SYNOVICS PHARMACEUTICALS COMPLETES $21.25 MILLION FINANCING

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Synovics Pharmaceuticals, Inc., a company with proprietary technologies for the development of difficult-to-formulate and controlled-release generic and branded oral drugs, today announced that it has closed a financing raising gross proceeds of $21.25 million. The financing included $4.75 million in convertible debt, $6.0 million in common stock purchased at $4.00 per share by Maneesh Pharmaceuticals PVT of Mumbai, India ("Maneesh") and $10.5 million of five-year debt priced at prime plus one provided by the Bank of India.

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