Ambrilia Biopharma Inc.
TSX : AMB

Ambrilia Biopharma Inc.

December 18, 2008 11:00 ET

Ambrilia Takes Additonal Cost-Cutting Actions and Explores Alternative Strategic Options to Enhance Shareholder Value

Attention Business/Financial/Health Editors

MONTREAL, QUEBEC--(Marketwire - Dec. 18, 2008) - Ambrilia Biopharma Inc. (TSX:AMB) announced today that it has taken additional cost-cutting actions resulting in further reduction in cash consumption and a decrease in headcount. These actions will further preserve its cash into 2009. Although the Company continues to pursue its divestment strategy of monetizing (selling or licensing) its clinical assets C2L and goserelin, the Board of Directors has approved a process to explore all other strategic options available to the Company to protect and enhance shareholder value.

"These measures are in line with the strategic plan of the Company and necessary to allow the completion of the transactions in 2009 and enhance and protect shareholder value," said Dr. Philippe Calais, President and Chief Executive Officer.

The cost-cutting actions include a further decrease in headcount, lowering the number of employees for the current needs of the Company.

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, 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 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. 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.

ABOUT AMBRILIA BIOPHARMA

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 therapeutic peptide for prostate cancer, a targeted delivery technology for cancer, an HIV protease inhibitor program (exclusive worldwide rights granted to Merck & Co., Inc.) 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 with a regional office in France.

For more information, please visit the Company's web site: www.ambrilia.com

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