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SemBioSys receives milestone payments from AVAC Ltd.
Date:4/7/2008

Investigational New Drug (IND) application to the U.S. Food and Drug Administration (FDA) in the third quarter of 2008 in order to begin a Phase I/II clinical trial later this year. Currently, the world insulin market is estimated to be over US$7 billion per year, with the potential to double by 2012.

SemBioSys also received a $500,000 milestone payment as part of the non-dilutive funding from AVAC of up to $2.4 million for advancing the development of its wholly-owned subsidiary, Botaneco. To receive this payment, SemBioSys successfully established its Botaneco technical service and sales centre and completed work on claim substantiation for a new product application of the Hydresia(TM) ingredient. As part of this milestone, Botaneco announced earlier this year that Burt's Bees, the largest natural personal care company in North America, was using Hydresia in three of its products. The addressable market for personal care ingredients is greater than US$15 billion per year.

In return for its investment, AVAC is entitled to receive a royalty, on gross revenues derived from each of the two programs insulin and Botaneco, in arrears beginning in March 2008 and December 2009, respectively, until an aggregate return up to a maximum of two times the gross amount invested by AVAC has been remitted.

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 biot
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SOURCE SemBioSys Genetics Inc.
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