Millenium Biologix Corporation
TSX : MBC

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 www.millenium-biologix.com.

Forward-looking Statements

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Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Our actual results could differ materially from those anticipated in the forward-looking statements due to a number of material factors, including, the impact of general economic conditions on future operations and business plans, changes in product development plans and timing, delays in receipt of regulatory approvals for our products, the level of our costs and operating expenses relative to our revenues, our future capital requirements and the sufficiency of our cash, cash equivalents, investments and other sources of funds, including financing from external sources, to meet these requirements, the outcome of contingencies, such as litigation, and other factors described in the "Risk Factors" section of our most recent annual information form, particularly those under the heading "Dependence on Additional Financing/Need for Additional Financing". You should carefully consider the factors described above and in that "Risk Factors" section in evaluating our forward-looking statements. Other factors besides those described above and in the annual information form could also affect actual results.

You should not place undue reliance on these forward-looking statements. We undertake no obligations to update publicly any forward-looking statement to reflect circumstances or events after the date such statement was made or to reflect the occurrence of unanticipated events. You should, however, review the factors and risks we describe in the reports we file from time to time with the applicable Canadian securities commissions or similar regulatory authorities. Such additional information is available at www.sedar.com.

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