SemBioSys announces second quarter 2008 financial and operation...(legal costs for patent applications for ...)

Business development costs for the three and six-month periods ended June 30, 2008 were $155,522 and $315,152 respectively, compared with $404,434 and $713,909 for the corresponding periods last year. The difference is primarily due to the shift in Botaneco's activities from essentially entirely business development related prior to the commissioning of its commercial manufacturing operations which occurred in September 2007, to now being fully operational.

Net loss for the 2008 second quarter was $6,414,856 or ($0.25) per share, compared to a net loss of $3,225,371 or ($0.15) per share for the same period last year. Net loss for the six-month period ended June 30, 2008 was $11,431,911 or ($0.44) per share compared with $6,453,782 or ($0.31) per share for the same six-month period last year. The change in net loss is primarily due to the increased commercial activities of Botaneco and the increased preclinical activities related to insulin and Apo AI.

As at June 30, 2008 the Company had cash and cash equivalents totaling $14,101,923 and a net positive working capital balance of $13,154,749 compared to $20,444,013 and $19,518,408 respectively, at December 31, 2007. Total long-term debt and convertible debentures at June 30, 2008 was $4,352,904 compared with $1,389,047 at December 31, 2007.

As at July 31, 2008 the Company had 25,938,294 common shares outstanding, 2,390,000 warrants and 2,387,269 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 s
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