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Synovics Pharmaceuticals Announces Additional Investment by Svizera and Reduction of Debt
Date:12/10/2008

,923 2007 Bridge Notes 0 - 2008 Bridge Notes 0 6,917,478 Customer Note 0 644,242 Seller Note 500,000 2,010,000 Bank of India 5,650,000 6,950,000 Other 40,000 82,040 Total $6,190,000 $20,640,683

"The successful restructuring of our balance sheet and the resulting reduction of Company debt has been our goal for the past many months and I am most pleased with this accomplishment," commented Jyoti Gange, Principal Executive Office. "The reduction of debt and related interest costs is expected to have a very positive effect on our operations as we continue to build on and execute our business plan."

"This additional investment in the Synovics by Svizera," stated Ronald Howard Lane, Ph.D. Chairman of the Board, "is evidence of Svizera's ongoing and overall support of our endeavors to grow the Company."

About Synovics:

Synovics is a specialty pharmaceutical company engaged in the development, manufacturing and commercialization of prescription and OTC drugs. The Company has two operating subsidiaries, Kirk Pharmaceuticals, LLC and ANDAPharm, LLC, which manufacture and sell OTC and prescriptions private label or "store brand" drugs, respectively, and a drug development subsidiary, Synovics Labs, Inc., that is pursuing generic drug opportunities. Synovics employs approximately 150 people in its 80,000 sf. Ft. Lauderdale facility. The Company manufactures drug products (including hormonal prescription drugs) in specialized containment suites under its Drug Enforcement Administration licenses. The Company has a Front-End strategy based business plan -- a strategy of sourcing lowest cost, highly competitive generic drug products from Indi
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SOURCE Synovics Pharmaceuticals, Inc.
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