SemBioSys, Genetics Inc

/C O R R E C T I O N -- SemBioSys Genetics Inc./

    Calgary , Canada (ots/PRNewswire) - In the news release, "SemBioSys Announces First Quarter Results" issued on 3  May 2007 11:00 GMT, by SemBioSys Genetics Inc. TSX:SBS over PR Newswire, we are advised by a representative of the company that errors occurred in the  headings of the financial tables. The comparative years were transposed by  CNW in error.    Complete corrected copy follows:

    - SemBioSys Announces First Quarter Results

    - Canadian Biotechnology Company Achieves Insulin Milestones and

    Strengthens Balance Sheet

    SemBioSys Genetics Inc. (TSX: SBS), a biotechnology company developing insulin and other metabolic and cardiovascular protein-based pharmaceuticals and a series of non-pharmaceutical products, today announced its operational and financial results for the 2007 first quarter which ended on March 31, 2007.

@@start.t1@@        First Quarter Highlights
        -  Demonstrated the functional equivalence of the Company's proprietary
            safflower-produced insulin to U.S. pharma grade human insulin in
            animal models. The Company also announced in vitro and in vivo assay
            results that demonstrate the Company's safflower-produced insulin is
            chemically, structurally and physiologically indistinguishable from
            U.S. pharma grade human insulin.
        -  Confirmed that the Company is eligible to pursue a Section 505(b)(2)
            regulatory path for safflower-produced insulin after meeting with the
            U.S. Food and Drug Administration (FDA).
        -  Harvested over 300 acres of the Company's proprietary transgenic
            safflower-produced ImmunoSphere(TM) Feed Additive in Chile as part of
            its counter seasonal commercial scale-up in preparation for product
            launch later this year or early in 2008.
        -  Renegotiated the Company's docosahexaenoic acid (DHA) collaboration
            agreement with Martek Biosciences Corporation (Martek). Under the
            terms of the amended agreement, SemBioSys received a license fee of
            US$750,000 in January 2007 and was entitled to receive an additional
            license fee of up to US$250,000 upon delivery of seed and the
            achievement of expression of at least five percent of DHA in
            Arabidopsis prior to April 19th, 2007. Subsequent to the end of the
            quarter, the Company reported to Martek the existing proof-of-concept
            results from its DHA-rich safflower oil program. To date, SemBioSys
            has not achieved the five percent DHA accumulation threshold in
            Arabidopsis, although progress in this direction has been achieved.
            SemBioSys is, therefore, no longer eligible for the additional
            (US$250,000) license fee. However, SemBioSys is continuing to analyze
            the remaining DHA Arabidopsis lines from the development program to
            determine its ability to establish proof-of-concept. These results
            will be reported to Martek shortly.
        -  Completed an underwritten public offering, concurrent with a
            secondary offering, for aggregate gross proceeds of $24,150,000. The
            total gross proceeds to the Company from the treasury offering,
            including the over-allotment option, were $15,904,488. The secondary
            offering involved certain shareholders of the Company that sold
            2,748,504 previously issued common shares of the Company representing
            $8,245,512.@@end@@

    "With our two critical insulin announcements in the first quarter, we continue to advance the development of our safflower-produced insulin program toward the initiation of a Phase II clinical trial which we expect to  commence in early 2008 with pharmacokinetics and pharmacodynamics as the  primary endpoints," said Andrew Baum, President and CEO of SemBioSys Genetics  Inc. "In parallel to our insulin development, we are also advancing our Apo  AI program and our non-pharmaceutical pipeline. Specifically, during the next  few months we intend to actively pursue business development alternatives to  maximize the value of the DermaSphere(R) Oleosome Technology to the Company  and execute pond trials with our ImmunoSphere(TM) Shrimp Feed Additive  product."

    Financials

    Total revenues for the three-month period ended March 31, 2007 were $542,788 compared with $100,086 for the corresponding period in 2006. Total revenues for the three-month period ended March 31, 2007 consisted of  $437,012 in license fees, compared with $nil during the same period last year  and $105,776 in contract research compared with $100,086 for the  corresponding period last year. The change in license fee revenue relates  entirely to the partial recognition of the upfront license fee payment  received from Martek as part of the amended collaboration agreement which  included a US$750,000 license fee payment that was received upon signing of  the contract in January 2007.

    Total expenditures for the three-month period ended March 31, 2007 were $3,943,408, compared with $2,748,954 for the corresponding period last year.

    Research and development expenses for the three-month period ended March 31, 2007 were $1,905,422, compared with $1,107,526 for the three-month period ended March 31, 2006. The difference is primarily due to increased personnel and the related support costs in all areas of research and development with an expanded focus on insulin. This included an enhanced quality control and assurance program and further development of a stronger preclinical and clinical team.

    General and administrative expenses for the three-month period ended March 31, 2007 were $1,023,711, compared with $972,260 for the corresponding period last year.

