Edward J. Kernaghan announces acquisition of 4,800 Subordinate Voting Shares of Velan Inc.

    TORONTO, April 29 /CNW/ - In accordance with regulatory requirements,
Edward J. Kernaghan announced that on April 29, 2009 he acquired ownership of
4,800 Subordinate Voting (SV) shares of Velan Inc. representing approximately
0.068% of the SV shares for the purchase price of $11.00 per share. Edward J.
Kernaghan now holds 5,200 SV shares of Velan Inc. or approximately 0.075% of
the total SV shares outstanding. Together with his joint actors, namely, Alice
G. Kernaghan, Elizabeth A. Kernaghan and Kernwood Limited now holds an
aggregate of 1,080,900 SV shares of Velan Inc. representing approximately 16%
of the SV shares of Velan Inc. All purchases of Velan Inc. were made through
the facilities of the Toronto Stock Exchange.
    The shares of Velan Inc. were acquired by Edward J. Kernaghan and his
joint actors for investment purposes only. Edward J. Kernaghan and his joint
actors may acquire additional shares of Velan Inc for investment purposes from
time to time.

For further information:

For further information: Edward J. Kernaghan, Kernwood Limited, P.O. Box
97, Suite 2925, 200 Bay Street R.B.P.S.T., Toronto, Ontario, M5J 2J2, (416)

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