SOURCE: Devgen

February 15, 2007 02:20 ET

Devgen engaged in a private offering

GENT-ZWIJNAARDE, BELGIUM -- (MARKET WIRE) -- February 15, 2007 --

Ghent, Belgium, February 15, 2007 - Devgen NV (Euronext Brussels: DEVG) has engaged in a private offering of new shares

Devgen NV has instructed investment bankers to raise new funds through a private placement for a targeted amount of approximately EUR 20,000,000.00 or possibly more (but never more than 10% of its presently outstanding shares). The funds will be used to finance a number of investment programs in the framework of the execution of its business plan, and in particular to build its recently announced rice business.

Existing shareholders of Devgen who invested in Devgen prior to its IPO and who were a party to the sales coordination syndicate that was formed following Devgen's IPO, have informed the company that, where possible and subject to the price that can be obtained, they intend to sell up to 50% of their present shareholding in the framework of the transaction.

The company will announce the results of the transaction as soon as possible after closing of the book building.

About Devgen

Devgen is an innovator in biotechnology focused on discovering, developing and commercializing:

- a novel generation of biotech products to protect a wide spectrum of crops from damage incurred from pests;

- safer and more environmentally friendly agro-chemical products to protect crops from damage inflicted by plant parasitic nematodes;

- novel therapeutic concepts and preclinical drug candidates for treatment of metabolic disease (diabetes, obesity, arrhythmia) and inflammation.

Each of these solutions is developed on a platform of in-house designed research, development programs and technologies. Devgen has partnerships with industry leaders in biotechnology and agro chemistry. Incorporated in 1997, Devgen has offices in Ghent (Belgium) and Singapore, with a total work force of over 100 people.

For more information, please contact:
Hilde Windels, CFO
+32 9 324 24 24

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