Sydney, Australia, Orange County, CA – October 21, 2007 — Novotech, the largest Australian owned contract research organization (CRO) with offices on the US east and west coasts, is now in rapid expansion mode as the CRO sector fundamentals continue to strengthen with growth of more than 15% per year.

Following the company’s successful expansion to the US, Novotech has attracted two leading biotech venture firms BioPacificVentures and Co-Investor Capital Partners as investors in the company and as backers of its overseas expansion plans.

Novotech, the recipient of the Frost & Sullivan Asian CRO of the Year 2006 – Australia Award and a winner of the Deloitte Fast 500 Asia Pacific 2006 program, is also looking to Asia as part of its corporate development with plans to have an office established in India by the end of 2007, and others in the region to follow shortly afterwards.

Novotech CEO, Alek Safarian said many of their US clients were requiring reach into Asia, and so offering a seamless operation serves their growing client base from the Australian and American regions. Novotech is highly regarded in the US and the EU for managing the Australasia/Asia Pacific component of global trials, and a stronger presence in Asia would further guarantee the Novotech stamp of excellence in high standard, speed, efficiency, and reasonable cost trials.

Aki von Roy from BioPacificVentures said the investment in Novotech was a strategic investment in the CRO space, which is thriving. Phillip Pryke of Co-Investor Capital Partners commented that Novotech, is now in an ideal position to further strengthen its presence internationally, in particular in Asia.

According to Frost & Sullivan Program Manager Shruti Dwivedi, Novotech demonstrated “exemplary growth and performance” and is well placed to benefit from the 15% per annum increase in trials conducted in Australia, much of which is coming from large pharmaceutical firms.

Novotech came out on top against its competitors after being evaluated on key criteria including “research capabilities, breadth and depth of services, geographical coverage, and alliances/partnerships that would enhance capabilities and the growth strategies adopted in pursuit of corporate objectives”, said Dwivedi.

“Novotech offers a broad spectrum of services in Australia and New Zealand, catered by a strong research team, experienced in diverse therapeutic fields. It has formed a subsidiary in the UK as well as external partnerships/alliances in North America and other regions to widen its geographical reach.”

Novotech also won praise for its therapeutic experience with its special focus on Oncology, Ophthalmology and Cardiology trials. It conducts approximately 60 clinical trials every year, where nearly 80% are in Phase II & III, with remaining in Phase 1.

Editors please note: Alek Safarian is a guest speaker at AusBiotech 2007 Conference Brisbane.
Monday 22nd October, 2pm
Drugs from the Sea.

About Novotech
Headquartered in Sydney, Novotech is focused on the Australian and New Zealand markets but has worldwide reach through the company’s subsidiary in the United Kingdom and its US operations.

As the largest independent CRO in Australia, Novotech offers a level of flexibility and local knowledge that is unmatched among other contract research organizations in the region. Novotech’s US operations make it uniquely positioned to offer trials across the two countries, providing the benefits of Australia’s highly regarded cost-effective clinical trial capabilities, and at the same time take advantage of access to the much larger US market for rapid patient enrolment – a service that has to date only been available via large global CROs at higher overhead costs.

www.novotech-cro.com

About BioPacificVentures
BioPacificVentures is one of the world’s largest food, nutrition and agriculturally focused venture capitalists, specializing in the convergence of food and health with a focus on prevention, nutrition, food technology and agbiotech. BioPacificVentures pursues attractive life science investment opportunities with an Australasian focus and takes lead or co-investment positions in rounds ranging from NZ$2 to NZ$10 million.

BioPacificVentures is supported by strategic and financial investors with global reach and industry specific expertise. The largest investor is the world’s biggest food company, Nestlé; the largest local investor is the leading agribusiness firm PGG Wrightson.

www.biopacificventures.com

About Co-Investor Capital Partners
Co-Investor Capital Partners is an active investor in smaller listed companies in Australia and New Zealand. Although their focus is on small listed companies, at times where they see the potential to create value they invest in private companies which are considering a stock market listing or capital raising or to provide smaller listed companies with the capital they need to grow. Co-Investor Capital Partners provides a suite of five products and services to the companies they invest in: analytics, valuations, research, investor relations and corporate finance. Co-Investor Capital Partners invests in companies that are typically profitable or cash flow positive and invests up to A$20m per company to support growth with an expectation that they will be shareholders in each investee company for around five years.

