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SemBioSys announces 2007 third quarter results
Date:11/1/2007

attributable to a $1,516,906 non-cash license fee incurred in the second quarter of 2006 for the acquisition of technology from Syngenta Crop Protection AG in exchange for warrants.

Business development costs for the three-month and nine-month periods ended September 30, 2007 were $396,481 and $1,115,033 respectively, compared with $134,182 and $586,279 for the corresponding periods last year. The difference is primarily related to the commercialization activities of Botaneco.

Net loss for the three-month period ended September 30, 2007 was $3,680,950 or ($0.17) per share, compared to a net loss of $2,659,025 or ($0.16) per share for the same period last year. Net loss for the nine-month period ended September 30, 2007 was $10,134,732 or ($0.48) per share compared with $9,771,546 or ($0.59) for the same nine-month period last year.

As at September 30, 2007 the Company had cash and cash equivalents totaling $17,329,814 compared to $22,877,784 at June 30, 2007.

Subsequent to the end of the quarter the Company entered into an agreement to issue 2,500,000 units of the Company at a price of $2.60 per unit, on a bought deal private placement basis to a syndicate of underwriters. The Company also granted the underwriters an over-allotment option to purchase up to an additional 1,180,000 units on the same terms as the initial amount which, if exercised in full, would raise the total gross proceeds to the Company to $9,658,000. The offering is expected to close on or about November 14, 2007 and is subject to the receipt of all necessary regulatory and stock exchange approvals, as well as completion of standard documentation and other customary terms and conditions. Each unit will consist of one common share of the Company and one-half of one common share purchase warrant.

Outlook

The Company has completed a number of the major scientific milestones necessary to proceed into human clinical trials of safflower-produced insulin in the first
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SOURCE SemBioSys Genetics Inc.
Copyright©2007 PR Newswire.
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