Date:6/2/2009

nts had double lung transplants and seven patients had single lung transplants. Patients were given a single dose application of 10mg or 20mg of liposomal L-CsA, which was well tolerated. Deposition data showed a peripheral lung deposition of 2mg for a nominal, 10mg dose that was nebulized in less than ten minutes. Once daily administration of a nominal dose of 10mg L-CsA with an Investigational eFlow Nebulizer System would give approximately 14 mg L-CsA/week. Mean values for C(max) and AUC(0-inf) were up to 20ng/mL and 110 h ng/mL, respectively. These results are significantly lower compared to oral therapy. In comparison, oral CsA (Neoral(R)) therapy in lung transplant patients leads to highly variable C(max) and AUC(0-12h) values of approximately 1,800ng/mL and 8,000 h ng/mL, respectively when given twice daily in a dose of up to 250mg [Knoop 2003]. L-CsA's favorable and significantly lower pharmacokinetic values were obtained for both dose strengths tested. Phase Ib study results for L-CsA are published in the June 2009 volume of the Journal of Aerosol Medicine and Pulmonary Drug Delivery [Behr et al., Vol. 22, No. 2, p.121-129].

About PARI Pharma's Inhaled L-CsA Formulation

PARI Pharma's L-CsA is a low-dose, inhaled, liposomal cyclosporine A formulation that aims to improve the pharmacological profile, the highly variable bioavailability, and the severe side effects of oral CsA. (Severe side effects of oral CsA include kidney and brain damage, cancer, and vulnerability to infections.) L-CsA is an investigational, proprietary, liposomal formulation of 10mg CsA/2.5mL for inhalation delivery via a customized Investigational eFlow Nebulizer System. The L-CsA formulation is based on an artificial lung surfactant carrier. It is free of any irritating organic solvents and consists of unilamellar liposomes of about 100nm. The unilamellar liposomes are obtained via a high-pressure homogenization process using standard pharmaceutical
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