Ecopia BioSciences Inc.
TSX : EIA

Ecopia BioSciences Inc.

October 11, 2005 13:47 ET

Ecopia Announces Third Quarter 2005 Operating Highlights And Financial Results

MONTREAL, QUEBEC--(CCNMatthews - Oct. 11, 2005) - All amounts are expressed in Canadian dollars unless otherwise indicated

Ecopia BioSciences Inc. (TSX:EIA) today reviewed recent operating highlights and announced its financial results for the third quarter ended August 31, 2005.



Highlights:

- Ecopia has met with the regulatory agencies in Canada and the
United States to introduce them to the ECO-4601 clinical plan in
view of its fast approaching regulatory filing, which would allow
the recruitment of up to 30 patients;
- The rodent and non-rodent toxicity studies to support the
regulatory filing of ECO-4601 are well under way;
- DECIPHER® technology yielded 40 new chemical entities ("NCEs") to
the Company's discovery accomplishments, bringing the total number
of NCEs to 59;
- The ongoing analog program of ECO-4601 is helping us better
understand important characteristics of the compound;
- The loss for the quarter is $2.27 million or $0.03 per share,
compared to $2.05 million or $0.03 per share for the same period in
2004;
- As of August 31, 2005, the liquidity position was $12.35 million
(unaudited) including tax credit receivable, compared to $9.82
million as of November 30, 2004:


Summary and Outlook

Commenting on Ecopia's progress for the third quarter, Dr. Pierre Falardeau, President and Chief Executive Officer said: "We are proud of the work we have accomplished in the last quarter. Our meetings with the regulatory agencies were positive and we feel that we are closing in fast on the regulatory filing, which will allow us to recruit the first patients in early 2006. As our first novel compound is on the eve of entering its initial clinical trial, the level of enthusiasm among our employees, outside researchers and consulting clinicians could not be better."

Web Cast

October 11, 2005 at 4:00 p.m. - Dr. Pierre Falardeau, President and Chief Executive Officer and Mr. Gary Littlejohn, Executive Vice-President and Chief Financial Officer, will discuss third quarter operating highlights and financial results. To listen to the live web cast please call local access: 416-695-5261 or 1-888-789-0089 or an archived version will be available shortly after the conference on Ecopia's website at www.ecopiabio.com.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION FOR THE THIRD QUARTER ENDED AUGUST 31, 2005

Overview

The preclinical advancement of the Company's anticancer compound (ECO-4601) remains on target. Ecopia met with the regulatory agencies of Canada and the United States for the upcoming regulatory filing that will support the use of ECO-4601 in humans as an anticancer agent. Also, both the rodent and non-rodent toxicology programs were further advanced in order to support the regulatory filing. These studies constitute the most important activity for the third quarter as the data resulting from the toxicity studies will be the basis of the regulatory filing that would allow the initiation of Phase I clinical trial and the recruitment of up to 30 patients to test ECO-4601.

The GMP production was launched at the end of the quarter. Companies must show they can produce compounds recurrently and with consistent high levels of quality. Ecopia must produce sufficient material under current good manufacturing practice or cGMP. Management feels that production of material will not be a limiting factor in the upcoming clinical trials.

The Company has also further advanced the analog program on ECO-4601 in order to better understand the compound's structure activity relationship, while searching for a second-generation compound. Consequently, intellectual property is being expanded around this unique scaffold.

ECO-4601 as a potential therapy for cancer is not limited to primary brain tumors. As the compound's safety profile is tested during the Phase I trial in the coming months, management will continue to investigate its use in breast, prostate and other types of cancer as well.

Ecopia's scientists are searching to find the Company's next lead compound that will be added to its pipeline in oncology. Of the 59 new compounds discovered to date, at least 14 have shown anticancer activities. The Company's profiling team must now determine which one of these NCEs is the most promising for the basis of another regulatory filing. This element in Ecopia's operations is of material importance because it will spread the risk of drug development beyond ECO-4601.

Finally, with a portfolio of 59 NCEs, management has decided to focus its financial resources toward downstream development as opposed to upstream discovery. As development matures in the future, discovery efforts will be re-instated at levels equal to or greater than those of the past few years.



