Ecopia BioSciences Inc.

Ecopia BioSciences Inc.

February 28, 2005 14:29 ET

Ecopia BioSciences Inc.: Underwriters Exercise Option to Purchase Additional Units in the Bought Deal Private Placement for Total Gross Proceeds of $9.9 Million to Ecopia


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: ECOPIA BIOSCIENCES INC.

TSX SYMBOL: EIA

FEBRUARY 28, 2005 - 14:29 ET

Ecopia BioSciences Inc.: Underwriters Exercise Option
to Purchase Additional Units in the Bought Deal
Private Placement for Total Gross Proceeds of $9.9
Million to Ecopia

MONTREAL, QUEBEC--(CCNMatthews - Feb. 28, 2005) - THIS NEWS RELEASE IS
INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR
DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES.

Ecopia BioSciences Inc. (TSX:EIA) announces that, in connection with its
previously announced bought deal agreement with a syndicate of
underwriters led by Desjardins Securities Inc. and including First
Associates Investments Inc. and Orion Securities Inc., the underwriters
exercised today their option to purchase an additional 1,000,000 Units
at a price of $0.90 per Unit. The underwriters' exercise of the option
will result in additional gross proceeds to Ecopia of $900,000,
totalling gross proceeds of $9,900,000 in the private placement.

Each Unit shall consist of one common share and one-third of one common
share purchase warrant. Each share purchase warrant will allow the
holder to purchase one common share of Ecopia at an exercise price of
$1.03 any time up to the second anniversary of the closing. Closing is
expected to occur on or about March 8, 2005.

The net proceeds of this private placement will be used by Ecopia for
working capital, product development and general corporate purposes.

The offering of the Units is subject to receipt of all regulatory
approvals and other customary closing conditions.

THE SECURITIES OFFERED HAVE NOT BEEN REGISTERED UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD IN
THE UNITED STATES ABSENT REGISTRATION OR AN APPLICABLE EXEMPTION FROM
THE REGISTRATION REQUIREMENTS. THIS PRESS RELEASE SHALL NOT CONSTITUTE
AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY THE SECURITIES,
NOR SHALL THERE BE ANY SALE OF THE SECURITIES IN ANY STATE IN WHICH SUCH
OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL.

About Ecopia

Ecopia is advancing its most promising compound ECO-4601, a potential
new drug to treat brain cancer, through preclinical trials and expects
to file an IND application in 2005. Using its innovative DECIPHER®
technology, the Company employs a radically different approach to
discover new drugs, with anticancer, antibacterial or antifungal
activity, from bacteria called actinomycetes. The most promising
anticancer discoveries are added to Ecopia's rapidly growing pipeline
for further development while other compounds will be leveraged to
generate revenue through licensing and partnerships. 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 compounds discovered by the Company's
platform, the timeframe for preclinical and clinical development of the
compounds into new medications, 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 scientific hypotheses and
experimental approaches in regard to the drug discovery platform,
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 2003 Annual Report.

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