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LAB International Inc. is an integrated product development company that operates two distinct business units: (1) LAB Pharma and (2) LAB Research. LAB Pharma is focused on the growing multi-billion-dollar inhalation market by developing proprietary products and offering its inhalation systems as well as its formulation expertise and manufacturing capabilities to the pharmaceutical and biotechnology industry. LAB Pharma's lead product in development is a fast-acting Fentanyl formulation for the treatment of breakthrough cancer pain (BTCP), a US$1 billion market. The compound is delivered using the Company's approved TAIFUN® dry powder inhaler (DPI) platform, a well-patented, regulatory-approved, multi-dose, reservoir-based technology engineered to consistently deliver a uniform dose into the deep lungs, independent of inhalation flow-rate or environmental humidity. LAB initiated Phase II clinical trials of Fentanyl TAIFUN® in the first quarter of 2005, following successful pre-IND meetings with both U.S. and European regulatory bodies to demonstrate the product's clinical efficacy, with special emphasis on the time to significant pain reliefâ€â€providing an ideal platform for breathing-impaired patients, specifically children and the elderly. TAIFUN® has already been approved in 10 European countries for the delivery of the asthma drug Salbutamol (as Salbutamol TAIFUN®). LAB's pipeline also includes therapeutics for asthma, chronic obstructive pulmonary disorder (COPD), chronic renal failure (CRF), and other growth hormone deficiencies. LAB Research, a profitable and growing contract research organization (CRO), supports LAB Pharma's drug development efforts and, at the same time, provides drug development services to more than 500 pharmaceutical and biotechnology clients from state-of-the-art facilities in Canada, the U.S., Denmark, and Hungary. LAB Research provides the Company with ongoing access to non-dilutive new capital through its recurring revenues, which the Company expects to exceed $45 million in 2005, with more than $9 million in free cash flow expected for the current year.
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