Summary of Operating Results
Quarters ended August 31 ($in thousands, except per share amounts)

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(Unaudited) 2005 2004 Variance
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$ $ %
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Interest Revenues 83 76 8.9
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Research and Development Expenditures,
before Tax Credits and Grants 2,068 1,720 20.2
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Other Expenditures 599 679 (11.7)
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Net Loss 2,266 2,049 10.6
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Net Loss per Share 0.03 0.03 -
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Weighted Average Shares
Outstanding (in thousands) 69,865 58,852 18.7
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Nine-month periods ended August 31 ($in thousands, except per share
amounts)

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(Unaudited) 2005 2004 Variance
------------------------------------------------------------------
$ $ %
------------------------------------------------------------------
Interest Revenues 212 234 (9.5)
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Research and Development Expenditures,
before Tax Credits and Grants 5,675 5,062 12.1
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Other Expenditures 2,178 2,111 3.2
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Net Loss 6,816 6,221 9.6
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Net Loss per Share 0.10 0.11 (9.1)
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Weighted Average Shares
Outstanding (in thousands) 65,966 56,592 16.6
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Revenues: Interest revenues amounted to $82,772 for the quarter ended August 31, 2005, compared with $76,033 for the same period in 2004, an increase of 8.9%. Interest revenues over the nine-month period have been $211,565, compared with $233,806 in the corresponding period of the prior year, a decrease of 9.5%. The increase in the last quarter is attributable to a higher liquidity position during the period compared to the third quarter of last year. The decrease for the nine-month period can be explained by the fact that the Company's liquidities are invested in fixed income securities with maturities of less than one year where yields are lower compared with longer maturities.

R&D Activities: Research and development ("R&D") expenditures, before tax credits and grants, amounted to $2,067,686 in the third quarter of 2005, compared with $1,720,400 in the third quarter of 2004, representing an increase of 20.2%. R&D expenditures for the nine-month period were $5,674,764, compared with $5,062,019 for the same period in 2004, an increase of 12.1%. This general increase is largely attributable to preclinical development expenditures related to the toxicology program in view of the ECO-4601 regulatory filing, which will allow the initiation of Phase I clinical trials. Also, the Company is currently incurring costs with respect to the profiling of various NCEs in order to identify its next preclinical candidate in oncology. However, the increase was offset by cost reduction efforts implemented by management in the second quarter of 2005.

Other Expenditures: General and administrative ("G&A") expenses amounted to $599,213 in the third quarter of 2005, compared with $678,831 in 2004, representing a decrease of 11.7%. In the first nine months of 2005, G&A expenditures amounted to $2,178,035, compared with $2,111,076 in 2004, an increase of 3.2%. Lower patent fees and the reduction of other corporate expenses can explain the decrease in the last quarter. However, over the nine month period, this reduction was offset by higher accounting costs related to the issuance of stock options, the hiring of additional resources in the intellectual property department and the write-down relating to the abandonment of patent applications outside the Company's core business during the second quarter.

Net Loss: The Company recorded a net loss of $2,265,561 or $0.03 per share in the third quarter of 2005, compared with $2,049,306 or $0.03 per share in the same period of 2004. The loss for the first nine months of 2005 was $6,815,742 or $0.10 per share, compared with $6,220,879 or $0.11 per share for the same period in 2004. The differences in the loss reflect the changes in the R&D and G&A expenses discussed above, and the increase in the weighted average number of shares resulting from the unit financing closed in the second quarter of 2005.



Financial Position

(in thousands of dollars) August 31, 2005 November 30, 2004
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(unaudited) (audited)
Cash and bonds(i) $8,578 $6,266
Tax credits receivable $654 $797
Bonds(ii) $3,115 $2,753
Total assets $16,009 $13,466
Capital stock $54,565 $44,656
Shareholders' equity $14,500 $12,027

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(i) Investment-grade bonds maturing in less than one year.
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(ii) Investment-grade bonds maturing in more than one year.
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Liquidity and Financial Position: On August 31, 2005, the Company's cash position amounted to $11,693,006 measured in terms of cash and investments in investment-grade bonds. Tax credits receivable amounted to $653,913. Thus, the Company's liquidity position, measured in terms of cash, bonds and tax credits receivable amounted to $12,346,919 on August 31, 2005, compared with $9,816,390 on November 30, 2004. The increase of $2,530,529 takes into account the closing of the unit offering of $9.9 million in the second quarter and the cash expenses relating to the first nine months of 2005.

During the third quarter of the current fiscal year, Ecopia incurred capital expenditures of $192,250, compared with $91,337 in the third quarter of last year. These expenditures consist of costs relating to patent acquisitions of $82,419 and purchases of capital assets amounting to $109,831. Capital expenditures for the first nine months of 2005 were $405,991 compared with $807,243 for the first nine months of 2004. Management does not anticipate making any major capital expenditures until the end of fiscal 2005 because the Company is adequately equipped to achieve its milestones.

