SemBioSys announces closing of over-allotment option



    /NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
    NEWSWIRE SERVICES/

    TSX symbol: SBS

    CALGARY, March 6 /CNW/ - SemBioSys Genetics Inc. (TSX:SBS), a
biotechnology company developing a broad pipeline of protein-based
pharmaceuticals and non-pharmaceutical products, today announced the closing
of the previously announced over-allotment option whereby Raymond James Inc.,
on behalf of the syndicate of underwriters, exercised the over-allotment
option granted to them in connection with the Company's previously announced
offering of common shares, which closed on February 20, 2007.
    In connection with the closing of the over-allotment option, the Company
issued an additional 1,050,000 common shares from treasury at a price of $3.00
per share for gross proceeds to the Company of $3,150,000
    The offering consisted of a treasury offering, a secondary offering and
an over-allotment option (collectively, the "Offering"). The total gross
proceeds to the Company from the treasury offering, including the
over-allotment option, are expected to be approximately $15,900,000. The total
gross proceeds in respect of the secondary offering were approximately
$8,245,000, for aggregate gross proceeds of the Offering of approximately
$24,000,000.
    This press release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The securities
have not been and will not be registered under the U.S. Securities Act or any
state securities laws and may not be offered or sold within the United States
unless registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is available.

    About SemBioSys Genetics Inc. (www.sembiosys.com)

    Calgary, Alberta-based SemBioSys Genetics Inc. is a biotechnology company
focused on the development, commercialization and production of
biopharmaceuticals and non-pharmaceutical products based on its plant genetic
engineering skills and proprietary oilbody-oleosin technology platform - the
Stratosome(TM) Biologics System. Its two lead pharmaceutical product
candidates are insulin and a developmental cardiovascular drug called Apo AI.
It also has a series of non-pharmaceutical products addressing animal and
aquaculture health, nutritional oils and human topical markets.

    This press release contains certain forward-looking statements,
including, without limitation, statements containing the words "believe",
"may", "plan", "will", "estimate", "continue", "anticipate", "intend",
"expect" and other similar expressions which constitute "forward-looking
information" within the meaning of applicable Canadian securities laws.
Forward-looking statements reflect the Company's current expectation and
assumptions, and are subject to a number of risks and uncertainties that could
cause actual results to differ materially from those anticipated. These
forward-looking statements involve risks and uncertainties including, but not
limited to, changing market conditions, the successful and timely completion
of clinical studies, the establishment of corporate alliances, the impact of
competitive products and pricing, new product development, uncertainties
related to the regulatory approval process and other risks detailed from
time-to-time in the Company's ongoing filings with the Canadian securities
regulatory authorities which filings can be found at www.sedar.com. Given
these risks and uncertainties, readers are cautioned not to place undue
reliance on such forward-looking statements. The Company undertakes no
obligation to publicly update or revise any forward-looking statements either
as a result of new information, future events or otherwise, except as required
by applicable Canadian securities laws.





For further information:

For further information: SemBioSys Genetics Inc., Mr. Andrew Baum,
President and Chief Executive Officer, Phone: (403) 717-8767, Fax: (403)
250-3886, E-mail: bauma@sembiosys.com, Internet: www.sembiosys.com; Investor
Relations: Ross Marshall, The Equicom Group Inc., Phone: (416) 815-0700 (Ext.
238), Fax: (416) 815-0080, E-mail: rmarshall@equicomgroup.com

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SemBioSys Genetics Inc.

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