EquiTech Corporation Project Approved for $150,000 Funding

JULY 29, 2002

EDMONTON, ALBERTA--James Chivers-Wilson President and CEO of EquiTech Corporation (EquiTech) is pleased to announce that EquiTech has received approval for $150,000 in funding toward patents, and manufacture and testing of its lead compound, a fast absorbing oral medication for the treatment of moderate acute pain.

"The funding will come through the Technology Commercialization (TC) Program of the Alberta Heritage Foundation for Medical Research (AHFMR) and we are very pleased to have the support of AHFMR after their extensive due diligence" said Mr. Chivers-Wilson."

"With this TC support, the Foundation hopes to assist EquiTech in making the transition from a scientific idea to a commercial product that may benefit many people," says Dr. Matthew Spence, President and CEO of AHFMR.

The TC Program of AHFMR is an Alberta-based program that funds early stage, health-related, and scientifically sound projects that show real commercial promise.

EquiTech is a publicly listed biopharmaceutical company (EQT on the TSX Venture Exchange) with a unique technology platform to create and develop better absorbing pharmaceutical products that are taken orally.

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