SOURCE: Upstream Biosciences Inc.

March 05, 2007 11:41 ET

Upstream Biosciences Inc. Announces $2M Financing

VANCOUVER, BC -- (MARKET WIRE) -- March 5, 2007 -- Upstream Biosciences Inc. (OTCBB: UPBS) ("Upstream" or "the Company") has announced that the Company has secured a $2M equity financing. Under the terms of the deal, Upstream has received $1M in immediate financing and will receive $1M within 30 days contingent on the successful completion of corporate milestones.

The units are priced at $1.50 per unit and each unit consists of one common share, 1 share purchase warrant priced at $1.75 and 1 share purchase warrant priced at $1.85. The Company is contemplating two closings of 666,667 units each.

The first tranche to close will result in net proceeds to the Company of $1,000,000. If all warrants are exercised, the Company will receive an additional $2,400,000 bringing total proceeds in the first tranche of $3,400,000.

If the second tranche of the financing closes it will result in total net proceeds to the Company of $6,800,000. This amount includes all warrants being exercised.

Pursuant to the deal, the Company will issue 1,333,334 shares and 2,666,668 warrants.

The Company intends to utilize the proceeds from this financing to further validate its genetic markers and drug response assay.

For more information, please contact Samantha Haynes at 1-800-539-0289 or

© 2006 Upstream Biosciences Inc. ~ all rights reserved

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