Calgary, Alberta, Canada
April 30, 2012

SemBioSys Genetics Inc. ("SemBioSys" or the "Company") (TSX: SBS), a development stage biotechnology company that has utilized its proprietary safflower based technology platform to develop high-value proteins and other products, provided an update today on the voluntary delisting of its common shares from the Toronto Stock Exchange (TSX) previously disclosed on April, 4, 2012.
SemBioSys has aggressively pursued several strategic options, but unfortunately these have not come to a successful conclusion. The liquidity situation of the Company has worsened since April 4, 2012, as no further proceeds have been raised.

On October 11, 2011, the Company announced that it had signed a strategic partnership with Tianjin Tasly Pharmaceutical Co., Ltd. and Tasly Pharmaceuticals, Inc. ("Tasly"). The parties have been unable to agree on certain fundamental issues including initial budgets. The Company has been in communication with Tasly in an attempt to resolve and revive the intended business arrangement that would provide value to SemBioSys shareholders. Unfortunately, these efforts have not been successful, and, as a result, the Company has not yet transferred any of its intellectual property to the newly formed joint venture.

As a result of that situation, it is likely that the Company will not continue to operate as a going concern. SemBioSys has begun activities to orderly wind down the Company's business in the most effective manner possible. During this process, the Company will continue to entertain strategic options should they arise. However, should any strategic options be consumated, there is no assurance that it will provide any return and value to its shareholders or stakeholders going forward.

In the wind down of operations, SemBioSys is working towards the settlement of it's obligations where appropriate. However, there is no assurance that this effort will extinguish any of, or the full amount of, the Company's liabilities. Certain company assets and intellectual property are secured by third parties and the Licensor of the intellectual property has certain rights as well.

As noted in the Company's press release of April 4, 2012, the Company will voluntarily delist from the TSX and has provided the TSX with all the necessary documents to transact this orderly. The Company's lack of funds and uncertainty to exist as a going concern will not allow it to list on another stock exchange. The Company's securities will remain listed on the TSX until the end of trading on May 1, 2012, to provide potential liquidity to its shareholders prior to delisting. Each of the directors of the Company has resigned with effective May 1, 2012.

The Company has postponed its annual general meeting scheduled for May 9, 2012 and will post on SEDAR (www.sedar.com) a revised meeting time thereof. Additional disclosure documents will also be provided on SEDAR.

"This is a very unfortunate and difficult situation for all of the many stakeholders of SemBioSys that have provided so much commitment, energy and financial resources to what we all expected would be a successful venture, including the expectation that our novel science would have a fundamental impact on human health and the further well-being thereof," said James Szarko, CEO of SemBioSys. "I would like to again thank our shareholders, stakeholders and former employees for their exceptional commitment."
 

Website: http://www.sembiosys.ca

Published: April 30, 2012