Viropro Inc.
OTC Bulletin Board : VPRO

Viropro Inc.

January 25, 2008 07:00 ET

Viropro Reports on Its Extraordinary Special Meeting of Stockholders

MONTREAL, QUEBEC--(Marketwire - Jan. 25, 2008) - Viropro Inc. (Viropro) (OTCBB:VPRO), held an Extraordinary Special Meeting of Stockholders on January 24, 2008 in order to review the company's accomplishments of 2007 and to inform shareholders of the current financial situation, on the 2008-2009 proforma financial forecasts and recently received financing proposals.

The decisive partnerships signed with the Biotechnology Research Institute in Montreal on March 06, 2007 and with Invitrogen Inc. on May 07, 2007 enabled Viropro to sign a first significant contract with Intas Biopharmaceutical Ltd (IBPL) on October 07, 2007 for the development of a biotherapeutic product. This contract signature led to the first milestone payment and allowed Viropro to receive its first revenues. The remaining payments are expected over the next 18 months according to milestones. Royalties of around US$ 100 million over 10 years for the first product are expected to start by the end of 2011.

Due to financial difficulties, the company had to slower the development of its first biotherapeutic product and to push back the development of a second biotherapeutic product to the 2nd quarter of 2008 and of a third biotherapeutic product to the 1st quarter of 2009. It is expected that the development time for each product will be approximately 18 months. It is therefore anticipated that by the end of 2009, two fully developed products will be transferred to client companies for GMP manufacturing and that development of the 3rd product will be well advanced, leading to the signature of a new contract for the 2nd biotherapeutic product and to two subcontracts for the first product in collaboration with IBPL. Contractual revenues for 2008 and 2009 are expected to be about US$ 6.6 million with development expenses of approximately US$ 4.1 million. Being as most of the milestone payments are expected in the first quarter of 2009, a financing is required.

A resolution was adopted by shareholders to extend to March 24, 2008 the decision to be taken about the continuity of its activities, giving additional time to Viropro Inc.'s directors to consider various financing proposals submitted or to be submitted. If adequate financing is available, restructuring of the company will be undertaken in order to carry out the development projects.

About Viropro Inc.

Viropro Inc. conducts operations through its subsidiary Viropro International Inc., whose Head Office is located in Montreal, Canada. Viropro is a rapidly expanding biopharmaceutical company specializing in the transfer of its technologies for industrial production of biogeneric therapeutic proteins for the treatment of various diseases including cancer, diabetes, hepatitis or multiple sclerosis. The company's principal objective is to provide manufacturing process technology transfers to pharmaceutical companies in emerging markets with unmet medical needs such as in South America, Asia and Africa. To expand its range of expertise in biopharmaceuticals, Viropro has concluded strategic alliances with various scientific and business partners renowned in national and international spheres. For more information on Viropro Inc., please visit our website at

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