Oral Salmon Calcitonin Phase IIa Results Summary

• Presented at American Society of Bone and Mineral Research (ASBMR) Annual Meeting on 9/21/03 by Novartis

• Confirmed activity of calcitonin when given orally, as reflected by changes in markers of bone formation or resorption

• Dose response demonstrated

• Significant reduction in bone markers from placebo levels (1 mg daily; p=0.0016)

• Safety demonstrated

  • No serious adverse events
  • Phase IIa represents longest period of time the eligen™ technology has been administered

• Novartis continues additional manufacturing, formulation, packaging work

• Phase III studies budgeted

Product Candidates

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