IBEX TECHNOLOGIES INC.
TSX : IBT

IBEX TECHNOLOGIES INC.

May 15, 2006 08:00 ET

IBEX Re-Appoints Robert Heft to IBEX Board

MONTREAL, QUEBEC--(CCNMatthews - May 15, 2006) - IBEX Technologies Inc. (TSX:IBT), an innovator in the development of diagnostics and therapeutics for the management of cancer and arthritis, today announced that the Board of Directors has elected Robert Heft, PhD as director.

Dr. Heft is currently President and CEO of Enobia Pharma, a Montreal-based company developing enzyme replacement therapeutics and other compounds for the treatment of serious bone diseases.

Dr. Heft has 20 years experience in the biopharmaceutical industry. From 2001 through 2004, Dr. Heft served as Vice-President Product Development with BioMarin Pharmaceutical Inc. (Nasdaq and SWX:BMRN, Novato, California) after BioMarin acquired the pharmaceutical assets of IBEX Technologies Inc. Prior to joining BioMarin, Dr. Heft was President of IBEX Technologies Inc., which he founded in 1986 to focus on the development of enzyme based therapeutics.

Dr. Heft received a PhD in Genetic Engineering/Radiological Sciences from the Massachusetts Institute of Technology in 1986, a Master's degree in Nuclear Engineering from Cornell University and a Bachelor's degree in Engineering from McGill University. Dr. Heft has served as a Director of the Industrial Biotechnology Association of Canada, the Canadian Genetic Diseases Network and BioCapital, a venture capital fund.

Paul Baehr, President, Chief Executive Officer and Chairman of IBEX commented, "The Board of Directors welcomes Dr. Heft back. Dr. Heft's experience with enzyme therapeutics along with his strong strategic mind set will be an asset to IBEX as we approach the upcoming decisions related to our therapeutic program".

About IBEX'S Oncology Program

IBEX is studying a series of kallikreins for their diagnostic and therapeutic potential. IBEX recently presented results from this program at the annual meeting of the American Association for Cancer Research. In two studies, stable ES-2 (human ovarian cancer cell line) transfectants expressing human tissue kallikreins were injected into female nude mice intraperitoneally. Results from these two studies showed that expression of certain kallikreins, either in combination or individually, resulted in a delay of the onset of symptoms and significantly prolonged survival times, when compared to the control group.

About IBEX

IBEX is focused on the development of diagnostics and therapeutics for the management of cancer and arthritis. The Company's cancer program is based on a novel family of genes known as kallikreins. IBEX is developing kallikrein-based diagnostics for screening and monitoring cancer. Additionally, IBEX is exploring the role of kallikreins in metastatic disease for use as potential therapeutics. The Company's arthritis program is based on a series of biomarkers of cartilage degradation and synthesis.

IBEX markets a number of products, including its proprietary enzymes (heparinases and chondroitinases), as well as a series of arthritis and kallikrein-based assays. Heparinase I IBEX is used in many leading hemostasis monitoring devices, while IBEX arthritis assays are used by leading pharmaceutical companies for research purposes. For more information, please visit the Company's web site at www.ibex.ca.

Safe Harbor Statement

All of the statements contained in this news release, other than statements of fact that are independently verifiable at the date hereof, are forward-looking statements. Such statements, based as they are on the current expectations of management, inherently involve numerous risks and uncertainties, known and unknown. Some examples of known risks are: the impact of general economic conditions, general conditions in the pharmaceutical industry, changes in the regulatory environment in the jurisdictions in which IBEX does business, stock market volatility, fluctuations in costs, and changes to the competitive environment due to consolidation or otherwise. Consequently, actual future results may differ materially from the anticipated results expressed in the forward-looking statements. IBEX disclaims any intention or obligation to update these statements.

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