    Intellectual property costs for the three-month period ended March 31, 2007 were $528,249 compared with $263,037 for the three-month period ended March 31, 2006. The difference is mainly attributable to the timing of, and  an increase in, patent costs and as a result of the final remaining  US$100,000 payment to re-acquire rights to the DermaSphere(R) Oleosome  Technology from Lonza Inc., which became due during the first quarter of  2007.

    Business development costs for the three-month period ended March 31, 2007 were $148,005 compared with $184,805 for the corresponding period last year.

    Net loss for the three-month period ended March 31, 2007 was $3,228,411 or ($0.17) per share, compared to a net loss of $2,504,339 or ($0.15) per share for the three-month period ended March 31, 2006.

    As at March 31, 2007 the Company had cash and cash equivalents totaling $28,805,937 compared to $16,328,459 at December 31, 2006. Management believes the existing capital resources are adequate to fund its current plans for research and development activities into early 2009. Total long-term debt at March 31, 2007 was $1,877,377 compared to $2,084,103 at December 31, 2006.  The increase in cash resulted from an underwritten public offering, including  the exercise of the over-allotment option, of 5,301,496 common shares at a  price of $3.00 per share, for total gross proceeds to SemBioSys of $15,904,488.

    As at March 31, 2007 the Company had 22,083,886 common shares outstanding, 3,102,796 warrants, and 1,436,494 options.

    Outlook

    The Company has completed the major scientific milestones necessary to proceed into first-in-man clinical trials of safflower-produced insulin in early 2008. Additional insulin milestone events expected in 2007 include:

@@start.t2@@        -    Complete the scale-up and preclinical development of
              safflower-produced insulin
        -    Complete the technology transfer and production of clinical grade
              material for early stage human trials
        -    Initiate business development activities toward an insulin
              partnership
        -    Submit insulin IND to the FDA and prepare for Phase II trial@@end@@

    The Company is also advancing the development of its other pharmaceutical and non-pharmaceutical products. The 2007 milestone events  expected from these programs include:

@@start.t3@@        -    Announce results of animal trials from Arabidopsis-produced Apo AI
        -    Achieve commercial levels of Apo AI expression in safflower
        -    Increase production capacity of personal care topical oilbody
              products and establish distribution channels for commercialization
        -    Initiate and complete pond trials for ImmunoSphere(TM)
        -    Complete processing of harvested ImmunoSphere(TM) product
        -    Initiate a new pharmaceutical product development program@@end@@

    Additional information about the Company, including the MD&A and financial results may be found on SEDAR at www.sedar.com.

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

    Calgary, Alberta-based SemBioSys Genetics Inc. is a biotechnology company developing insulin and other protein-based pharmaceuticals for  metabolic and cardiovascular diseases. The Company's lead candidate is  recombinant human insulin produced in the plant host safflower, to serve the  rapidly expanding global diabetes market and to supply insulin for inhalation  and other alternative insulin delivery technologies. The Company's other  protein-based pharmaceutical candidate is a cardiovascular drug called Apo  AI. SemBioSys is also developing 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.

    Financial results included below:

