor Erik Penser.

The financing provides a source of working capital for theCortecs Group without its having to access equity markets. Itshould allow Cortecs of London, which develops oral peptidedrug delivery systems, to address its financial needs throughthe end of 1994.

However, if Cortecs decides to raise further equity capital thisyear or in 1994, the $6 million will convert to an unconditionalcommitment by the two investors to purchase $6 million ofcommon shares of Cortecs stock (the company's Americandepositary receipts began trading on the NASDAQ small-capstock market under the symbol DLVRY in early March) at thesame share price and on the same terms as the equity offering.

Cortecs' current drug delivery technologies include Oncholabanti-cancer targeting system, a system for the oral delivery ofpeptide drugs such as calcitonin, a rapid non-invasive test fordetecting the bacteria that cause peptic ulcers, the Adeptprogram to prevent intestinal disease including diarrhea, and adelivery system to avoid first-pass metabolism in the liver of arange of drugs. -- Jennifer Van Brunt

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