Holmes Biopharma, Inc.
PINK SHEETS : HLMB

Holmes Biopharma, Inc.

December 04, 2006 09:03 ET

Holmes Biopharma-Acquisition Strategy Commenced with Letter of Intent

SCOTTSDALE, ARIZONA--(CCNMatthews - Dec. 4, 2006) - Holmes Biopharma, Inc. (PINK SHEETS:HLMB) announced it has commenced a strategy of acquiring several additional clinical research facilities in the coming months. The focus will be on profitable businesses with proven track records; that compliment the Company's current operations.

The Company's clinical research subsidiary, Qualia Clinical Research Service Inc ("Qualia") has entered into a letter of intent to purchase an existing, profitable clinical research business located in the eastern United States. The name and terms of the acquisition will be disclosed after a formal purchase agreement is completed in the coming weeks.

"Qualia has excess capacity in our business development and marketing group. We believe this acquisition will more than double our research revenue over time and allow us to get to our target of $30 million in annualized revenue by the end of 2007," stated Dr. Sohail Khattak, CEO of Qualia.

About Holmes:

Holmes Biopharma, Inc. is a clinical research organization focused on providing integrated and cost effective clinical development services that help the pharmaceutical industry introduce new drug products rapidly from laboratory to the market. It currently has clinics in Omaha, Nebraska and Toronto, Canada.

On behalf of the Board of Directors

John F. Metcalfe, President

Certain statements in this press release constitute "forward looking statements" within the meaning of the United States Securities Legislation. The Company's actual results could differ from those in the forward-looking statements. Do not construe this information as investment advice. This is not a solicitation to buy or sell securities. This does not purport to be a complete analysis of the Company. Investing in securities is speculative and carries a high degree of risk. Past performance does not guarantee future results. Readers should consult their own independent advisers with any investment, including any contemplated investment. All information contained in this press release should be independently investigated. This press release contains forward-looking statements. These remarks involve risks and uncertainties. Risks are not limited to quarterly fluctuations in results or the companies' management of growth and competition. Other risks are detailed in the Company's SEC filings. Actual results may differ materially from such information set forth herein.

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