Calgary, Alberta, Canada
December 10, 2009

SemBioSys Genetics Inc. (TSX:SBS), specializing in the manufacture of high-value proteins and oils in plant seeds, today announced that it has received a $400,000 milestone payment from AVAC Ltd. as part of the previously announced $1.5 million non-dilutive investment for the development of its Apo AI(Milano) candidate. AVAC is a private, not-for-profit company that invests in research initiatives and early-stage commercial businesses that expand Alberta's value-added industry.

This is the second payment SemBioSys has received from AVAC, following the upfront payment SemBioSys received from AVAC in May. The final milestone payment will be based on the execution of additional short term Apo AI(Milano) development milestones.

"SemBioSys has successfully delivered on several Apo AI(Milano) milestones including the initiation of bench to pilot manufacturing scale-up and the harvest of more than 20 tonnes of safflower seed containing Apo AI(Milano), which provides a surplus of Apo AI(Milano) material for the scale-up process," said James Szarko, President and CEO of SemBioSys Genetics Inc. "This second tranche of funding demonstrates SemBioSys' ability to continue to hit key milestones in its Apo AI(Milano) development program, as well as AVAC's ongoing support for SemBioSys' platform technology and this promising next-generation cardiovascular candidate."
 

Website: http://www.sembiosys.ca

Published: December 10, 2009