SOURCE: Upstream Biosciences Inc.

July 09, 2008 08:00 ET

Upstream and McGill University to Collaborate on Testing of Potential Tropical Disease Treatments

Second Generation Drug Candidates Were Generated From Upstream's Proprietary Computer-Aided Discovery Technology

VANCOUVER, BC--(Marketwire - July 9, 2008) - Upstream Biosciences Inc. (OTCBB: UPBS) today announced that it has entered into a collaboration with McGill University's Institute of Parasitology in Montreal, Quebec, Canada to begin in vitro testing of the Company's second generation of drug candidates for the potential treatment of tropical diseases leishmaniasis, trypanaosomiasis (African sleeping sickness) and malaria.

Joel L. Bellenson, Chief Executive Officer of Upstream, said, "The testing will evaluate the Company's second generation drug candidates for anti-parasite activity and safety to human cells. McGill University is one of Canada's leading universities, and its Institute of Parasitology is recognized internationally for its research into infectious parasitic diseases."

"We have designed our second generation of drug candidates based on the best-performing characteristics of our first generation drug candidates, which have now advanced into animal testing," said Bellenson. "Our technology allows us to quickly and cheaply enhance our compounds to have fewer side-effects and to be more effective at lower dosages."

Upstream's proprietary drug discovery platform utilizes chemoinformatics which combines chemistry and computer-aided design to accelerate the speed and reduce the cost of discovering drugs to treat disease.

Upstream's first generation of drug candidates have successfully demonstrated in vitro anti-parasitic activity, in vitro human cell safety, and in vivo (in animals) safety for leishmaniasis, trypanaosomiasis and malaria. Management anticipates that the Company's first generation drug candidates will undergo in vivo (in animals) efficacy testing before the end of the third quarter of 2008.

Testing at McGill's Institute of Parasitology will be directed by Dr. Armando Jardim, who has published an extensive body of research covering the identification and characterization of parasite drug targets, including leishmaniasis.

"New treatments are desperately needed for these tropical diseases which have become resistant to available therapies. Our testing will evaluate the potential of Upstream's newest compounds," said Dr. Jardim.

The Institute of Parasitology is one of the few centers dedicated to investigating infectious parasitic diseases. McGill University was chartered during the British colonial era 46 years before Canadian confederation in 1867. McGill attracts students from 160 countries around the world. McGill is the most research intensive university in Canada, both in terms of sponsored research income per full-time faculty member and in terms of peer-reviewed publications per full-time faculty member.

About Upstream Biosciences Inc.

Upstream Biosciences is focused on developing and commercializing drug candidates to treat tropical diseases, including leishmaniasis, trypanosomiasis (African sleeping sickness) 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 progress. The Company's lead drug candidates have demonstrated anti-parasitic efficacy in vitro and positive safety data in animals. Animal efficacy studies are anticipated to begin during the third quarter of 2008.

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 second generation of drug candidates may potentially treat tropical diseases leishmaniasis, trypanaosomiasis and malaria; and (ii) animal efficacy studies are anticipated to begin during the third quarter of 2008. 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 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; and (ix) 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.

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