Sembiosys completes $9,568,000 private placement equity financing


    TSX symbol: SBS

    CALGARY, Nov. 14 /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 completed its previously announced private placement offering of 3,680,000
units of the Company ("Units") at a price of $2.60 per Unit for total gross
proceeds to the Company of $9,568,000. The offering was completed by a
syndicate of underwriters led by Acumen Capital Finance Partners Limited and
including PI Financial Corp. ("Underwriters"). The Underwriters purchased
2,500,000 Units on a bought deal basis and exercised their over allotment
option in full to place an additional 1,180,000 Units on the same terms.
    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 November 16, 2009 at 5:00 p.m. (Mountain Time).
In the event that after one year from the closing of the offering, November
14, 2008, 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

    About SemBioSys Genetics Inc. (

    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 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:, Internet:; Investor
Relations, Ross Marshall, The Equicom Group Inc., Phone: (416) 815-0700 (Ext.
238), Fax: (416) 815-0080, E-mail:

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SemBioSys Genetics Inc.

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