Shareholders' equity amounted to $14,499,928 as at August 31, 2005, compared to $12,027,374 on November 30, 2004. Total assets amounted to $16,009,112 as at August 31, 2005, compared with $13,466,285 as at November 30, 2004. The increase in shareholders' equity and assets take into account the closing of the unit offering for gross proceeds of $9.9 million, after giving effect to the cash absorption relating to the operations for the first nine months of 2005.

The Company's liquidity position, both in the short term and long term, is allocated to salaries, the development of ECO-4601 as a clinical candidate, the funding of other R&D activities, patent filings and the acquisition of capital assets. Based on its current operating plan, the Company's management believes that its liquidity position will be sufficient to meet projected future cash needs to fund operations for the upcoming fiscal year, including the initial phase I clinical trial of ECO-4601 and the identification of its second preclinical candidate.

As of August 31, 2005, the number of common shares outstanding totalled 69,866,584 while 4,120,050 options at an average exercise price of $1.49 were granted under the share purchase option plan. A total of 7,820,834 share purchase warrants were outstanding on that date, of which 4,154,167 are exercisable at a price of $1.28 each at any time until February 12, 2008 and the remainder are exercisable at a price of $1.03 at any time until March 8, 2007.



Quarterly Financial Data
($in thousands, except for per share amounts)

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Quarters ended November 30, February 28, May 31, August 31,
(Unaudited) 2004 2005 2005 2005
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$ $ $ $
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Revenues 179 44 84 83
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Research and
Development
Expenditures,
before Tax
Credits and Grants 1,757 1,760 1,847 2,068
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Net Loss 1,993 2,262 2,288 2,266
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Net Loss per Share 0.03 0.04 0.03 0.03
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Quarters ended November 30, February 29, May 31, August 31,
(Unaudited) 2003 2004 2004 2004
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$ $ $ $
---------------------------------------------------------------------
Revenues 85 69 89 76
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Research and
Development
Expenditures,
before Tax
Credits and Grants 1,724 1,488 1,853 1,720
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Net Loss 1,787 1,900 2,272 2,049
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Net Loss per Share 0.03 0.04 0.04 0.03
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About Ecopia

Ecopia is finding novel anticancer therapies from soil-dwelling microorganisms that are as of this day one of the most prolific sources of these drugs. Our current focus is to move our flagship compound ECO-4601 into Phase I clinical trials. ECO-4601 is a novel small molecule that crosses the blood brain barrier and is effective in significantly inhibiting primary tumor growth in the brain and other types of cancers. Just like well-known chemotherapies such as doxorubicin and mitomycin C, ECO-4601 comes from microorganisms that live in common soil. ECO-4601 represents a new chemical class discovered using Ecopia's unique drug discovery platform called the Decipher® technology. Ecopia's shares are listed on the Toronto Stock Exchange (ticker symbol: EIA).

Additional information about the Company can be obtained from Ecopia's website at www.ecopiabio.com.

This press release may contain forward-looking statements that reflect the Company's current expectations regarding future events. The forward-looking statements, including expectations as to the pharmaceutical potential of ECO-4601, the timeframe for preclinical and clinical development of ECO-4601 and expansion of the Company's product pipeline involve risk and uncertainties. Actual events could differ materially from those projected here and depend on a number of factors, including scientific uncertainties relating to correlation of demonstrated anti-tumor activity in animal models with anti-tumor activity in human subjects, uncertainties related to the regulatory process for drug development and the success and timely completion of clinical studies and trials, and the impact of general economic conditions. Investors are cautioned against placing undue reliance on forward-looking statements. A more complete discussion of the risks and uncertainties facing the Company appears in Ecopia's 2004 Annual Report.



Financial Statements of
ECOPIA BIOSCIENCES INC.
For the three-month and nine-month period ended August 31, 2005

ECOPIA BIOSCIENCES INC.
Balance Sheets
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August 31 November 30
2005 2004
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(Unaudited) (Audited)

Assets

Current assets:
Cash $601,554 $152,763
Bonds 7,975,994 6,113,689
Sales tax receivable and other 259,742 45,351
Tax credits receivable 653,913 796,936
Research supplies, at cost 9,578 29,646
Deposits and prepaid expenses 238,823 170,044
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9,739,604 7,308,429

Bonds 3,115,458 2,753,002

Capital assets (note 3) 2,433,606 2,818,817

Patents 720,444 586,037

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$16,009,112 $13,466,285
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Liabilities and Shareholders' Equity

Current liabilities:
Accounts payable and accrued liabilities $1,509,184 $1,438,911

Shareholders' equity:
Capital stock (note 4) 54,565,028 44,655,975
Contributed surplus 388,314 222,469
Deficit (40,453,414) (32,851,070)
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14,499,928 12,027,374

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$16,009,112 $13,466,285
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See accompanying notes to unaudited financial statements.



