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Miles
Km80.5

   

Ambrilia Biopharma Inc. Provides Bi-Weekly Update on Its Status


11/10/2010 11:10:33 AM

MONTREAL, QUEBEC--(Marketwire - November 10, 2010) - ATTENTION BUSINESS/FINANCIAL/HEALTH EDITORS

Ambrilia Biopharma Inc. (TSX: AMB) is providing today its bi-weekly Default Status Report under National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("Default Status Report").

Ambrilia also announced today that the filing of its interim financial statements, management's discussion and analysis and related CEO and CFO certifications for the third quarter ended on September 30, 2010, will be delayed beyond the filing deadline of November 12, 2010. As a result of Ambrilia's ongoing review process while under the Companies' Creditors Arrangement Act (Canada) ("CCAA") protection, there is a high degree of measurement uncertainty with respect to the appropriate carrying value of certain of Ambrilia's assets on its balance sheet and as a result Ambrilia is unable to prepare its Interim Filings.

On August 4, 2010, Ambrilia announced that the filing of its interim financial statements, management's discussion and analysis and related CEO and CFO certifications for the second quarter ended on June 30, 2010, would be delayed beyond the filing deadline of August 13, 2010.

On May 12, 2010, Ambrilia announced that the filing of its interim financial statements, management's discussion and analysis and related CEO and CFO certifications for the first quarter ended on March 31, 2010, was being delayed beyond the filing deadline thereof.

On April 1, 2010, Ambrilia had announced that the filing of its 2009 audited financial statements, annual management's discussion and analysis, related CEO and CFO certifications and its annual information form, was being delayed beyond the filing deadline thereof.

On November 16, 2009, Ambrilia had previously announced that the filing of its interim financial statements, management's discussion and analysis and related CEO and CFO certifications for the third quarter ended on September 30, 2009, was being delayed beyond the filing deadline thereof.

On August 11, 2009, Ambrilia had previously announced that the filing of its interim financial statements, management's discussion and analysis and related CEO and CFO certifications for the second quarter ended on June 30, 2009, was being delayed beyond the filing deadline thereof.

Other than the information set out above, Ambrilia reports that, since its most recent default announcement on August 4, 2010, there have not been any material changes to the information contained therein, or any failure by Ambrilia to fulfill its intentions with respect to satisfying the provisions of the alternative information guidelines, and there have been no additional defaults subsequent to such announcement. Further, there has been no additional material information concerning Ambrilia and its affairs since its last bi-weekly Default Status Report dated October 27, 2010, that has not been disclosed. Ambrilia intends to file, if required, its next Default Status Report by November 24, 2010.

Ambrilia has been operating under the protection of the Companies' Creditors Arrangement Act (Canada) ("CCAA") since July 31, 2009.

Any recovery for creditors and other stakeholders, including shareholders, is uncertain and is highly dependent upon a number of factors, including the outcome of Ambrilia proceedings under the CCAA.

About Ambrilia Biopharma Inc.

Ambrilia Biopharma Inc. (TSX: AMB) is a biotechnology company focused on the discovery and development of novel treatments for viral diseases and cancer. The Company's strategy aims to capitalize on its broad portfolio and original expertise in virology. Ambrilia's product portfolio is comprised of oncology and antiviral assets, including two new formulations of existing peptides for cancer treatment, a targeted delivery technology for cancer, an HIV protease inhibitor program as well as HIV integrase and entry inhibitors, Hepatitis C virus inhibitors and anti-Influenza A compounds. Ambrilia's head office is located in Montreal. For more information, please visit the Company's web site: www.ambrilia.com.

The Company is currently subject to court protection under the CCAA.

Ambrilia's forward looking statements

This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. There is a risk that expectations and forward looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on these forward-looking statements as they involve risks and uncertainties, which could make actual results differ materially from those projected herein and depend on a number of factors including, but not limited to, the timing and continuance of the CCAA protection, the uncertainty involved in the court proceedings and the implementation of any plan of arrangement under the CCAA, changing market conditions, successful and timely completion of clinical studies, uncertainties related to the regulatory approval process, establishment of corporate alliances and other risks detailed from time to time in the Company's filings. We refer you to the Risk Factors section of the Company's annual information form which contains a more exhaustive analysis of the risks and uncertainties that are generally connected to the business of the Company. Such statements are also based on various assumptions, including the successful emergence from the insolvency proceedings, the successful and timely completion of clinical studies on Ambrilia's products demonstrating efficacy and safety for human use, their successful commercialization within the forecasted timelines and the attainment of the forecasted milestone payments and other revenues. Failure to complete a strategic or financial transaction as a result of the review of strategic alternatives could have a material adverse effect on Ambrilia. While Ambrilia anticipates that subsequent events and developments may cause Ambrilia's views to change, Ambrilia specifically disclaims any obligation to update these forward looking statements, unless obligated to do so by applicable securities laws.


Contacts:
Ambrilia Biopharma Inc.
Richard La Rue, L.L.L., D.D.N.
Interim President & CEO
514-751-2003 ext. 269
rlarue@ambrilia.com
www.ambrilia.com



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