SOURCE: Upstream Biosciences Inc.

May 07, 2007 09:00 ET

Upstream Biosciences Inc. Announces the Successful Closing of Its $1.50 Unit Financing

VANCOUVER, BC -- (MARKET WIRE) -- May 7, 2007 -- Upstream Biosciences Inc. (OTCBB: UPBS) ("Upstream" or "the Company") is pleased to announce that the Company has successfully closed the second and final tranche of its unit financing announced on February 26, 2007.

As per the terms of the deal, Upstream successfully completed all the required corporate milestones and has now received the remaining $1,000,000 for total proceeds of $2,000,000. On the closing date of the second tranche financing, the Company issued an additional 666,667 shares and 1,333,334 Series A and Series B warrants.

The units were issued at $1.50 per unit, with each unit consisting of one common share, 1 Series A share purchase warrant and 1 Series B share purchase warrant. Each Series A share purchase warrant is exercisable at $1.75 per share and each Series B share purchase warrant is exercisable at $1.85 per share. Upon the successful exercise of both Series A and Series B share purchase warrants from the second tranche of the financing, the Company will receive an additional $2,400,001. Furthermore, if all warrants from both the first and second tranches of the financing announced on March 5, 2007 are successfully exercised, the total gross proceeds to the Company will be $6,800,000.

The securities offered will not be or have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Pursuant to the terms of the second tranche financing, we have granted registration rights to register the shares issued in the financing, and the shares issuable upon the exercise of the Series A and Series B share purchase warrants.

The Company intends to utilize the proceeds from this financing to further validate its genetic markers and drug response assay, as well as complete the previously announced acquisition of Pacific Pharma Technologies Inc. Please visit Upstream's website at to view past news releases.

© 2007 Upstream Biosciences Inc. ~ all rights reserved


This section contains historical and archived press releases and SEC filings for Upstream Biosciences Inc. The information in these press releases and SEC filings is historical in nature, has not been updated, and is current only to the date indicated in the particular press release or SEC filing. This information may no longer be accurate and therefore you should not rely on the any information contained in these press releases or SEC filings and should refer to our latest press releases and SEC filings. To the extent permitted by law, Upstream Biosciences Inc. and its employees, agents and consultants exclude all liability for any loss or damage arising from the use of, or reliance on, any such information, whether or not caused by any negligent act or omission.

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