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

ogress further along the commercialization path, the Company initiates partnership activities and augments its product candidate pipeline.

Net loss for the three-month period ended March 31, 2008 was $5,017,055 or $0.19 per share, compared to a net loss of $3,228,411 or $0.17 per share for the three-month period ended March 31, 2007.

As of March 31, 2008 the Company had cash and cash equivalents totaling $16,284,778 and a net positive working capital balance of $15,260,129 compared to $20,444,013 and $19,518,408, respectively, at December 31, 2007. Total long-term debt at March 31, 2008 was $1,930,962 compared with $1,389,047 at December 31, 2007.

As at March 31, 2008 the Company had 25,937,476 common shares outstanding, 4,322,000 warrants, and 1,282,429 options.

About SemBioSys Genetics Inc. (http://www.sembiosys.com)

Calgary, Alberta-based SemBioSys Genetics Inc. is a biotechnology company developing protein-based pharmaceuticals for metabolic and cardiovascular diseases. The Company's lead pharmaceutical candidates, produced in the plant host safflower, are recombinant human insulin to serve the rapidly expanding global diabetes market and Apo AI, a next generation cardiovascular drug. In addition to its pharmaceutical products, SemBioSys is developing a series of non-pharmaceutical products addressing human topical, nutritional oils and agricultural biotechnology markets. More information is available and can be accessed at http://www.sembiosys.com.

This press release contains certain forward-looking statements, including, without limitation, statements containing the words "believe", "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect" and other similar expressions which constitute "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking stat
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SOURCE SemBioSys Genetics Inc.
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