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SemBioSys announces first quarter 2008 financial and operational results
Date:5/9/2008

us to begin the clinical trials for our safflower-produced insulin, with the initiation of the animal toxicology study required before the submission of an IND. We intend to submit that IND in the coming months and, if granted approval by the FDA, initiate a Phase I/II trial during the second half of 2008," said Andrew Baum, President and CEO of SemBioSys Genetics Inc. "Equally as important as insulin, we have initiated preclinical studies to establish functionality of safflower-produced Apo AI(Milano) in animals, the results of which will be critical in confirming our transformative HDL (high density lipoprotein) program. We also continue to execute our growth strategy for our non-pharmaceutical products. In particular, we have launched our second generation oleosome product, Hydresia(TM) G2, and signed Burt's Bees as our first brand name customer. We continue to develop business opportunities to further increase the sales revenues of Botaneco and are currently in discussions with a number of potential customers in this area."

Financials

Please note that prior to the third quarter of 2007, SemBioSys operated under one segment. During the third quarter of 2007, Botaneco completed the construction of its manufacturing facility and SemBioSys began operating in two reportable segments: (i) the Biopharmaceutical, Animal Health, and Nutritional Oils segment focused on the Company's lead pharmaceutical candidates, recombinant human insulin and Apo AI, in addition to its animal health product, ImmunoSphere(TM) and nutritional oils, DHA and GLA and (ii) the Specialty Ingredients segment which will manufacture and market branded lines of naturally derived base emulsions and delivery systems used in the development of cosmetic, personal care and prescription topical/dermatology products through the Botaneco subsidiaries.

Total revenue for the three-month period ended March 31, 2008 was $210,027 compared with $542,788 for the corresponding period in 2007.
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SOURCE SemBioSys Genetics Inc.
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