www.co-investor.net

The Australian Clinical Trials Advantage
Increasingly, US companies are turning to Australia to expedite the pace, and reduce the cost, of clinical trials, while maintaining the high standard of research that US authorities demand. Australia has been ranked the number one location to conduct pharmaceutical clinical trials in an international benchmarking study undertaken by the Economist Intelligence Unit (EIU). The EIU study ranked Australia against six countries – US, UK, Germany, Japan, Singapore and India. Other studies have found that clinical research costs may be as much as 30 percent lower in Australia than in the United States and Europe. In addition, Australian regulatory procedures often enable a trial to begin in as little as 2-3 months from the initiation of the approval process. This compares favorably to usual timelines in major Western countries.

Atlanta, GA – July 1, 2007 — Novotech, the largest Australian owned contract research organization (CRO) with offices on the US east and west coasts, announced on the eve of DIA 2007 that the new tax breaks for research in Australia, which includes clinical trials, starts July 1, 2007.

Novotech CEO Alek Safarian said international firms can now take advantage of generous tax breaks for R&D including clinical trials as part of a bid by Australia to attract increased productive investment in areas including clinical trials.

The change to extend the beneficial ownership test for the 175% R&D Tax Concession will allow claims for R&D projects undertaken in Australia, regardless of where global biotech and pharma firms hold their intellectual property.

The change which comes into effect on 1 July 2007 supplements the R&D value proposition that Australia offers multinational R&D firms and partnering opportunities. Safarian said the new tax break is good news for Novotech clients as most are from the USA and Europe and so can take advantage of this further cost saving.

He said more than 90% of Novotech clients are international biotechs and pharma companies that chose Novotech for quality, speed and cost effective clinical trials, and regulatory consulting.

Novotech continues to win awards recognizing its performance and capabilities. Novotech is the recipient of the Frost & Sullivan Asian CRO of the Year 2006 – Australia Award and a winner of the Deloitte Fast 500 Asia Pacific 2006 program.

According to Frost & Sullivan Program Manager Shruti Dwivedi, Novotech demonstrated “exemplary growth and performance” and is well placed to benefit from the 15% per annum increase in trials conducted in Australia, much of which is coming from large pharmaceutical firms.

Novotech came out on top against its competitors after being evaluated on key criteria including “research capabilities, breadth and depth of services, geographical coverage, and alliances/partnerships that would enhance capabilities and the growth strategies adopted in pursuit of corporate objectives”, said Dwivedi.

“Novotech offers a broad spectrum of services in Australia and New Zealand, catered by a strong research team, experienced in diverse therapeutic fields. It has formed a subsidiary in UK as well as external partnerships/alliances in North America and other regions to widen its geographical reach.”

Novotech also won praise for its therapeutic experience with its special focus on Oncology, Ophthalmology and Cardiology trials. It conducts approximately 40 clinical trials every year, where nearly 80% are in Phase II & III, with remaining in Phase 1.

For meetings with Novotech at DIA 2007 please contact: Alek Safarian at 760-931-4841.

About Novotech
Headquartered in Sydney, Novotech is focused on the Australian and New Zealand markets but has worldwide reach through the company’s subsidiary in the United Kingdom and its US operations.

As the largest independent CRO in Australia, Novotech offers a level of flexibility and local knowledge that is unmatched among other contract research organizations in the region.
Novotech’s US operations make it uniquely positioned to offer trials across the two countries, providing the benefits of Australia’s highly regarded cost-effective clinical trial capabilities, and at
the same time take advantage of access to the much larger US market for rapid patient enrolment – a service that has to date only been available via large global CROs at higher overhead costs.

www.novotech-cro.com

The Australian Clinical Trials Advantage
Increasingly, US companies are turning to Australia to expedite the pace, and reduce the cost, of clinical trials, while maintaining the high standard of research that US authorities demand. Australia has been ranked the number one location to conduct pharmaceutical clinical trials in an international benchmarking study undertaken by the Economist Intelligence Unit (EIU). The EIU study ranked Australia against six countries – US, UK, Germany, Japan, Singapore and India. Other studies have found that clinical research costs may be as much as 30 percent lower in Australia than in the United States and Europe. In addition, Australian regulatory procedures often enable a trial to begin in as little as 2-3 months from the initiation of the approval process. This compares favorably to usual timelines in major Western countries.

