Basel/Switzerland and Bridgewater NJ/USA, 10 May 2007 Speedel (SWX: SPPN) announces the outcome of the Annual General Meeting of Speedel Holding Ltd which took place today at the Congress Centre, Messe Basel, Switzerland. Each of the proposals of the Board of Directors was approved by the shareholders with strong majorities: * The Annual Report, the financial statements and the consolidated financial statements for 2006 were approved. * The loss for 2006 was approved to be compensated with the balance sheet profit of 2005 and the remaining balance sheet loss of CHF 1,162,151 at 31 December 2006 was approved to be carried forward to 2006. * The members of the Board of Directors were discharged from their duties. * Dr. Ernst Schweizer was re-elected as a member of the Board for a three year term. Prof. Michel Burnier and Dr. Bradley J. Bolzon were elected new members of the Board for a three year term. * PricewaterhouseCoopers Ltd., Basel, were re-elected as auditors and group auditors for a further period of one year. Dr. Fritz Kunz, Chairman of the Board, commented: "2006 was again a demanding year in the fascinating development of this company. The recent launch of SPP100 (Tekturna/Rasilez) takes Speedel into a new era of recurring revenues, which will support the maturation of the pipeline. We look forward to benefiting from the guidance of our new Board members as the company moves confidently forward." Dr. Bradley J. Bolzon, new member of the Board, said: "I am delighted to be joining the Board of a progressive biopharmaceutical company such as Speedel. I look forward to sharing my experience in the industry and my expertise in business development as Speedel embarks on the next exciting phase in its growth." Professor Michel Burnier, new member of the Board, remarked: "Speedel is doing some important work to develop new treatments for patients suffering from cardiovascular and metabolic diseases. This is a significant opportunity to apply my medical expertise in this area, and I am very pleased to be joining the Board of a biopharmaceutical company such as Speedel with its track record in developing innovative therapies." The company also stated today that Dr.Michael Merz would not be joining Speedel as previously announced. Professor Hans R. Brunner will act as Medical Director ad interim while Dr.Thomas Littke will continue in his role as Head of Clinical Research & Development ad interim. Slides presented at the AGM can be accessed on the company's website at http://www.speedel.com/section/6/subsections/8 Professor Michel Burnier was born in 1953 and is a Swiss citizen. He studied medicine and received his doctorate from the Faculty of Medicine of the University of Lausanne, Switzerland. He was a post-doctoral Renal Fellow at the University of Colorado Health Sciences Centre, USA (under Prof. R.W. Schrier). Since 1986 he has held increasing positions of responsibility at the University Hospital of Lausanne, under Prof. J. P. Wauters and Prof. H.R. Brunner, and from 1992-2004 was vice-director of the outpatient department at the Policlinique Médicale Universitaire in Lausanne. In 2004 he was appointed Head of the Division of Nephrology and responsible for hypertension consultation at the University Hospital of Lausanne. Michel Burnier has received awards in cardiovascular research from Bristol Myers Squib, Merck Sharp and Dohme, and Pfizer. He has participated as an investigator in numerous clinical trials in cardiovascular and metabolic diseases. Dr. Bradley J. Bolzon was born in 1959 and is a Canadian citizen. He received Doctor of Philosophy and Master of Science degrees in Pharmacology from the University of Toronto, Canada. He conducted his post-doctoral research training at the Ottawa Heart Institute, Canada. From 1992 to 1999 he held executive roles at Eli Lilly and Company in drug discovery, business development, clinical research and regulatory affairs. In 2000 he joined F. Hoffmann-La Roche Ltd and in February 2001 was appointed Executive Vice President, Global Head of Business Development, Licensing & Alliances. Under his leadership, Roche's Pharmaceuticals Division established alliances with over 75 biotechnology companies worldwide and significantly strengthened the company's product pipeline. In 2004 Bradley Bolzon became a Managing Director of Versant Ventures, a firm specialising in venture capital for healthcare and biotechnology. He currently serves as a board member for Euro Ventures Inc., Amira Pharmaceuticals, Antipodean Pharmaceuticals, Synosia Therapeutics, Sentient Pharmaceuticals and Metabolex Inc. Professor Hans R. Brunner, was born in 1937 and is a Swiss citizen. He is a Professor Emeritus of Medicine at the University of Lausanne, Switzerland. He has been at the forefront of research on the role of renin and the renin-angiotensin system in blood pressure regulation. He has been involved in the development of drugs such as Angiotensin Converting Enzyme Inhibitors (ACE-I) and Angiotensin Receptor Blockers (ARB). He was among the first medical practitioners to introduce the use of ACE-Is in the treatment of hypertension and congestive heart