SemBioSys announces first quarter 2008 financial and operation...( - Canadian Biotechnology Company mar...)

- Canadian Biotechnology Company marks key milestones with insulin and Apo

AI programs -

TSX symbol: SBS

CALGARY, May 9 /PRNewswire-FirstCall/ - SemBioSys Genetics Inc. (TSX:SBS), a biotechnology company developing a portfolio of therapeutic proteins for metabolic and cardiovascular diseases, today announced its 2008 first quarter operational and financial results.

Highlights

- Prepared pilot scale quantities of insulin from its facilities and

initiated the final animal toxicology study for safflower-produced

insulin

- Initiated animal studies of the Company's safflower-produced Apo

AI(Milano) that will provide important cholesterol mobilization data,

subsequent to the end of the quarter

- Announced Burt's Bees launched three products containing Hydresia(TM)

in the U.S. personal care market, representing Botaneco's (a wholly-

owned subsidiary of SemBioSys) first national brand name customer

- Received a $350,000 milestone payment from AVAC Ltd. in recognition

of critical advances in the Company's safflower-produced insulin

program and a $500,000 milestone payment from AVAC to support the

commercial activities of Botaneco

- Launched the second generation oleosome product, Hydresia(TM) G2,

subsequent to the end of the quarter

Outlook

SemBioSys is currently conducting all the necessary preclinical work for safflower-produced insulin to enable it to file an IND application with the FDA in the second half of 2008 which would then, pending feedback from the FDA, allow it to proceed into human clinical trials in the second half of 2008. The upcoming insulin milestone events include:

- Submission of an IND to the FDA in the second half of 2008 upon

completion of the toxicology studies of safflower-produced in
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