April 03, 2007 08:01 ET

IBEX Announces Release of New C2C Urine Assay for Arthritis Pharmaceutical Research Market

MONTREAL, QUEBEC--(CCNMatthews - April 3, 2007) - IBEX Technologies Inc. (TSX:IBT) today announced that it has released for sale to the pharmaceutical research market the new C2C Urine ELISA kit. The new assay for C2C, a cartilage breakdown product, is similar to the current IBEX C2C ELISA but has been re-engineered to better detect the smaller peptides found in urine.

Recent publications indicated that type II collagen breakdown products, such as the IBEX C2C biomarker, in urine may have clinical relevance apart from the biomarker level in serum. IBEX developed the C2C Urine ELISA to provide researchers with a tool to further investigate and validate the early findings in urine. The release of the C2C Urine ELISA is an essential part of IBEX's continuing commitment to the important research being conducted in the management of arthritis.

IBEX will be conducting its own studies on the clinical utility of urinary C2C in arthritis diagnostics in the coming months.

About IBEX's Arthritis Program

IBEX's OA and RA biomarker assays utilize certain molecules found in blood that are by-products of collagen degradation and synthesis. IBEX's arthritis biomarker assay kits are currently being used by leading academic researchers and many of the world's top pharmaceutical companies, to more effectively measure the efficacy of new arthritis treatments and to identify patients that are more likely to respond to potential therapies or those that are more likely to develop progressive diseases.

Key validating data for the IBEX's arthritis assays were presented at the 2004 and 2005 American College of Rheumatology meeting by Centocor, marketers of the anti-TNF alpha / anti-arthritic compound, Remicade®, regarding the levels of certain biomarkers in a subset of patients from the ASPIRE® study. The ASPIRE study is the largest trial ever in early RA. Results indicated that IBEX's C2C biomarkers assay tracked well with one of study's more important clinical endpoints.

It is estimated that 10 million people worldwide are affected by RA and that over 80 million people are impacted by OA. Further, the number of affected people grows as the population of the world continues to age. These two forms of arthritis are the most prevalent and represent the greatest potential for diagnosis and treatment. There is no cure for OA and drug management is palliative and relies on the use of analgesics such as non-steroidal anti-inflammatory drugs (NSAIDs). For RA, there is a wider range of drugs to treat this disease including the use of newly discovered disease modifying anti-rheumatic drugs (DMARDs), which target the immune system and slow down the progression of disease.

About IBEX

IBEX is transforming itself from a research and development company to a specialty pharmaceutical company with marketed products serving the arthritis and women's health markets. To that end, on January 30, 2007, the Company announced the signing of a Share Purchase Agreement with Garvinci Inc., a private-held Canadian company with Canadian distribution rights for a pipeline of arthritis and women's health products. Garvinci currently has one visco-supplement product on the market, and a recently approved morning-after pill (Norlevo®) for emergency contraception, which is expected to be launched in the second half of 2007.

IBEX's arthritis program is based on the discovery of a number of specific molecular biomarkers associated with collagen synthesis and degradation. These discoveries have led to the development of proprietary research tools and diagnostic tests which are being used by major pharmaceutical companies in the search for new drugs and which are being developed by IBEX for use in patient management.

IBEX currently markets a series of arthritis assays which are widely used in the pharmaceutical research market. The Company also markets a series of proprietary enzymes (heparinases and chondroitinases) for research use, as well Heparinase I which is used in many leading hemostasis monitoring devices. For more information, please visit the Company's web site at www.ibex.ca.

Safe Harbour Statement

All of the statements contained in this news release, other than statements of fact that are independently verifiable at the date hereof, are forward-looking statements. Such statements, based as they are on the current expectations of management, inherently involve numerous risks and uncertainties, known and unknown. Some examples of known risks are: the impact of general economic conditions, general conditions in the pharmaceutical industry, changes in the regulatory environment in the jurisdictions in which IBEX does business, stock market volatility, fluctuations in costs, and changes to the competitive environment due to consolidation or otherwise. Consequently, actual future results may differ materially from the anticipated results expressed in the forward-looking statements. IBEX disclaims any intention or obligation to update these statements.

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