Biophage Pharma announces 2006 financial results



    MONTREAL, March 30 /CNW Telbec/ - Biophage Pharma Inc. (TSX: BUG.V), a
high potential, revenue driven biotechnology company focused on the
development of an integrated approach for the prevention and control of
bacterial infections, announced today its financial results and review of
operating hightlights for the year ended November 30, 2006.
    Biophage focuses on the development of products that address the large
infectious disease market with unmet needs. Biophage operates three different
divisions: (1) the Biosensor Division; (2) the Therapeutic Division and
(3) the service division, Immunotox Labs. We develop advanced, environmentally
friendly-patented technologies, to create value and build a superior
investment return for our shareholders.
    In the Biosensor Division, our lead product the Compact PDS96(R)
biosensor is in the pre-commercialization stage. This biosensor measures in a
highly efficient and easy to use automated system, extremely small electrical
variations induced by bacterial growth. This biosensor will find applications
in many different industries, including the pharmaceutical and biomedical
industries, food quality and safety sectors as well as in environmental
monitoring and homeland security. Biophage is also developing four news
biosensors: The BacTrapping(R) system, the micro-fluidics system, the
"FastBac" biosensor and the e.sensor.
    In the Therapeutic Division, since the groundbreaking announcement by FDA
on August 19, 2006 on the safety of phages in the treatment of meat, Biophage
has accelerated its phage therapy program. We are now developing phage
preparations that aim at providing a safe and environmentally friendly
solution for the prevention and control of undesirable and deadly bacteria in
food produce (including meat, fruits and vegetable). Our first product is
Listex(TM), a phage preparation produced by EBI Food Safety and distributed in
North America by Biophage. Two other phage preparations Coli(R) Pro and
Salmo(R) Pro, are in an advanced development stage.
    Immunotox Labs provides services in Immunogenicity and Immunotoxicity,
Beryllium sensitization testing and MELISA(R) testing for the detection of
sensitivity to more than 200 different allergens including metals, penicillin,
gluten and pollens. We are aiming at extending our core services to include
Ecotoxicology and Nanotoxicity screening in order to increase our revenues and
offset the needs for additional financing.
    Revenues from the contracts amounted to $779,996 despite competitive
pressures and decreased demand in the pharmaceutical service sector. This
decrease in revenue was mainly due to a completion of a significant project
with an important contractor and was partially offset by the increased
revenues generated by Beryllium testing, which increased substantially this
year. We also started generating revenues from MELISA(R) testing. In February
2006, Biophage signed an exclusive licence for the commercialisation of this
technology. This year, MELISA(R) tests have contributed positively in the
increase of our revenues and will continue to generate revenues in the coming
years.
    During fiscal 2006, Biophage continued its efforts to streamline its
activities in order to manage burn rate, awaiting a general improvement in the
market for small-cap biotech companies. These steps protected both the
integrity of the Corporation and the long-term value for its shareholders.

    
    SELECTED ANNUAL INFORMATION

    Statements of Operations                  2006         2005         2004

    Total revenues                         784,394      909,453    1,067,948

    Total expenses                       1,647,713    1,627,477    1,883,440

    Net loss for the year                 (863,319)    (718,024)    (815,492)
    Weighted average number of
     common shares outstanding          36,534,695   32,221,995   28,450,615
    Basic and diluted loss per share         (0.02)       (0.02)       (0.03)

    BALANCE SHEETS

    Working capital                         77,653      226,765      789,984
    Total assets                         1,016,561      824,091    1,539,519
    Total long-term liabilities                Nil          Nil          Nil
    Shareholders' equity                   540,402      544,797    1,183,046
    Common shares outstanding           42,948,912   32,470,551   32,221,312


    More detailed information regarding the foregoing can be found in the
financial statements and the management discussion and analysis of those
financial statements which have been filed today on www.sedar.com.
    Biophage wishes to rectify the information provided in its press release
issued on December 22, 2006, announcing the closing of the first tranche of
its private placement. The said press release states that 107,353 common share
purchase warrants exercisable at a price of $0.17 per share until December 22,
2008 were granted to Boom Capital Inc., whereas it should have mentioned
82,094 common share purchase warrants exercisable at a price of $0.17 per
share until December 22, 2008.

    About Biophage Pharma inc.

    Biophage Pharma is a high potential Canadian biotechnology company focused
on the development of novel phage-based biosensors for live pathogen
diagnostics and cytotoxicity screening. Founded in 1995, Biophage has now
completed the final design of its PDS(R) Biosensor first prototype and is
entering in the pre-commercialization stage. The Corporation has also an
important profit center that provides services in Immunology/Immunotoxicology,
in Beryllium sensitivity testing as well as allergy to more than 20 different
metals and a very large number of allergens including antibiotics (penicillin,
Gentamycin) and pollens.

       The TSX Venture Exchange does not accept responsibility for the
                    adequacy or accuracy of this release.
    
    %SEDAR: 00014714EF




For further information:

For further information: Biophage Pharma Inc: Rosemonde Mandeville,
M.B., Ch.B., PhD. President and Chief Executive Officer, (514) 496-1488,
rosemonde.mandeville@biophagepharma.net; Renmark Financial Communications
Inc.: Christine Stewart: cstewart@renmarkfinancial.com; Maurice Dagenais:
mdagenais@renmarkfinancial.com; (514) 939-3989, Fax: (514) 939-3717,
www.renmarkfinancial.com

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BIOPHAGE PHARMA, INC.

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