3 data and comment 3

STUDY: POST1.

NAL-Norwood Abbey:
http://www.norwoodabbey.com/indexst.htm

1. Overview:
"Norwood Abbey specialises in developing medical technologies to solve drug delivery problems. Involved in research, product development and marketing of innovative medical products, Norwood aims to make drugs work better. Norwood's technology has a range of potential applications - from pain management and metabolic diseases to Gene Therapy.

Norwood aims to deliver drugs or therapies transdermally or to localized organs, tissues or tumours in order to improve the treatment of cancer, cardiovascular disease and other diseases. Norwood’s strategy is to establish key strategic alliances and partnerships with leading pharmaceutical and diagnostics companies".

"In early 2000, Norwood completed the acquisition of Transmedica International, Inc, a United States corporation with a portfolio of patents, patent licences and patent applications, relating to a laser-based drug delivery and body fluid collection technology.

In early June 2000, Norwood completed the acquisition of Spectral Biosystems, Inc ("Spectral") a United States corporation owned principally by Executive Director, Dr. Kevin Marchitto and the Director of Research, Dr Stephen Flock. Spectral also owns a portfolio of patents and patent applications which are complementary to Norwood's technology".

NAL also has an important subsidiary: "Norwood Immunology Pty Ltd"-See post three. It is to list before May on the AIM board, London.

2. Research Technology Platform:
2.1 Transdermal - laser assisted delivery
2.2 Transdermal - micro-needle arrays
2.3 Pressure Waves
2.4 Immunology

2.1 Transdermal - Laser assisted delivery
Norwood has developed novel drug delivery technology, specialising in transdermal delivery so as to facilitate painless and more effective methods of administering drugs

Ferndale Commercialisation Agreement in place (USA marketing and distribution)-Date 22/7/2002)
http://stocknessmonster.com/news-item?S=NAL&E=ASX&N=192538

Needleness injection system-Date 27/11/02
http://stocknessmonster.com/news-item?S=NAL&E=ASX&N=198415

Manufacturing Agreement for Laser Assisted Delivery (LAD) device. LightMed Corporation, Taiwan-Date 16 April 2003:
http://stocknessmonster.com/news-item?S=NAL&E=ASX&N=203338

Commercial agreement Sales & marketing (some Asian countries) - MedNet - Date 14 Aug. 2003
http://stocknessmonster.com/news-item?S=NAL&E=ASX&N=207310

First run of Laser Assisted Delivery (LAD) devices manufactured-Date 26 Aug. 2003
http://stocknessmonster.com/news-item?S=NAL&E=ASX&N=207753

Gerry
Holder
Please do your own research and you decide if and when to buy, hold or sell any stocks.