CHICAGO, Jan. 7 /PRNewswire/ -- Endorex Corporation (Amex: DOR) announced
today the closing of a $750,000 financing agreement with FINOVA Capital
Corporation.  This line of credit will be used to finance development of
Endorex's new R&D center in Lake Forest, Illinois which is dedicated to
developing the company's oral delivery technology for drugs and vaccines.
FINOVA will provide Endorex with $750,000 of financing in the form of secured
equipment loans over the next 12 months, of which $300,000 was drawn at
closing on December 31, 1998.
    "FINOVA demonstrated an excellent understanding of our business and a
strong desire to help finance our growth in developing drug delivery systems,"
said Dave Franckowiak, V.P. finance of Endorex Corporation.  "We believe this
relationship will establish the foundation for a long-term relationship that
helps fulfill our needs for interim financing."
    According to Mary Ann Gianni, marketing vice president of FINOVA's
Technology Finance division: "We are excited about the opportunity to work
with emerging biotech companies like Endorex and look forward to providing
them with the financing they need to successfully manage their growth."
    The FINOVA Group Inc. (NYSE: FNV), through its principal operating
subsidiary, FINOVA Capital Corporation, is one of the nation's leading
financial services companies focused on providing a broad range of capital
solutions primarily to emerging growth and midsize businesses.  FINOVA is
headquartered in Phoenix with business development offices throughout the U.S.
and in London, U.K. and Toronto, Canada.
    Endorex Corporation is a drug delivery and cancer products company.
Endorex's has licensed technology from the Massachusetts Institute of
Technology (MIT) that is being developed to orally deliver vaccines, proteins
and peptides.  In 1998, Endorex formed two joint ventures with Elan
Corporation, plc (NYSE: ELN).  The first joint venture, Innovax, is developing
oral delivery systems for human and animal vaccines.  Endorex is focusing on
two innovative directions in cancer therapy: immunotherapy (ImmTher(R)) and
natural cancer therapy (Perillyl alcohol, a novel anticancer agent based on
monoterpenes).  Several Phase II clinical trials for Endorex's cancer drugs
were initiated during 1998 and are ongoing.
    The statements made in this press release contain certain forward-looking
statements, within the meaning of Section 21E of the Securities Exchange Act
of 1934, as amended, that involve a number of known and unknown risks and
uncertainties.  Such statements are only predictions and actual events or
results in future periods may differ materially from what is currently
anticipated.  In addition to the matters described in this press release, risk
factors as described from time to time in Endorex's filing with the Securities
and Exchange Commission, including, but not limited to, its most recent
reports on Form 10-QSB and Form 10-KSB, may affect the results achieved by
Endorex.  The Company assumes no obligation to update the information in this
release.

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