Inflazyme Pharmaceuticals Ltd. Receives Conditional Approval of Private Placement from NEX

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 23, 2008) - Inflazyme Pharmaceuticals Ltd. (NEX: IZP.H) announced today that it has received conditional approval from NEX on its recently announced $300,000 non-brokered private placement (the "Offering"). The Offering was closed into escrow on June 30, 2008. Completion of the Offering remains subject to shareholder approval of several matters, which will be voted on at an annual and special meeting scheduled for August 18, 2008. Completion of the Offering is also subject to other customary, regulatory approvals.