Upstream Biosciences Inc.
PINK SHEETS : UPBS

Upstream Biosciences Inc.

October 29, 2007 08:00 ET

Upstream Biosciences CEO Appointed to Uganda Presidential Business Advisory Group

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 29, 2007) - Upstream Biosciences Inc. (OTCBB:UPBS) today announced that its Chief Executive Officer, Joel L. Bellenson, has been appointed to the Ugandan government's Presidential Investors' Roundtable (PIRT), a new business council which was recently established to advise the government on improving the investment climate in Uganda and increasing foreign direct investment in the country. The PIRT is comprised of 21 distinguished business leaders focusing on specific areas of economic development. Mr. Bellenson has been appointed to serve on the biotechnology sub-sector of the Agribusiness committee.

The Ministry of Health of Uganda recently issued a letter of intent confirming its plans to collaborate with Upstream on the development of the company's novel therapeutic compounds to treat topical parasitic diseases, focusing initially on African sleeping sickness and leishmaniasis. These parasites, which belong to a family of protozoa species that include Chagas disease and malaria, infect millions of individuals annually. Upstream's drug candidates have demonstrated encouraging potential in vitro and may have application in both human and animal forms of these diseases.

"I am honored to accept this appointment to the Uganda Presidential Investors' Roundtable," said Mr. Bellenson. "Building collaborative relationships with government and global public health organizations is a key element of our strategy. We are therefore very pleased to have the opportunity to further strengthen our relationship with the government of Uganda, which has already formally indicated its interest in working with Upstream to support our drug development programs for tropical parasitic diseases."

Upstream has been actively working with African officials to build collaborations for the development of its drug candidates for African sleeping sickness and leishmaniasis. Last month the company participated in the International Scientific Council for Trypanosomiasis Research and Control conference in Angola and it recently signed a letter of intent with the Ministry of Health of Uganda to collaborate on the development of its drugs for both veterinary and human applications.

About Upstream Biosciences Inc.

Founded in 2004, Upstream Biosciences is an emerging leader in the discovery and development of novel drugs for tropical parasitic diseases and in the development of genetic diagnostics for cancer susceptibility and drug response. Upstream's innovative approach to drug discovery and its proprietary data mining pipeline enable it to apply advanced computational approaches to generating novel drug candidates and to locating and analyzing the genetic variations important to disease progression and drug response. For more information visit www.upstreambio.com.

Notice Regarding Forward-Looking Statements: This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among others, the expectation and/or claim, as applicable, that: (i) the Company may continue to discover and develop novel drugs for tropical diseases and develop genetic diagnostics for cancer susceptibility and drug response; and (ii) the Company's business may enable it to apply advanced computational approaches to generating novel drug candidates and to locate and analyze the genetic variations important to disease progression and drug response. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others: (i) the risk that the Company does not execute its business plan; (ii) the inability of the Company to keep pace with technological advancements in the field of genetic diagnostics and the treatment of tropical parasitic diseases; (iii) the Company's inability to adequately protect its intellectual property or the Company's inadvertent infringement of third party intellectual property; (iv) the Company not being able to retain key employees; (v) competitors providing better or cheaper products and technologies; (vi) markets for the Company's products not developing as expected; (vii) the Company's inability to finance its operations or growth; (viii) inability to obtain all necessary government and regulatory approvals; (ix) the inability to effectively market and commercialize the Company's technologies, including the establishment of viable relationships with third parties; and (x) the conference not proceeding as planned for any reason. These forward-looking statements are made as of the date of this news release and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's periodic reports filed from time-to-time with the Securities and Exchange Commission and available at www.sec.gov.

Contact Information

  • GendeLLindheim BioCom Partners
    Barbara Lindheim
    Media/Corporate
    (212) 918-4650
    or
    Upstream Biosciences Inc.
    Samantha Haynes
    Investors
    1-800-539-0289
    Email: info@upstreambio.com
    Website: www.upstreambio.com