SHANGHAI, CHINA -- (MARKET WIRE) -- May 31, 2007 -- Sinobiomed Inc. ("Sinobiomed", or "the Company") (OTCBB: SOBM) is pleased to announce that it has recently closed two private placements, one of which was in a series of four traunches. The gross proceeds for 9,290,000 units totaled $9,679,001.00. Each unit consists of one share of common stock of the Company and one-half of one share purchase warrant, with each whole warrant entitling the holder to purchase one additional share of common stock of the Company for two years from the date of issuance. The Company has paid or will be paying total finders fees in aggregate of $871,875 and 85,500 shares of common stock.
