SemBioSys Genetics Inc.


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SemBioSys Genetics Inc. announced that it has received milestone payments totaling CAD 850,000 from AVAC Ltd. The payments relate to separate agreements that SemBioSys has entered into with AVAC to advance the development of its safflower-produced insulin and the commercial activities of its wholly-owned subsidiary, Botaneco Specialty Ingredients Inc., which manufactures and markets Botaneco's proprietary product, Hydresia(TM), to personal care companies. SemBioSys received a $350,000 milestone payment for completing a number of technical objectives in the development of its insulin program, including the initiation of the preclinical toxicology study of the Company's safflower-produced insulin. SemBioSys also received a $500,000 milestone payment as part of the non-dilutive funding from AVAC of up to $2.4 million for advancing the development of its wholly-owned subsidiary, Botaneco.