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

is a winning combination for Modigene and its shareholders," said Avri Havron, CEO of Modigene. "It provides the company with an immediate $2 million in cash and an option to borrow up to another $10 million at very attractive terms. We believe that Modigene's current cash position, our anticipated cash grants from the Israeli government for our human growth hormone program and the option for a $10 million five-year loan provide us with a robust capital structure. We anticipate that these resources will be sufficient to enable us to complete Phase II clinical studies for our two most advanced long-acting protein therapeutics and also provide us with at least three years of operating cash."

The line of credit extended by The Frost Group is initially for a one-year period. If Modigene draws down cash from the line of credit during the one-year period, Modigene will issue to The Frost Group 1.5 million warrants to purchase unregistered common stock of the company. The warrants have a five-year term and a $0.99 exercise price. Although the line of credit is secured, the intellectual property of the company is not part of any lien or security provided to The Frost Group under the line of credit.

"The attractive terms of this financing further demonstrate the strong commitment of the Frost investor group to Modigene," added Mr. Havron. "The structure of the transaction is well-aligned with the interests of all our shareholders. We view the option to borrow up to $10 million at favorable terms an important strategic advantage for a preclinical stage biotechnology company such as Modigene, providing management and our shareholders with the flexibility of significant potential leverage."

For more information on the financing, visit the SEC filings link at our website at http://www.modigeneinc.com.

Modigene's technology is based on a short amino acid sequence, the carboxyl terminal peptide (CT
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SOURCE Modigene Inc.
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