Novotech is the recipient of the Frost & Sullivan Asian CRO of the Year 2006 – Australia Award and a winner of the Deloitte Fast 500 Asia Pacific 2006 program.

Novotech CEO Alek Safarian said there were some considerable variations in opportunities and delivery in the Australian and Asian region for drug trials and research, and the updated checklist would help guide sponsors to weigh up their options to suit their needs.

Issues such as regulatory environment, clinical data management, approval timelines, cost saving opportunities, IP protection, reliable data issues, regional disparities, and availability of experienced staff, are all part of the decision making mix.

Safarian said one of the best indications that a CRO has the necessary experience in their market is that they also offer regulatory consulting services. However, he said “Still the most important decider, once a fit is established, is a site audit of the corporate headquarters and associated facilities to ensure they are at the standards required.”

Speed and cost savings are not enough on their own, he said. “Decision-makers really need to see for themselves that the CRO is offering exactly what they are promising to ensure quality and smooth operational progress.”

He said Novotech regularly hosts client audits of its Sydney, Melbourne, and Brisbane facilities prior to commencing trials with US firms. Novotech has worked with more than 50 U.S.-based and European pharmaceutical and biotech companies over the past 3 years.

He said a CRO also needs to demonstrate international expertise, a track record of trials with US and other pharma and biotech firms, have unparalleled knowledge of local regulatory procedures, and expertise in the requirements of international regulatory authorities. Ideally they are also referrals from other trusted sources.

According to Frost & Sullivan Program Manager Shruti Dwivedi, Novotech demonstrated “exemplary growth and performance” and is well placed to benefit from the 15% per annum increase in trials conducted in Australia, much of which is coming from large pharmaceutical firms.

Novotech came out on top against its competitors after being evaluated on key criteria including “research capabilities, breadth and depth of services, geographical coverage, and alliances/partnerships that would enhance capabilities and the growth strategies adopted in pursuit of corporate objectives”, said Dwivedi.

“Novotech offers a broad spectrum of services in Australia and New Zealand, catered by a strong research team, experienced in diverse therapeutic fields. It has formed a subsidiary in UK as well as external partnerships/alliances in North America and other regions to widen its geographical reach.”

Novotech also won praise for its therapeutic experience with its special focus on Oncology, Ophthalmology and Cardiology trials. It conducts approximately 40 clinical trials every year, where nearly 80% are in Phase II & III, with remaining in Phase 1.

For meetings with Novotech at BIO 2007 please contact: Alek Safarian at 760-931-4841.

For a copy of the new CRO Checklist please contact Susan Fitzpatrick 650 279 7771 susan@datelinemedia.com

About Novotech:
Headquartered in Sydney, Novotech is focused on the Australian and New Zealand markets but has worldwide reach through the company’s subsidiary in the United Kingdom and its US operations.

As the largest independent CRO in Australia, Novotech offers a level of flexibility and local knowledge that is unmatched among other contract research organizations in the region. Novotech’s US operations make it uniquely positioned to offer trials across the two countries, providing the benefits of Australia’s highly regarded cost-effective clinical trial capabilities, and at the same time take advantage of access to the much larger US market for rapid patient enrolment – a service that has to date only been available via large global CROs at higher overhead costs

www.novotech-cro.com

The Australian Clinical Trials Advantage:
Increasingly, US companies are turning to Australia to expedite the pace, and reduce the cost, of clinical trials, while maintaining the high standard of research that US authorities demand. Australia has been ranked the number one location to conduct pharmaceutical clinical trials in an international benchmarking study undertaken by the Economist Intelligence Unit (EIU). The EIU study ranked Australia against six countries – US, UK, Germany, Japan, Singapore and India. Other studies have found that clinical research costs may be as much as 30 percent lower in Australia than in the United States and Europe. In addition, Australian regulatory procedures often enable a trial to begin in as little as 2-3 months from the initiation of the approval process. This compares favorably to usual timelines in major Western countries.