Ambrilia Biopharma Inc.
TSX : AMB

Ambrilia Biopharma Inc.

March 22, 2010 16:01 ET

Ambrilia Biopharma Provides Bi-Weekly Update on Its Status

MONTREAL, QUEBEC--(Marketwire - March 22, 2010) - Ambrilia Biopharma Inc. (TSX:AMB) is providing today its bi-weekly Default Status Report under National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults ("Default Status Report").

On November 16, 2009, Ambrilia announced that the filing of its interim financial statements, management's discussion and analysis and related CEO and CFO certifications for the third quarter ended on September 30, 2009, was being delayed beyond the filing deadline thereof.

On August 11, 2009, Ambrilia had previously announced that the filing of its interim financial statements, management's discussion and analysis and related CEO and CFO certifications for the second quarter ended on June 30, 2009, was being delayed beyond the filing deadline thereof.

Ambrilia also anticipates that the filing of its 2009 audited annual financial statements, annual management's discussion and analysis, related CEO and CFO certifications and its annual information form will be delayed beyond the filing deadline of April 1st, 2010.

Ambrilia also announces that Fondazione Centro San Raffele del Monte Tabor, G. Gaslini Children Hospital and University of Alberta, informed Ambrilia of their decision to terminate the License Agreement relating to TVT-Dox, since Ambrilia did not achieve one of the milestones of sub-licensing the technology to a third party on or before September 15, 2009. Such termination will come into force the 9th day of April 2010. 

Ambrilia reports that, since its most recent default announcement on November 16, 2009, there have not been any material changes to the information contained therein, or any failure by Ambrilia to fulfill its intentions with respect to satisfying the provisions of the alternative information guidelines, and there have been no additional defaults subsequent to such announcement. Further, there has been no additional material information concerning Ambrilia and its affairs since its last bi-weekly Default Status Report dated March 8, 2010, that has not been disclosed. Ambrilia intends to file, if required, its next Default Status Report by April 1st, 2010.

Any recovery for creditors and other stakeholders, including shareholders, is uncertain and is highly dependent upon a number of factors, including the outcome of Ambrilia proceedings under the Companies' Creditors Arrangement Act (Canada).

About Ambrilia Biopharma Inc.

Ambrilia Biopharma Inc. (TSX:AMB) is a biotechnology company focused on the discovery and development of novel treatments for viral diseases and cancer. The Company's strategy aims to capitalize on its broad portfolio and original expertise in virology. Ambrilia's product portfolio is comprised of oncology and antiviral assets, including two new formulations of existing peptides for cancer treatment, a targeted delivery technology for cancer, an HIV protease inhibitor program as well as HIV integrase and entry inhibitors, Hepatitis C virus inhibitors and anti-Influenza A compounds. Ambrilia's head office, research and development and manufacturing facilities are located in Montreal. For more information, please visit the Company's web site: www.ambrilia.com.

The Company is currently subject to court protection under the Companies' Creditors Arrangement Act (Canada) ("CCAA").

Ambrilia's forward looking statements

This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. There is a risk that expectations and forward looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on these forward-looking statements as they involve risks and uncertainties, which could make actual results differ materially from those projected herein and depend on a number of factors including, but not limited to, the timing and continuance of the CCAA protection, the uncertainty involved in the court proceedings and the implementation of any plan of arrangement under the CCAA, changing market conditions, successful and timely completion of clinical studies, uncertainties related to the regulatory approval process, establishment of corporate alliances and other risks detailed from time to time in the Company's filings. We refer you to the Risk Factors section of the Company's annual information form which contains a more exhaustive analysis of the risks and uncertainties that are generally connected to the business of the Company. Such statements are also based on various assumptions, including the successful emergence from the insolvency proceedings, the successful and timely completion of clinical studies on Ambrilia's products demonstrating efficacy and safety for human use, their successful commercialization within the forecasted timelines and the attainment of the forecasted milestone payments and other revenues. Failure to complete a strategic or financial transaction as a result of the review of strategic alternatives could have a material adverse effect on Ambrilia. While Ambrilia anticipates that subsequent events and developments may cause Ambrilia's views to change, Ambrilia specifically disclaims any obligation to update these forward looking statements, unless obligated to do so by applicable securities laws.

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