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Modigene Announces Closing of $12 Million Financing by Members of The Frost Group
Date:3/27/2008

- Financing Includes Equity Investment and Line of Credit -

NES-ZIONA, Israel, March 27 /PRNewswire-FirstCall/ -- Modigene Inc. (OTC Bulletin Board: MODG), a biopharmaceutical company applying its patented technology to develop longer-acting versions of already-approved therapeutic proteins, today announced that it has closed a $2 million equity investment by a group of private investors and has entered into a line of credit agreement that provides for the availability of an additional $10 million financing. The equity investors consist of a group led by Dr. Phillip Frost, who is also the Chairman of the Board of Modigene, and the line of credit has been extended by The Frost Group LLC. Two other directors of Modigene, Dr. Jane Hsiao and Steven Rubin, are participants in the equity financing and are members of The Frost Group.

In the equity financing, Modigene issued a convertible series A preferred security at a price of $2.50 per preferred share and under the line of credit it received an option to borrow up to $10 million at an interest rate of 10% per annum that includes warrant coverage if utilized.

"Protein therapeutics represent an increasingly significant segment of the biopharmaceutical market, and we believe that Modigene's unique technology has great potential to deliver the longer-acting drugs sought by patients and their health providers," said Dr. Frost. "We welcome this opportunity to further support this promising company."

The convertible series A preferred security automatically converts into Modigene unregistered common stock after four years at a price that will be set depending on the company's market capitalization at that time. The price targets are structured to offer more favorable terms to the investors if the company is able to significantly increase its market capitalization by at least four times during this period - a market capitalization that would benefit all shareholders.

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SOURCE Modigene Inc.
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