SOURCE: Upstream Biosciences Inc.

September 15, 2008 08:00 ET

Upstream Biosciences Begins Animal Efficacy Testing for Trypanosomiasis Treatment

Company Reaches a Significant Development Milestone in Program to Treat Trypanosomiasis

VANCOUVER, BC--(Marketwire - September 15, 2008) - Upstream Biosciences Inc. (OTCBB: UPBS) announced today that it has begun animal efficacy testing in collaboration with Makerere University in Kampala, Uganda to evaluate its proprietary drug candidates as potential livestock and human treatments for Trypanosomiasis. Management anticipates that this research will lead to the selection of a drug candidate to treat Trypanosomiasis initially in livestock followed by a human treatment for the disease.

"We are excited that our R&D programs have yielded several high quality preclinical candidates for the treatment of Trypanosomiasis," said Bellenson. "The results of this round of testing are expected to allow us to take an important step towards developing our first drug for a veterinary application in Africa. Our treatment for this devastating disease could have a huge economic impact on Africa. Trypanosomiasis causes an estimated annual economic loss of US$4.5 billion and impacts a geographic area the size of Canada."

Upstream has demonstrated in vitro efficacy and in vivo (in animals) safety for potential treatments for Trypanosomiasis, Leishmaniasis, and Malaria. Trypanosomiasis, Leishmaniasis, and Malaria are caused by related parasites that have developed resistance to available treatments. An estimated 60 million people and 50 million cattle and other animals in sub-Saharan Africa are at risk of contracting Trypanosomiasis. Drug resistance has greatly reduced the effectiveness of existing Trypanosomiasis treatments. Leishmaniasis afflicts millions of people living in Africa, India, and the Middle East. According to the World Health Organization, about 40% of the world's population is at risk of Malaria. These diseases will be included in the United States Food and Drug Administration's proposed priority review voucher program designed to provide financial incentive to companies developing treatments.

The Trypanosomiasis testing will be conducted at Makerere University Faculty of Veterinary Medicine, Dept. of Parasitology and Microbiology, in Kampala, Uganda. Testing will directed by Prof. George Lubega, department head, and by Dr. Enock Matovu.

"We are very pleased to play an important role in Upstream's rapidly-advancing program to develop a treatment for Trypanosomiasis," said Prof. Lubega. "An effective treatment for Trypanosomiasis in livestock could significantly increase the production of dairy, meat, and agricultural products across sub-Saharan Africa."

About Makerere University

Makerere University located in Kampala, Uganda is one of sub-Saharan Africa's oldest and most prestigious institutions of higher learning. It is among the largest universities in East and Central Africa, with a student population of over 30,000 undergraduate and 3,000 postgraduate students. Makerere consists of 22 faculties, institutes and schools and is an active center of research. While some faculties including Medicine were founded as early as 1924, Makerere was established as the University of East Africa in 1963, and became an independent national university of the Republic of Uganda in 1970. For more information visit: www.mak.ac.ug.

About Upstream Biosciences, Inc.

Upstream Biosciences is focused on developing and commercializing drug candidates to treat tropical diseases, including leishmaniasis, trypanosomiasis, and malaria. Caused by parasites that have developed resistance to available treatments, these diseases afflict millions of people living in the tropics with death, illness, malnourishment and economic hardship. Upstream's drug candidates are generated using its proprietary computer-assisted drug discovery process. The Company's lead drug candidates have demonstrated anti-parasitic efficacy in vitro and positive safety data in animals.

Notice Regarding Forward-Looking Statements

This news release contains forward-looking statements, as that term is defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among others, the expectation and/or claim, as applicable, that: (i) the Company's proprietary drugs may treat livestock and humans for Trypanosomiasis; (ii) animal efficacy testing may lead to the selection of a drug candidate to treat Trypanosomiasis in livestock followed by a human treatment; (iii) the results of animal efficacy testing may allow the Company to take an important step towards development its first drug for a veterinary application in Africa; (iv) the Company's treatment for Trypanosomiasis could have a huge economic impact on Africa; and (v) an effective treatment for Trypanosomiasis in livestock could significantly increase the production of meat, dairy, and agricultural products across sub-Saharan Africa. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others: (i) the risk that the Company does not execute its business plan, because of insufficient financing, inefficacy of products or other reasons; (ii) the inability of the Company to keep pace with technological advancements in the field of genetic diagnostics and the treatment of tropical parasitic diseases; (iii) the Company's inability to adequately protect its intellectual property or the Company's inadvertent infringement of third party intellectual property; (iv) the Company not being able to retain key employees; (v) competitors providing better or cheaper products and technologies; (vi) markets for the Company's products not developing as expected; (vii) the Company's inability to finance its operations or growth; (viii) inability to obtain all necessary government and regulatory approvals; (ix) the risk that the Company's drugs may not be approved for sale by regulators having authority over medicine and drug therapies; and (x) the potential inability to effectively market and commercialize the Company's technologies, including the establishment of viable relationships with third parties. These forward-looking statements are made as of the date of this news release and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's periodic reports filed from time-to-time with the Securities and Exchange Commission and available at www.sec.gov.

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