July 16, 2007 08:00 ET

IBEX Completes Fifth and Final Payment for Arthritis Biomarkers

MONTREAL, QUEBEC--(Marketwire - July 16, 2007) - IBEX Technologies Inc. (TSX:IBT) today announced that it has completed its fifth and final payment to former HDM Diagnostics & Imaging Inc. ("HDM") shareholders to retain the exclusive rights to its portfolio of arthritis biomarkers. In fulfilling its final payment, IBEX issued 1,633,186 common shares, valued at $200,000 (as at July 13, 2007). After giving effect to the fifth-year payment to former HDM shareholders, there are now 24,703,244 common shares of IBEX issued and outstanding.

IBEX's osteoarthritis and rheumatoid arthritis biomarkers involve certain molecules in blood that are a by-product of collagen degradation and synthesis. IBEX's arthritis biomarkers are currently being used by researchers, including five of the world's leading 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 that are more likely to develop progressive diseases. IBEX currently sells five arthritis assays to the research community: CS-846, CPII, C2C, C1-2C and the new C2C assay optimized for use with urine samples.

About IBEX

IBEX currently markets a series of arthritis assays which are widely used in pharmaceutical research. These assays are based on the discovery of a number of specific molecular biomarkers associated with collagen synthesis and degradation.

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.

IBEX recently announced plans to restructure the Company with a view to becoming profitable in the quarter beginning November 1, 2007. In addition to optimizing its base business IBEX is seeking to maximize shareholder value through discussions with companies interested in the IBEX infrastructure and accumulated tax loss carry forwards.

For more information, please visit the Company's web site at www.ibex.ca

Safe Harbor 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.

Contact Information

  • IBEX Technologies Inc.
    Paul Baehr
    President & CEO