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Synovics Pharmaceuticals forms a Strategic Joint Venture with Maneesh Pharmaceuticals
Date:6/12/2008

FT. LAUDERDALE, Fla., June 12 /PRNewswire-FirstCall/ -- Synovics Pharmaceuticals, Inc., (OTC Bulletin Board: SYVC) a specialty pharmaceutical company, announced today that on June 6, 2008, it formalized a strategic partnership with Maneesh Pharmaceuticals, LTD ("Maneesh") through the formation of a joint venture ("JV"). The JV between the companies is intended to be used as a vehicle for Synovics to have access to assets of Maneesh including personnel, drug development, operating and management systems and manufacturing. The terms of the JV provide that the Company will pay Maneesh a modest monthly fee beginning in six months and reimbursement for certain costs. There is no anticipated sharing or other distribution of Synovics' profits with Maneesh in the JV, although the parties may agree to certain fees for products or technology licensed in the future. The Company announced on May 15, 2008 that Maneesh had completed a second financing of $5 million bringing Maneesh's investment in the Company to a total of $12 million. In addition to the new capital, Maneesh assumed a guarantee that the Company has with the Bank of India in the amount of $6.55 million, allowing the Company to fully release the previous guarantors of Nirmal Mulye and Nostrum Pharmaceuticals, Inc. Maneesh has three representatives on Synovics' board of five directors.

"The strategic JV with Maneesh, together with the previously announced partnership with Harcharan ("Harry") Singh, represents a new beginning for Synovics. The Maneesh/Singh alliances completes our goal of establishing a foundation in India for our "Front-End" strategy -- a strategy of sourcing lowest cost, highly competitive generic drug products from India, marketed to our US customers through our Ft Lauderdale operations," stated Ronald Howard Lane, Ph.D., Synovics' Chairman and Chief Executive Officer. "Maneesh provides a critical high quality competitive manufacturing technology as a cornerstone of this strategy. In
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SOURCE Synovics Pharmaceuticals, Inc.
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