ECOPIA BIOSCIENCES INC.
Statements of Operations
(Unaudited)

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Three-month period Nine-month period
ended August 31 ended August 31
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2005 2004 2005 2004
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Interest income $82,772 $76,033 $211,565 $233,806

Costs and expenses:
Research and
development 2,067,686 1,720,400 5,674,764 5,062,019
Tax credits and
grants (318,566) (273,892) (825,492) (718,410)
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1,749,120 1,446,508 4,849,272 4,343,609

General and
administrative 599,213 678,831 2,178,035 2,111,076
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2,348,333 2,125,339 7,027,307 6,454,685

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Net loss $2,265,561 $2,049,306 $6,815,742 $6,220,879
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Net basic and
diluted loss per
share $0.03 $0.03 $0.10 $0.11
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Weighted average
number of
outstanding
shares 69,865,388 58,851,584 65,966,365 56,591,845
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Statements of Deficit
(Unaudited)

Nine-month period ended August 31

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---------------------------------------------------------------------
2005 2004
---------------------------------------------------------------------

Deficit, beginning of period $32,851,070 $23,919,440

Net loss 6,815,742 6,220,879

Share issue costs 786,602 717,630

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Deficit, end of period $40,453,414 $30,857,949
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See accompanying notes to unaudited financial statements.



ECOPIA BIOSCIENCES INC.
Statements of Cash Flows
(Unaudited)

---------------------------------------------------------------------
---------------------------------------------------------------------
Three-month period Nine-month period
ended August 31 ended August 31
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2005 2004 2005 2004
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Cash flows from
operating
activities:
Net loss $(2,265,561) $(2,049,306)$(6,815,742)$(6,220,879)
Adjustment for:
Depreciation of
capital assets 182,002 250,229 526,908 743,672
Depreciation of
patents 8,866 6,755 25,505 17,884
Write-off of
capital assets 54,148 - 54,148 95,200
Write-off of
patents - 59,101 91,242 66,295
Stock-based
compensation 51,860 37,364 168,198 104,084
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(1,968,685) (1,695,857) (5,949,741) (5,193,744)

Change in
operating assets
and liabilities:
Interest
receivable on
bonds 18,664 97,970 (31,594) 113,135
Sales tax
receivable and
other (110,331) 13,278 (214,391) 66,232
Tax credits
receivable 649,949 879,390 143,023 434,872
Research
supplies 2,736 37,100 20,068 37,100
Deposits and
prepaid expenses 151,396 62,715 (68,779) 113,772
Accounts payable
and accrued
liabilities 201,679 (103,853) 29,265 (252,246)
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914,093 986,600 (122,408) 512,865

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(1,054,592) (709,257) (6,072,149) (4,680,879)

Cash flows from
financing
activities:
Proceeds from share
issuance 2,500 - 9,906,700 8,576,660
Share issue costs (2,637) - (786,602) (717,630)
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(137) - 9,120,098 7,859,030

Cash flows from
investing activities:
Acquisition of
bonds (678,000) (49,000)(10,827,682) (7,999,921)
Proceeds from
disposal of
bonds 1,939,974 1,826,611 8,634,515 6,617,534
Additions to
capital assets (109,831) (16,624) (193,155) (511,643)
Costs relating to
patent
acquisitions (82,419) (74,713) (212,836) (295,600)
Proceeds from
disposal of
capital assets - - - 3,800
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1,069,724 1,686,274 (2,599,158) (2,185,830)

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Net increase in
cash 14,995 977,017 448,791 992,321

Cash, beginning of
period 586,559 86,566 152,763 71,262

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Cash, end of period $601,554 $1,063,583 $601,554 $1,063,583
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Supplemental cash flow information (note 5)

See accompanying notes to unaudited financial statements.



ECOPIA BIOSCIENCES INC.
Notes to Financial Statements
(Unaudited)

Three-month and nine-month period ended August 31, 2005
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1. Significant accounting policies:

Basis of presentation:

These financial statements included in this report are unaudited and
reflect normal and recurring adjustments, which are, in the opinion
of the Company, considered necessary for a fair presentation. These
financial statements have been prepared in conformity with Canadian
generally accepted accounting principles. The same accounting
policies as described in the Company's latest annual report have been
used. However, these financial statements do not include all
disclosures required under generally accepted accounting principles
and accordingly should be read in connection with the financial
statements and the notes thereto included in the Company's latest
annual report.

