PARI and Kamada Announce Successful
Phase I Results for Aerosolized Alpha-1 Antitrypsin (AAT)

Monterey, California, JANUARY 15, 2008 – Successful results of Kamada’s (TASE: KMDA) Phase I clinical trial were announced for their inhaled Alpha-1 Antitrypsin (AAT) liquid drug candidate that was delivered by PARI’s optimized eFlow® electronic nebulizer. Dosage levels studied resulted in good safety profiles and patient tolerability, leading the way to continued clinical development of AAT for administration via an optimized eFlow to the lungs.

The European Medicines Agency (EMEA) has already approved Phases II-III of Kamada’s clinical plan for treating Alpha-1 Antitrypsin deficiency with the company's aerosolized AAT product. This enables the company to move forward with its joint development plan with PARI. Kamada's aerosolized AAT is also being developed for the treatment of other lung diseases, including Cystic Fibrosis (CF).

“We are pleased to see these positive results in the development of the first aerosolized AAT therapy and look forward to the advancement of the clinical plan,” said Dr. Martin Knoch, President of PARI Pharma GmbH. “The advancements with eFlow enable many active ingredients that previously were only available through IV therapy, such as AAT, to be delivered in a new format via inhalation – an advancement that we believe will truly benefit patients.”

AAT is currently used for replacement therapy in the form of intravenous infusions that reach the lungs through the bloodstream. Kamada also produces and markets an intravenous AAT preparation in several countries and is undergoing Phase III trials in the United States with its intravenous AAT. An inhaled treatment would offer a targeted therapy by delivering medication directly to the lungs.

Inhaled AAT was designated, both in Europe and in the USA, as an orphan drug for the treatment of Congenital Emphysema and Cystic Fibrosis (CF).

About eFlow
eFlow, an electronic, portable nebulizer, enables extremely efficient aerosolization of liquid medications via a vibrating, perforated membrane. Compared to other nebulizer systems, eFlow can produce aerosols with a very high density of active drug, a precisely defined droplet size, and a high proportion of respirable droplets delivered in the shortest possible period of time. Combined with its silent mode of operation, small size (it fits in the palm of your hand), light weight, and battery use, eFlow helps reduce the burden of taking daily, inhaled treatments. For additional information please see www.paripharma.com

About Kamada
Kamada is a publicly traded biopharmaceutical company (TASE: KMDA) developing, producing, and marketing a line of specialty biotherapeutics using its proprietary chromatographic purification technologies. Licensed and marketed in more than 15 countries, several of these biotherapeutics hold registered and pending patents and are currently in advanced clinical trials. Additional information isavailable at www.kamada.com

About PARI Pharma
PARI Pharma develops aerosol delivery devices and inhaled therapies. Based on PARI's 100-year history working with aerosols, PARI Pharma specializes in treatments for pulmonary and nasal administration optimized to advanced delivery platforms, such as eFlow. Focusing on comprehensive inhalation therapy development, including optimized nebulizer formulations, analytics, and aerosol characterization, PARI Pharma has several clinical development programs ongoing, either partnered or proprietary. PARI Pharma, a PARI Medical Holding company, is located in Munich, Germany, with a major presence in the United States. Online at www.paripharma.com

Additional information is available by contacting Kirsten Ayars at 805-452-7909 or Geoff Hunziker at 831-372-3580.
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