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GALILEO GENOMICS INC.

Galileo Genomics Raises CDN$11M in Equity Financing; Changes Name to Genizon BioSciences to Reflect Addition of Genes-to-Targets Capability

Montreal, Canada (ots/PRNewswire)

Galileo Genomics Inc., a
Montreal-based gene and drug target discovery company, announced
today it raised CDN$11.1 million in additional equity funding to
close the 2nd tranche of its Series B financing. This round,
originally targeted at CDN$10 million, is the latest in a series of
equity  and debt financings since October 2001 totaling over CDN$50
million. New  investor Solidarity Fund QFL acted as lead for this
round which included  existing investors HBM BioVentures (Zurich),
MVI (Geneva),  Biofund (Helsinki), and Carnegie (Stockholm) as well
as several private  investors. Galileo also announced that the
company is changing its name to  Genizon BioSciences Inc. to reflect
the recently expanded scope of  the company.
"Over the past year, we have demonstrated that our proprietary
genetic approach results in the discovery of multiple key
disease-genes in common diseases. We expect this group of genes, or
GeneMap, to lead to most of the major disease pathways and drug
targets for a disease" commented Dr, John Hooper, President and CEO
of Genizon. "We have also expanded our capabilities to include
downstream pathway analysis and target identification. These events
have added substantial additional value-generating capability to our
company, and our new name reflects this evolution."
Genizon will use the new funds to identify GeneMaps and drug
targets in more than 20 economically important common diseases using
the Quebec Linkage Disequilibrium Map, recently developed by the
company, and more than 30,000 samples collected from the Quebec
Founder Population. GeneMap development in six common diseases is
currently in progress. Genizon's GeneMaps will be either taken
downstream internally or licensed to pharmaceutical or biotechnology
industry partners for co-development.
Geneviève Poulin, Investment Manager, Life Sciences at Solidarity
Fund QFL added "We are very pleased to lead this equity round, which
includes major European investors who have demonstrated their
continued commitment to the company. Genizon BioSciences has combined
the powerful and unique attributes of the Quebec Founder Population
with cutting edge genome wide scan genotyping technologies to
discover novel commercially viable targets, which will lead to new,
more effective and safer medicines aimed at treating the root causes
of common diseases".
About Genizon BioSciences Inc.
Genizon BioSciences ( www.genizon.com ) is a biotechnology company
dedicated to the discovery of GeneMaps and biomarkers associated with
the root cause of common diseases and drug response and to the
identification of new and better drug targets that will lead to
innovative new therapeutics and diagnostics. GeneMaps are groups of
disease genes that define the key biochemical pathways for common
diseases and will accelerate the identification of drug targets,
validation and downstream development. Additionally, Genizon's
pharmacogenomics capability to stratify patient populations and
evaluate drug response further accelerates the clinical development
of drug candidates. Genizon's research relies on DNA sampling from
the Quebec Founder Population, whose extensive genetic sharing and
low genetic variability make this population ideal for gene
discovery. In recognition of the contribution to Genizon's research
made by the population of Quebec, the company has committed to donate
three per cent of its net profits to a foundation for the benefit of
Quebecers.
About the Solidarity Fund QFL
With assets of over CDN$5.2 billion, the Solidarity Fund QFL is a
development capital fund that through its RRSP channels the savings
of Quebecers to help create and maintain jobs in companies and
contribute to the economic development of Québec. The Fund currently
has over 555,000 shareholders and has helped, either on its own or
with other financial partners, create maintain and support over
96,000 jobs. For more information, visit www.fondsftq.com

Contact:

For further information: Mariano Rodriguez, CA, CPA, Vice President
and CFO, Genizon BioSciences Inc., +1(514)-270-3991, ext. 230,
mariano.rodriquez@genizon.com; Bill Cheliak, Ph.D., Vice President,
Business Development, Genizon BioSciences Inc., +1(613)-261-9813,
bill.cheliak@genizon.com

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