Millenium Biologix Corporation

Millenium Biologix Corporation

December 07, 2006 11:17 ET

Millenium Announces Staff Layoffs to Preserve Financial Resources

KINGSTON, CANADA--(CCNMatthews - Dec. 7, 2006) - Millenium Biologix Corporation (TSX:MBC)("Millenium" or the "Company") today announced that it has implemented a layoff of 20 employees to preserve financial resources while completing its work with Medical Capital Advisors. The layoff is for an indefinite period of time and will be monitored pending the outcome of the Company's partnering/financing initiatives.

The layoff impacts all of the Company's development programs.

A core complement of staff has been maintained in support of partnering/financing initiatives and short-term revenue generating activities including the Company's eOSTEO and Osteologic product programs.

"While it is with regret we have to implement this further downsizing we are cognizant of the importance of providing sufficient runway to support our partnering/financing initiatives" said Brian Fielding, Millenium's CEO. "The layoff provides Millenium the operational flexibility to quickly restart its programs once partnering/financing activities are confirmed" added Fielding.

About Millenium Biologix Corporation

Millenium Biologix Corporation is focused on the development and commercialization of next generation cell culture and tissue engineering systems that will drive change from synthetic implants to more effective biologics-based solutions. For more information about Millenium, please visit

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