@@start.t4@@        SemBioSys Genetics Inc.
        Consolidated Balance Sheets
        (Unaudited)
        As at March 31, 2007 and December 31, 2006
        ------------------------------------------------------------------------
        (expressed in Canadian dollars)
                                                                                  March 31,      December 31,
                                                                                      2007                 2006
                                                                              -------------  -------------
                                                                                        $                      $
        Assets
        Current assets
        Cash and cash equivalents                                 28,805,937        16,328,459
        Accounts receivable                                                192,842            526,002
        Interest receivable                                                113,145            504,551
        Prepaid expenses, deposits and other                    394,271            405,459
                                                                              -------------  -------------
                                                                                 29,506,195        17,764,471
        Property and equipment                                        5,480,474         5,157,163
                                                                              -------------  -------------
                                                                                 34,986,669        22,921,634
                                                                              -------------  -------------
                                                                              -------------  -------------
        Liabilities
        Current liabilities
        Accounts payable and accrued liabilities          1,700,006         1,356,018
        Repayable advances                                                          -              85,640
        Short-term portion of long-term debt                    730,750            746,658
                                                                              -------------  -------------
                                                                                  2,430,756         2,188,316
        Deferred cost recoveries                                        330,641              84,203
        Deferred revenue                                                    437,012                      -
        Long-term debt                                                    1,146,627         1,337,445
                                                                              -------------  -------------
                                                                                  4,345,036         3,609,964
                                                                              -------------  -------------
        Shareholders' Equity
        Capital stock                                                    62,681,360        48,302,036
        Warrants                                                              6,274,716         6,274,716
        Contributed surplus                                            5,654,454         5,475,404
        Deficit                                                            (43,968,897)    (40,740,486)
                                                                              -------------  -------------
                                                                                 30,641,633        19,311,670
                                                                              -------------  -------------
                                                                                 34,986,669        22,921,634
                                                                              -------------  -------------
        SemBioSys Genetics Inc.
        Consolidated Statements of Loss, Comprehensive Loss and Deficit
        (Unaudited)
        ------------------------------------------------------------------------
        (expressed in Canadian dollars)                            Three month period
                                                                                         ended March 31,
                                                                              ----------------------------
                                                                                      2007                 2006
                                                                              -------------  -------------
                                                                                        $                      $
        Revenue
        Licensing fees                                                        437,012                      -
        Contract research                                                  105,776            100,086
                                                                              -------------  -------------
                                                                                      542,788            100,086
                                                                              -------------  -------------
        Expenses
        Research and development                                    1,905,442         1,107,526
        General and administration                                 1,023,711            972,260
        Intellectual property costs                                  528,249            263,037
        Business development                                              148,005            184,805
        Stock-based compensation                                        179,050              51,712
        Amortization                                                          228,058            198,614
        Cost recoveries                                                      (69,107)          (29,000)
                                                                              -------------  -------------
                                                                                  3,943,408         2,748,954
                                                                              -------------  -------------
        Loss before the undernoted                                (3,400,620)      (2,648,868)
                                                                              -------------  -------------
        Interest income                                                      212,233            220,080
        Interest expense                                                    (57,973)          (48,848)
        Foreign exchange gain (loss)                                  17,949            (26,703)
                                                                              -------------  -------------
                                                                                      172,209            144,529
                                                                              -------------  -------------
        Net loss and comprehensive loss for
         the period                                                        (3,228,411)      (2,504,339)
        Deficit - Beginning of period                         (40,740,486)    (26,613,400)
                                                                              -------------  -------------
        Deficit - End of period                                  (43,968,897)    (29,117,739)
                                                                              -------------  -------------
                                                                              -------------  -------------
        Loss per share - basic and diluted                          (0.17)              (0.15)
                                                                              -------------  -------------
        SemBioSys Genetics Inc.
        Consolidated Statements of Cash Flows
        (Unaudited)
        ------------------------------------------------------------------------
        (expressed in Canadian dollars)                            Three month period
                                                                                         ended March 31,
                                                                              ----------------------------
                                                                                      2007                 2006
                                                                              -------------  -------------
                                                                                        $                      $
        Cash provided by (used in)
        Operating activities
        Net and comprehensive loss for the period        (3,228,411)      (2,504,339)
        Add items not affecting cash:
          Amortization                                                        228,058            198,614
          Stock-based compensation                                    179,050              51,712
          Unrealized foreign exchange (gain) loss            (21,010)            14,989
                                                                              -------------  -------------
                                                                                 (2,842,313)      (2,239,024)
        Change in non-cash working capital and
         other balances related to operations                1,481,767            (96,966)
                                                                              -------------  -------------
                                                                                 (1,360,546)      (2,335,990)
                                                                              -------------  -------------
        Financing activities
        Issuance of capital stock                                 15,904,488                      -
        Share issue costs                                              (1,356,539)                    -
        Exercise of stock options                                         4,500                5,102
        Repayment of long-term debt                                 (183,969)         (143,845)
        Repayment of repayable advances                            (85,640)                    -
                                                                              -------------  -------------
                                                                                 14,282,840          (138,743)
                                                                              -------------  -------------
        Investing activities
        Acquisition of property and equipment                 (444,816)         (141,101)
                                                                              -------------  -------------
                                                                                    (444,816)         (141,101)
                                                                              -------------  -------------
        Increase (decrease) in cash and
         cash equivalents                                              12,477,478        (2,615,834)
        Cash and cash equivalents - Beginning
         of period                                                         16,328,459        28,513,095
                                                                              -------------  -------------
        Cash and cash equivalents - End of period        28,805,937        25,897,261
                                                                              -------------  -------------
                                                                              -------------  -------------
        Supplemental Information
        Cash interest received                                          603,639            201,784
        Cash interest paid                                                  51,422              44,995
        Non-cash transactions
          Capital items included in accounts payable        469,161              18,243
          Share issue costs included in accounts
            payable                                                              168,939                      -@@end@@

ots Originaltext: SemBioSys, Genetics Inc
Im Internet recherchierbar: http://www.presseportal.ch

Contact:
For further information: SemBioSys Genetics Inc., Mr. Andrew Baum,
President and Chief Executive Officer, Phone: +1-403-717-8767, Fax:
+1-403-250-3886, E-mail: bauma@sembiosys.com, Internet:
www.sembiosys.com; Investor Relations, Ross Marshall, The Equicom
Group Inc., Phone: +1-416-815-0700 (Ext.238), Fax: +1-416-815-0080,
E-mail: rmarshall@equicomgroup.com



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