Microbix Biosystems Inc. Updates Plans For Urokinase With Angiogen

TORONTO, Nov. 2 /PRNewswire-FirstCall/ - Microbix Biosystems Inc. is partnering with Angiogen LLC of Evanston, Ill. to commercialize a novel technology for the treatment of solid cancers by exclusively providing the urokinase needed for Angiogen's patented drug therapy.

Microbix made a large investment this year in its product pipeline starting with the acquisition of a new production site in Toronto, a state-of-the-art facility with the capacity to produce commercial quantities of urokinase, the Company's lead protein drug.

"Having this facility and the urokinase technology allowed us to establish an exclusive relationship with Angiogen, the company that has a patented use of urokinase as they pursue indications in the treatment of cancers such as colorectal and prostate," said William J. Gastle, President and CEO of Microbix.

"By partnering with Microbix, they are now able to advance this promising opportunity - a new drug combination therapy - to market," he explained. "Microbix has secured the manufacturing facility and is completing final preparations for the necessary urokinase production. Microbix is not aware of another operation with commercial scale-up capabilities in place to produce the material."

As previously reported, financial activities required to complete Phase 1 and Phase 2 clinical trials are expected to conclude in 2007 after which the companies expect to complete the Phase 1 trial in 2008.

"Of all the challenges in bringing a blockbuster to market, this one has a compelling risk profile because of the long safety record of the drugs used in the combination therapy. The early trial data to date is encouraging and we are hopeful the commercialization process will result in value to our shareholders."

This urokinase-based drug combination has an opportunity to significantly improve upon the current standard of cancer therapy.

A real-life story of the use of urokinase in long-term cancer therapy can be downloaded from the Company's website.

About Microbix

Microbix specializes in developing proprietary biological technologies and commercializing them through global partners. The Company has intellectual property in large market biotherapeutic drugs, vaccine technologies and animal reproduction technologies. Established in 1988, Microbix is headquartered in Toronto.

About Angiogen

Angiogen is an Evanston Illinois based privately held biopharmaceutical discovery company developing novel therapies for treating cancerous solid, vascular tumors. Angiogen's scientific team has world-recognized expertise and experience in angiogenesis inhibition, especially as it relates to the disease of cancer. Angiogen's first therapy, currently in Phase IB/II clinical trials, is based upon combining two classes of FDA approved drugs into one anti-angiogenesis cancer-fighting treatment. Angiogen continues to explore other diagnostic tests and drug candidates related to its work in the angiogenesis field.

This press release contains forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements including the successful completion of financing to fund the clinical trials, the success and timing of the clinical trials, market acceptance of the cocktail, the risks associated with failure to develop and commercialize, non-adoption, resistance to the business model for commercialization and implementation; risk associated with operation and maintenance of facilities; risks associated with commercializing technology; and risks associated with margins due to appreciation of the Canadian dollar, among others. These forward-looking statements represent the Company's judgment as of the date of this press release. The Company disclaims any intent or obligation to update these forward-looking statements.

Microbix Biosystems Inc.

CONTACT: visit www.microbix.com or contact: William J. Gastle, Presidentand CEO, (416) 234-1624 x 230; Robert Stephens, PR POST, (416) 777-0368