SOURCE: Upstream Biosciences Inc.

March 19, 2007 09:00 ET

Upstream Biosciences Inc. Signs Option to Acquire Pacific Pharma Technologies Inc.

VANCOUVER, BC -- (MARKET WIRE) -- March 19, 2007 -- 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, has signed an option agreement to acquire Pacific Pharma Technologies Inc. The agreement gives Upstream a 3-month exclusive option period to conduct due diligence and negotiate the terms of the acquisition transaction.

Pacific Pharma Technologies Inc. is a Vancouver, British Columbia-based early-stage biopharmaceutical company that uses in silico techniques and traditional laboratory investigation to discover drugs that target high-profile parasitic diseases. Pacific Pharma has proprietary technologies relating to certain widespread infectious diseases and has ongoing research to broaden the application of its proprietary technologies into cancer treatment.

Pacific Pharma retained the University of British Columbia to conduct laboratory contract services tests on its lead compounds. Initial results indicate efficacy of Pacific Pharma's lead compounds for Leishmania donovani (visceral form of leishmaniasis) and Trypanosomiasis (African Sleeping Sickness). These parasites are from a family of protozoa species that include Malaria and Chagas Disease. According to a recent LA Times article, the American Red Cross detected Chagas in 1 in every 3,800 donors in Los Angeles in 2006. Over 300 million people are infected globally by these diseases, which are responsible for an estimated 2.8 million deaths annually according to the World Health Organization (WHO). WHO estimates $1.15B will be spent treating these diseases by 2015.

"The Pacific Pharma acquisition would greatly expand our growing intellectual property portfolio," says CEO Joel Bellenson. "An effective, safe, and inexpensive treatment is essential to combat these deadly parasites."

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 their 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.

Upstream Biosciences Inc. is an emerging leader in the field of genetic diagnostics for cancer and the prediction of drug response founded in 2004. Upstream discovers, develops, and licenses 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.

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 may become an emerging leader in the field of diagnostics for cancer and the prediction of drug response; (ii) the Company may complete due diligence and negotiate the terms of the acquisition transaction with Pacific Pharma; (iii) initial results indicate efficacy of Pacific Pharma's lead compounds for Leishmania donovani (visceral form of leishmaniasis) and Trypanosomiasis (African Sleeping Sickness); (iv) the acquisition of Pacific Pharma would greatly expand the Company's growing intellectual property portfolio; (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 risk that the Company does not execute its business plan; (ii) the determination of the Company not to exercise the option to acquire Pacific Pharma for any reason; (iii) unfavorable results of due diligence regarding Pacific Pharma; (iv) determination that Pacific Pharma's lead compounds do not provide favorable results; (v) the inability of the Company to keep pace with technological advancements in the field of genetic diagnostics; (vi) the Company's inability to adequately protect its intellectual property or the Company's inadvertent infringement of third party intellectual property; (vii) the Company not being able to retain key employees; (viii) competitors providing better or cheaper products and technologies; (ix) markets for the Company's products not developing as expected; (x) the Company's inability to finance its operations or growth; (xi) inability to obtain all necessary government and regulatory approvals; and (xii) 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.

(c) 2006 Upstream Biosciences Inc. all rights reserved

DISCLAIMER FOR HISTORICAL PRESS RELEASES AND SEC FILINGS: 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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