SOURCE: Upstream Biosciences Inc.

October 06, 2006 15:49 ET

Upstream Biosciences Inc. Announces Significant Sample Acquisition Agreement for Liver Cancer Biomarker Validation

VANCOUVER, BC -- (MARKET WIRE) -- October 6, 2006 -- Upstream Biosciences Inc. (OTCBB: UPBS) ("Upstream" or the "Company"), an emerging leader in the field of genetic diagnostics for cancer and the prediction of drug response, is pleased to announce that, on October 3, 2006, it signed a sample acquisition agreement with JTAT, a Vancouver, Canada based biotechnology consulting firm.

JTAT has extensive and, in some cases, exclusive access to a significant number of biological tissue and blood serum samples based on research collaborations with multiple international research institutes that produce large quantities of biological samples. These biological samples include tissue and serum from cancer patients with diseases relevant to Upstream's biomarker technology. Upstream intends to initially use samples acquired from JTAT for validation of its liver cancer biomarkers, followed by prostate, ovarian, and thyroid cancer diagnostic biomarkers.

"Securing well characterized samples is a key milestone in our biomarker validation plan and the agreement with JTAT is a significant step in the execution of our work and development plan," said Upstream CEO Joel Bellenson.

Upstream is developing diagnostic tests that may aid in the early detection of cancer by identifying individuals with disease susceptibility. Upstream is also developing diagnostic tests that may determine whether a drug will be useful or harmful to an individual patient based on his or her genetic profile. According to the Journal of the American Medical Association, each year 100,000 people die in the United States due to adverse reactions to prescription drugs.

About Upstream Biosciences Inc.

Founded in 2004, Upstream Biosciences Inc. is a company with the goal of becoming an emerging leader in the field of genetic diagnostics for cancer and the prediction of drug response. Upstream intends to discover, develop and license genetic-based diagnostics for cancer susceptibility and drug response. Upstream's proprietary data mining pipeline enables it to locate and analyze genetic variations in the regions of DNA 'upstream' of the gene, the 'gene switches,' which control the quantities and timing of expression of the genes and proteins important to disease and drug response. For further information please visit the Company's website at www.upstreambio.com.

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 that 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 intends to use samples acquired from JTAT for validation of its biomarkers; (ii) the Company is able to secure well characterized samples; (iii) the Company is able to develop diagnostic tests that may aid in the early detection of cancer; (iv) the Company is able to develop diagnostic tests that may determine whether a drug will be useful or harmful to an individual patient based upon their genetic profile; (v) the Company may discover, develop and license its genetic based diagnostics for cancer susceptibility and drug response; and (vi) the Company's data mining pipeline may enable the Company to locate and analyze genetic variations in the regions of DNA which control the quantities and timing of expression of the genes and proteins important to disease and drug response.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others: (i) the inability of JTAT to provide biological tissue and blood serum samples as requested in accordance with the terms of the sample acquisition agreement; (ii) the risk that the Company does not execute its business plan; (iii) the inability of the Company to keep pace with technological advancements in the field of genetic diagnostics; (iv) the Company's inability to adequately protect its intellectual property or the Company's inadvertent infringement of third party intellectual property; (v) the Company not being able to retain key employees; (vi) competitors providing better or cheaper products and technologies; (vii) markets for the Company's products not developing as expected; (viii) the Company's inability to finance its operations or growth; (ix) the inability to obtain all necessary government and regulatory approvals; and (x) the 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.

Contact Information

  • For more information, please contact:
    Samantha Haynes
    Investor relations
    1-800-539-0289
    Email Contact