The Company was founded in 1996 by Dr. Garfield Royer. A Ph.D. biochemist with both academic and commercial experience, Dr. Royer believes that his research has produced chemical compositions which are superior versus other drug delivery technologies currently in use. The Company is based in Frederick, Md. and currently has 6 full-time employees and contracted staff.

The Company currently has one commercially available product- Silvadex-SR. Other applications in development are as follows:Veterinary Applications:Iverdex Equine*,Amidex SR*,Enroflex Canine*,Cis-Pt/SRL*,Iverdex Canine, and Silvadex Otic. Human Applications: Amidex SR, Contraceptive Vaccine*, and Anti-cancer Vaccine. (*indicates clinical trials in 2001)

Information regarding the relevant U.S. markets within human health are as follows (all amounts in millions): Cancer Vaccines- $800, Other Vaccines- $1,000, Localized Infections- $450, Prophylactic use of antibiotics- $200, Therapeutic and regulatory proteins and polypeptides- $10,000 U.S. market opportunity for Royer's proposed animal health products totals over $350 million.

Matrix III is highly effective at providing controlled, and often highly targeted, releases of drugs over a broad range of time spans. Potential applications include protein and small molecule based therapeutics, and vaccines.

The Company anticipates developing commercialized products with pharmaceutical company partners. It anticipates that, with their already established marketing and distribution channels, its partner will manage and execute the consumer sales strategies for its applications.

The Company intends to outsource or license the manufacturing of most, if not all, of its applications to GMP contract manufacturers and strategic partners. With funding from Md. Bio, the Company has been investigating the feasibility of developing a manufacturing facility to manufacture its Matrix III formulation and possibly certain of its veterinary applications.

The following are known public and private companies which have or may have technology which is competitive with that of Royer Biomedical: Alkermes, Atrix, Alza, DepoTech, Elan, Guilford Pharmaceuticals, Macromed, OraPharma, Matrix, Shire, and SkyePharma.