2. Restructuring fees:

In the context of the execution of its business strategy, the Company
reduced, in May 2005, its headcount by 30% and ceased the process of
obtaining certain patents considered of secondary importance.
Consequently, the Company incurred severance fees in the amount of
$ 144,626 of which $ 1,990 are included in accounts payable and
accrued liabilities as of August 31, 2005. In addition, the Company
recorded a write down of $ 83,366 related to patent acquisition
costs. These expenses are recorded in the Statement of operations and
are included in the research and development costs and the general
and administrative costs, respectively.

3. Capital assets:

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August 31
2005
---------------------------------------------------------------------
Accumulated
depreciation and Net book
Cost amortization value
---------------------------------------------------------------------

Specialized computer
equipment $1,205,621 $1,199,621 $6,000
Machinery and equipment 4,753,446 3,141,887 1,611,559
Leasehold improvements 1,190,247 374,200 816,047

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$7,149,314 $4,715,708 $2,433,606
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November 30
2004
---------------------------------------------------------------------
Accumulated
depreciation and Net book
Cost amortization value
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Specialized computer
equipment $1,205,621 $1,109,374 $96,247
Machinery and equipment 4,572,226 2,738,005 1,834,221
Leasehold improvements 1,175,622 287,273 888,349

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$6,953,469 $4,134,652 $2,818,817
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Certain equipment is no longer utilized in the activities of the
Company. As a result, the net book value of specialized computer
equipment has been reduced by $ 24,482 and the net book value of
machinery and equipment by $29,666.

4.Capital stock:

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August 31 November 30
2005 2004
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Authorized in unlimited number and
without par value:
Common shares
Preferred shares, issuable in series

Issued:
69,866,584 common shares
(November 30, 2004 - 58,851,584) $54,565,028 $44,655,975
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a) Changes in the issued and outstanding capital stock were as
follows:

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Number Dollars
---------------------------------------------------------------------

Balance, November 30, 2004 58,851,584 $44,655,975

Shares issued pursuant to a private placement 11,000,000 9,900,000
Shares issued pursuant to exercise of options 15,000 9,053

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Balance, August 31, 2005 69,866,584 $54,565,028
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In March 2005, the Company closed a private placement for the
issuance of 11,000,000 units, each unit comprised of one common share
and one-third of one common share purchase warrant. Each unit was
sold at $0.90, allowing the Company to raise gross proceeds of
$ 9.9 million. Each full share purchase warrant will allow the holder
to purchase one common share of the Company at an exercise price of
$1.03 and will expire on March 8, 2007.

(b) Stock option plan:

Changes in the number of options outstanding during the nine-month
period ended August 31, 2005 were as follows:

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Weighted average
exercise price
Options per share
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Options, November 30, 2004 4,276,850 $1.50

Granted 106,250 0.82
Exercised (15,000) 0.45
Cancelled (248,050) 1.42

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Options, August 31, 2005 4,120,050 $1.49
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As at August 31, 2005, the number of exercisable options was
3,012,090.

For the nine-month period ended August 31, 2005, the stock-based
compensation related to the stock option exercise mentioned above
amounted to $ 2,353.

The fair value of the options granted was estimated at the date of
grant using the Black-Scholes option pricing model. The following
assumptions were used during the period: average risk free interest
rate of 4.50%, expected dividend yield of nil, expected volatility
ranging from 71% to 76% and expected option life of 5 years. The
weighted-average fair value of the options granted in 2005 was $0.52
($1.17 in 2004).

The Black-Scholes model, used by the Company to calculate option
values, was developed to estimate fair value of freely tradable,
fully transferable options without vesting restrictions, which
significantly differs from the Company's stock option awards. This
model also requires four highly subjective assumptions, including
future stock price volatility and expected time until exercise, which
greatly affect the calculated values.

(C) Diluted loss per share:

Diluted loss per share was not presented as the effect of options and
warrants would have been anti-dilutive. Furthermore, the exercise of
2,412,550 options (1,523,000 in 2004) and 7,820,834 warrants would
not have been considered in such computation since the exercise price
of these options and warrants was higher than the average market
price during the reporting period.

5. Supplemental cash flow information:

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August 31 November 30
2005 2004
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Costs relating to patent acquisitions
included in accounts payable and accrued
liabilities $44,088 $5,770

Acquisition of capital assets included in
accounts payable and accrued liabilities 5,584 2,894

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