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Industrial Biotechnology Corporation Announces Biological Chemical Scale Up Development Contract With Angel Biotechnology Ltd


3/3/2006 12:38:03 PM

SARASOTA, Fla., March 3 /PRNewswire-FirstCall/ -- Industrial Biotechnology Corporation ("IBC" or the "Company") and Angel Biotechnology Holdings plc (AIM: ABH), a biopharmaceutical contract manufacturer that was recently admitted for trading on AIM, jointly announce a biological scale up development contract.

The programme of works contract provides for fermentation scale up and optimization of IBC's proprietary production systems for selected specialty chemicals of biological origin after the designer enzyme for the specific chemical has been created. The contract calls for a combination of cash and IBC restricted stock to Angel based upon deliverable milestones achieved.

Dr. Gurinder Shahi Ph.D., Chief Technologist of IBC, states, "Angel is a perfect scale up partner for us. They have an excellent reputation and strong capabilities in areas that are synergistic to our needs. Working together, we expect to accelerate the process of bringing high value chemicals that are produced using IBC's patented designer enzyme technology to market."

"We are very pleased to work with IBC and their exciting new technology. We look forward to assisting IBC develop, produce and manufacture many chemicals at lower costs and with less impact to the environment than traditional chemical production methods. We are extremely confident in our team's ability and expertise to meet their needs and deliverables," said Gordon Sherriff, Chief Operating Officer of Angel ( http://www.angelbio.com ).

About Angel Biotechnology Holdings, plc

Angel Biotechnology (AIM: ABH) ( www.angelbio.com ) is a biopharmaceutical company offering process development services and pre-GMP and cGMP manufacturing to support biotechnology and pharmaceutical companies worldwide. Angel's principal activity is the manufacture and supply of materials for use in early stage drug development and pre-clinical studies, along with drug product and CMC documentation for Phases I, II and III clinical trials and the manufacture of licensed drugs or vaccines.

Angel is managed by a team that has more than 100 years' combined experience in pharmaceutical and biopharmaceutical manufacture, gained in companies such as Glaxo, SmithKline Beecham and Serologicals Inc.

Angel operates out of two sites, at Cramlington near Newcastle upon Tyne and at Pentlands Science Park, near Edinburgh.

About Industrial Biotechnology Corporation

Industrial Biotechnology Corporation ("IBC") commercializes proprietary technologies and intellectual property in the emerging field of biologically produced chemicals. We believe these technologies enable IBC to more efficiently manufacture high value chemicals at significantly lower costs, with a substantially lower environmental impact than traditional methods, and with a higher purity. Through licensing, partnerships, and direct sales via multiple distribution channels to several industries, IBC will bring to market new and established chemicals that are in high demand for use in Flavors and Fragrances, Fine chemicals, Pharmaceutical, Agricultural, Environmental and Bio-Energy applications. IBC's pioneering and state-of-the-art biological production methods can replace large manufacturing facilities, many of which employ hazardous processes, and toxic materials in their chemical production. These innovative methods involve fewer production steps, and through the use of "designer" enzymes and proprietary production systems, may enable IBC to produce greater yields of high-purity, natural compounds at significantly lower costs. We believe these processes can be readily scaled up to large, commercial production levels. IBC's core intellectual property utilizes patented technologies exclusively licensed from Oxford University and Rice University. The company has assembled a team of leading scientists, management and industry leaders to implement these new technologies. IBC has a comprehensive technology and licensing acquisition strategy and will seek to establish research and development partnerships with leading universities and corporations in the industrial biotechnology field to develop commercially viable biological-based solutions and related intellectual property patents. For more information, email us: info@industrialbiotechnology.com or visit http://www.industrialbiotechnology.com .

Forward-Looking Statements

Certain matters discussed in this press release are "forward-looking statements." These forward-looking statements can generally be identified as such because the context of the statement will include words, such as Industrial Biotechnology Corporation "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe Industrial Biotechnology Corporation's future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, including the financial performance of Industrial Biotechnology Corporation, as appropriate, which could cause actual results to differ materially from those currently anticipated. Although Industrial Biotechnology Corporation believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, they cannot give any assurance that their expectations will be attained. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forward-looking statements, and some of these factors are discussed below. These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward-looking statements are only made as of the date of this press release and Industrial Biotechnology Corporation does not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Industrial Biotechnology Corporation

CONTACT: David L. West, Industrial Biotechnology Corporation,+1-941-925-2500


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