SemBioSys increases over allotment option of equity financing - total gross proceeds of up to $9,568,000



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

    TSX symbol: SBS

    CALGARY, Oct. 19 /CNW/ - SemBioSys Genetics Inc. (the "Company")
(TSX:SBS), a biotechnology company developing a portfolio of therapeutic
proteins for metabolic and cardiovascular diseases, today announced that it
has agreed to increase the underwriters' option to acquire additional Units
(as described below) from 375,000 Units to 1,180,000 Units on the same terms
as previously announced, at a price of $2.60 per Unit. If the underwriters
exercise the option to acquire additional Units in full, the size of the
offering will be increased from 2,500,000 Units to 3,680,000 Units and the
total gross proceeds to the Company will be increased from $6,500,000 to
$9,568,000.
    The offering is expected to close on or about November 14, 2007 and is
led by Acumen Capital Finance Partners Limited. The closing of the offering is
subject to the receipt of all necessary regulatory and stock exchange
approvals, as well as completion of standard documentation and other customary
terms and conditions.
    Each Unit will consist of one common share of the Company (a "Common
Share") and one-half of one Common Share purchase warrant. Each whole warrant
will entitle the holder to purchase one additional Common Share at a price of
$3.45 at any time on or before 5:00 p.m. (Mountain Time) on the second
anniversary of the closing date of the offering. In the event that after the
first anniversary of the closing date of the offering the 20-day average
volume weighted trading price of the Company's Common Share exceeds $4.00, the
Company will have the right to provide notice to the holders of the warrants
that the warrants will expire 30 days after such notice unless exercised by
the holders.
    The net proceeds of the offering will be used primarily for the continued
advancement of plant manufactured insulin and the cardiovascular therapeutic,
Apo AI, in pre-clinical and clinical development.

    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 units,
common shares and warrants offered have not been and will not be registered
under the United States Securities Act of 1993 (the "U.S. Securities Act") or
any state securities laws and may not be offered or sold within the United
States or to U.S. persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from registration is
available.

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

    Calgary, Alberta-based SemBioSys Genetics Inc. is a biotechnology company
developing protein-based pharmaceuticals for metabolic and cardiovascular
diseases. The Company's lead pharmaceutical candidates, produced in the plant
host safflower, are recombinant human insulin to serve the rapidly expanding
global diabetes market and Apo AI, a next generation cardiovascular drug. In
addition to its pharmaceutical products, SemBioSys is developing a series of
non-pharmaceutical products addressing human topical, nutritional oils and
animal health 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

Organization Profile

SemBioSys Genetics Inc.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890