SemBioSys announces underwriters exercise over-allotment option



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

    TSX symbol: SBS

    CALGARY, March 5 /CNW/ - SemBioSys Genetics Inc. (TSX:SBS), a
biotechnology company developing a broad pipeline of protein-based
pharmaceuticals and non-pharmaceutical products, today announced that the
syndicate of underwriters of the Company's recently completed short-form
prospectus offering (the "Offering"), led by Raymond James Inc., have
delivered a notice to the Company of their intention to exercise the entire
over-allotment option to purchase 1,050,000 common shares of SemBioSys at the
offering price of $3.00 per common share. On closing, the over-allotment is
expected to provide an additional $3,150,000 in gross proceeds to SemBioSys,
raising the total gross proceeds to the Company from the Offering to
approximately $15,900,000. The closing for the purchase of the common shares
to be issued pursuant to the exercise of the over-allotment option is
anticipated to occur on or about March 6, 2007.
    The Offering consisted of a treasury offering, a secondary offering and
an over-allotment option. The total gross proceeds to the Company from the
Offering, upon closing of 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.
    The syndicate of investment dealers led by Raymond James Ltd. included
Canaccord Capital Corporation, Versant Partners Inc., Westwind Partners Inc.
and Orion Securities Inc.

    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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