Synovics Pharmaceuticals Appoints Steven Getraer as Executive Vice President and Chief Financial Officer

  
    
  
  
    
      Synovics Pharmaceuticals, Inc., (OTCBB:SYVC) a specialty 
      pharmaceutical company, today announced that Steven Getraer has been 
      appointed Executive Vice President and Chief Financial Officer of 
      Synovics, effective immediately. In this role Steven will be in charge 
      of and responsible for financial management of the Company, including 
      accounting and internal controls, treasury, financial planning, tax, 
      investor relations, information systems and administrative functions. 
      Since August 2006, Mr. Getraer has held the title of Chief Executive 
      Officer of Kirk Pharmaceuticals, LLC, a wholly owned subsidiary of 
      Synovics, working with the Company to develop a comprehensive growth 
      strategy and operating plan.
    
    
      Synovics Chairman and CEO, Ronald Howard Lane, Ph.D., stated, “Steve 
      has been diligent in executing the Company’s 
      new strategic and operational goals for Kirk. He has proven effective in 
      planning and initiating the implementation of systems, processes and 
      controls while administrating the expansion and growth of Kirk’s 
      business in concert with John Copanos, Kirk’s 
      founder and president. Based on his strong financial background and 
      recent successes at Kirk, the board of directors and I firmly believe 
      this elevation of responsibilities will fill an important need at 
      Synovics.”
    
    
      Previously, Mr. Getraer has held senior operating and financial 
      positions with divisions of Henry Schein Inc., including serving as 
      Executive Vice President of Finance and CFO of Schein Pharmaceutical 
      prior to serving as President of Schein Pharmaceuticals’ 
      Retail Division and generic Danbury Pharmacal Division. Mr. Getraer has 
      also served in various management positions at Bristol-Myers Company 
      (presently Bristol-Myers Squibb “BMS”) 
      including as General Auditor with global responsibility, and Assistant 
      Controller-Financial Analysis, followed by an appointment as Vice 
      President, Finance and Business Development of a division of 
      Bristol-Myers Company. Corporate responsibility encompassed strategic 
      planning, finance, acquisitions, budgeting, analysis of operations and 
      plans and business development. He began his professional career as 
      Audit Manager for Arthur Andersen & Co.
    
    
      Mr. Getraer commented, “I am very pleased by 
      the vote of confidence from the Company. Synovics and its subsidiaries 
      including, Kirk and Synovics Labs with its great promise in generic 
      product lines led by omeprazole and metformin, provide an exceptional 
      opportunity for success. I look forward to playing an integral role in 
      developing and implementing plans to achieve our planned growth and 
      create additional shareholder value.”
    
    
      About Synovics:
    
    
      Synovics is a specialty pharmaceutical company engaged in the 
      development, manufacturing and commercialization of prescription Oral 
      Control Release (OCR) generic and Immediate Release (IR) drugs, improved 
      formulations of previously approved drugs and over-the-counter (OTC) 
      drugs. The Company has two operating subsidiaries, Kirk Pharmaceuticals, 
      LLC and ANDAPharm, LLC, which manufactures and sells OTC and 
      prescriptions private label drugs respectively, and Synovics Labs, Inc., 
      a drug development subsidiary that is pursuing generic drug 
      opportunities. In July 2006 Synovics announced the approval of its first 
      ANDA by the FDA, 500 mg metformin XR. In May of this year, the Company 
      announced it had finalized a definitive agreement for exclusive, 
      world-wide rights to develop and commercialize PharmPro Division of 
      Fluid Air Inc.’s proprietary OTC version of 
      omeprazole. The U.S. market for the branded omeprazole OTC is greater 
      than $600 million. There is presently no approved omeprazole OTC product 
      competitive to the brand for the U.S. market.
    
    
      “Safe Harbor” 
      statements under the Private Securities Litigation Reform Act of 1995: 
      Except for the historical information contained herein, the statements 
      made in this press release constitute forward-looking statements within 
      the meaning of Section 27A of the Securities Act of 1933 and Section 21E 
      of the Securities Exchange Act of 1934. Forward-looking statements can 
      be identified by their use of words such as “expects,” 
      “plans” “projects,” 
      “will,” “may,” 
      “anticipates,” “believes,” 
      “should,” “intends,” 
      “estimates” and 
      other words of similar meaning. Because such statements inherently 
      involve risks and uncertainties that cannot be predicted or quantified, 
      actual results may differ materially from those expressed or implied by 
      such forward-looking statements depending upon a number of factors 
      affecting the Company's business. These factors include, among others: 
      the difficulty in predicting the timing and outcome of product 
      development including biostudies demonstrating “bioequivalency,” 
      outcome of any pending or potential legal proceedings, including 
      patent-related matters such as patent challenge settlements and patent 
      infringement cases; the outcome of litigation arising from challenging 
      the validity or non-infringement of patents covering its products; the 
      outcome of the arbitration with Nostrum concerning the Company's 
      request for damages and/or rescission of shares of stock granted to 
      Nostrum under the Technology License Agreement; the outcome of 
      litigation the Company filed in Federal Court in New Jersey for damages 
      and a constructive trust based on various claims including breach of 
      fiduciary duty, fraud, usurpation of corporate opportunities and 
      tortious interference;, the difficulty of predicting the timing of FDA 
      approvals; court and FDA decisions on exclusivity periods; the ability 
      of competitors to extend exclusivity periods for their products; the 
      Company’s ability to complete product 
      development activities in the timeframes and for the costs it expects; 
      market and customer acceptance and demand for its products; the Company’s 
      possible dependence on revenues from significant customers; the use of 
      estimates in the preparation of the Company’s 
      financial statements; the potential for competitors to file ANDAs prior 
      to any filing by the Company pertaining to the same target brand; the 
      impact of competitive products and pricing on products, including the 
      launch of authorized generics; the ability to launch new products in the 
      timeframes it expects; the availability of raw materials; the 
      availability of any product it may purchase; the regulatory environment; 
      the Company’s exposure to product liability 
      and other lawsuits and contingencies; the increasing cost of insurance 
      and the availability of product liability insurance coverage; the Company’s 
      timely and successful completion of strategic initiatives, including 
      integrating companies and products it may acquire and implementing its 
      new enterprise resource planning system; fluctuations in operating 
      results, including the effects on such results from spending for 
      research and development, sales and marketing activities and patent 
      challenge activities; the inherent uncertainty associated with financial 
      projections; the outcome of ongoing efforts to improve Kirks operational 
      efficiency and customer performance; changes in generally accepted 
      accounting principles, fluctuations in operating results; capital 
      adequacy; statements of future plans relating to the Company's capital 
      needs, product development and filings with the FDA, business and growth 
      strategies; statements specifically concerning the successful closing of 
      acquisitions, and satisfying closing conditions of any future financial 
      transactions including debt or equity requirements, regulatory 
      requirements; and meeting conditions set by potential equity investors, 
      reliance on key strategic alliances, capital markets, and in general 
      risks related to the regulatory environment and government approval 
      processes, and any other risks detailed from time to time in the 
      Company's filings with the Securities and Exchange Commission. The 
      forward-looking statements contained in this press release speak only as 
      of the date the statement was made. The Company undertakes no obligation 
      (nor does it intend) to publicly update or revise any forward-looking 
      statements, whether as a result of new information, future events or 
      otherwise, except to the extent required under applicable law.