failure. Prof. Brunner has been a medical advisor to Speedel since 1999. Thomas Littke M.D., was born in 1965 and is a German Citizen. He studied medicine at the University of Freiburg, Germany. Since 1993 he has worked in the pharmaceutical industry, with particular experience in cardiovascular and metabolic diseases. He was a senior clinical research scientist at Takeda in Germany, an international medical advisor at Novartis in Switzerland and director of clinical operations at PRA International, a contract research organisation in Germany. Dr. Littke joined Speedel in 2001 as Director of Clinical Operations. About Speedel Speedel is a public biopharmaceutical company that seeks to create value for patients, partners and investors by developing innovative therapies for cardiovascular and metabolic diseases. Speedel is a world leader in renin inhibition, a promising new approach with significant potential for treating cardiovascular diseases. Our lead compound SPP100 ( Tekturna/Rasilez [1]), the first-in-class renin inhibitor, was in-licensed from Novartis in 1999 and licensed-back to Novartis Pharma in 2002 for further development and commercialisation; SPP100 was approved by the FDA in the US in March 2007, and filed by Novartis with the EMEA in the EU in Q3 2006. Our pipeline covers three different modes of action, and in addition to SPP100, includes SPP301 in Phase III (on hold), SPP200 in Phase II, SPP635 in Phase Il, SPP1148 in Phase I and several pre-clinical projects. Speedel develops novel product candidates through focused innovation and smart drug development from lead identification to the end of Phase II. We either partner with big pharma for Phase III and commercialisation in primary-care indications, or we may ourselves complete Phase III development in specialist indications. Candidate compounds for development and the company's intellectual property come from our late-stage research unit Speedel Experimenta and from in-licensing. Our team of approximately 70 employees, including over 30 experienced pharmaceutical scientists, is located at our headquarters and laboratories in Basel, Switzerland and at offices in New Jersey, USA and Tokyo, Japan. In January 2007 the company raised gross proceeds of CHF 55.5 million (approximately EUR 34.3 million or USD 44.5 million) through a convertible bond issue. In March 2006 the company raised gross proceeds of CHF 83.95 million (approximately EUR 53m or USD 64m) through the public offering of 500,000 treasury shares. Previously, as a private company, we raised gross proceeds of CHF 255 million (approximately EUR 157 million or USD 204 million) from private placements of equity securities and two convertible loans including the conversion premiums. We have had total revenues, principally from milestone payments, of CHF 57.7 million (approximately EUR 37 million or USD 44 million). The company's shares were listed in September 2005 on the SWX Swiss Exchange under the symbol SPPN. Forward looking statements This press release includes forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are based on our current expectations and projections about future events. All statements, other than statements of historical facts, regarding our strategy, future operations, future financial position, future revenues, projected costs, prospects, plans and objectives of management are forward-looking statements. The word "may" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations described in these forward-looking statements and you should not place undue reliance on them. There can be no assurance that actual results of our research and development activities and our results of operations will not differ materially from these expectations. Factors that could cause actual results to differ from expectations include, among others: our or our partners' ability to develop safe and efficacious products; our or our partners' ability to achieve positive results in clinical trials; our or our partners' ability to obtain marketing approval and market acceptance for our product candidates; our ability to enter into future collaboration and licensing agreements; the impact of competition and technological change; existing and future regulations affecting our business; changes in governmental oversight of pharmaceutical product development; the future scope of our patent coverage or that of third parties; the effects of any future litigation; general economic and business conditions, both internationally and within our industry, including exchange rate variations; and our future financing plans. -- Ends -- For further information please contact Nick Miles Director Communications & Investor Relations Speedel Hirschgässlein 11 CH - 4051 Basel Switzerland T +41 (0) 61 206 40 00 D +41 (0) 61 206 40 14 F +41 (0) 61 206 40 01 M +41 (0) 79 446 25 21 E [email protected] www.speedel.com Frank LaSaracina Managing Director Speedel Pharmaceuticals Inc 1661 Route 22 West P.O. Box 6532 Bridgewater, NJ 08807 United States of America T +1 732 537 2290 F +1 732 537 2292 M +1 908 338 0501 E [email protected] www.speedel.com [1] Tekturna/Rasilez® are Novartis trademarks