SemBioSys announces second quarter 2008 financial and operation...( Canadian Biotechnology Company hi...)

Canadian Biotechnology Company hits key insulin and Apo AI(Milano)

milestones

TSX symbol: SBS

CALGARY, Aug. 5 /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 second quarter financial and operational results.

Highlights

Insulin Program

- Submitted an Investigational New Drug Application (IND) for

safflower-produced insulin to the U.S. Food and Drug Administration

(FDA), subsequent to the end of the quarter.

- Met with the European Medicines Agency (EMEA) to agree upon a

clinical development strategy designed to allow simultaneous European

and U.S. submissions for safflower-produced insulin.

Apo AI Program

- Demonstrated that safflower-produced Apo AI(Milano) is functional, by

measuring increased cholesterol mobilization, in a widely accepted

animal model.

Botaneco

- Received $4 million in funding from Avrio Ventures Limited

Partnership in the form of a convertible debenture to accelerate the

commercialization of Hydresia(TM) products from Botaneco Specialty

Ingredients Inc., a SemBioSys subsidiary.

Outlook

SemBioSys intends to follow its recent IND application with the submission of a Clinical Trial Application (CTA) to the appropriate European authorities later in the third quarter of this year. In order to meet both FDA and EMEA requirements, the Company plans to conduct a Phase I/II clinical trial wherein safflower-produced insulin is compared to both U.S. and European-sourced reference insulin. The upcoming insulin milestone events include:

- Complete production of clinical grade insulin supply for use in Phase

I/II human clinical trials.

- Upon CTA approval, initiation of a single-do
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