Holmes Biopharma, Inc.
OTC Bulletin Board : HLMB

Holmes Biopharma, Inc.

October 30, 2006 09:01 ET

Holmes Biopharma-Work in Progress Update

SCOTTSDALE, ARIZONA--(CCNMatthews - Oct. 30, 2006) - Holmes Biopharma, Inc. (OTCBB:HLMB) announces that it will provide shareholders with a work in progress update on a monthly basis outlining the amount of contracts in place, plus proposals currently outstanding to pharmaceutical companies.

Current contracts in place exceed $430,000 and proposals outstanding for additional work exceed $5,500,000. Both of these amounts are expected to increase rapidly from month to month until the clinics in Omaha and Toronto are operating at capacity, sometime in 2007.

"The sales activity being generated by our business development team is fantastic, and puts us on a path to profitability in early 2007," stated Sohail Khattak, President and CEO of Qualia.

Holmes Biopharma, Inc. is a contract research organization (CRO) supporting the global research and development needs of biotechnology, pharmaceutical and medical device companies on an outsourced basis. Services range from laboratory testing to data analysis and human clinical trials management.

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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