Biotherapies Incorporated Reclaims License to Mammastatin Diagnostic Assay

Genesis Bioventures (GBI:AMEX) has defaulted on its license to a breast cancer risk test. This test, sublicensed by Biotherapies Incorporated to GBI in 2001, is a valuable extension of technology developed at the University of Michigan, Ann Arbor. The test was one of the principle properties under development by GBI.

Ann Arbor, MI - April 19, 2003 - Biotherapies, Incorporated, a biotechnology company developing new cancer therapies and diagnostic methods, announced today that it reclaimed the license for a Mammastatin Serum Assay from Genesis Bioventures Incorporated (GBI: AMEX)on March 3 of 2003. Biotherapies licensed the Mammastatin Serum Assay, its first diagnostic product for breast cancer, to a the New York firm, based in Vancouver BC in November of 2001. The license was conferred in a transaction that granted GBI a license to the Mammastatin Serum Assay (MSA) and sold Biotherapies' ownership of Biomedical Diagnostics LLC, a joint venture, to GBI. The transaction included several funding and development milestones. GBI failed to meet any of the funding or development milestones after signing the agreement. In September of 2002 Biotherapies Incorporated informed GBI of its breach of contract and invoked a six month "cure period" for default on the license. As of March 3, 2003 that cure period has ended and the license for the MSA to GBI has automatically terminated. Biotherapies Incorporated has informed GBI that its license is terminated and advised GBI that it no longer has rights to the technology and should cease commercial sales of the MSA test.

"Due to lack of commercial development of the MSA with GBI and Biomedical Diagnostics, there has been little revenue generated by the test and much loss of valuable time and revenues" states Dr. Paul Ervin, CEO and Scientific Director for Biotherapies Incorporated. "We regret the need to terminate the GBI license but need to see commercial development from the Mammastatin Diagnostic Technology", he says. Although Biomedical Diagnostics was charged with further development of the MSA after its license to GBI, that company failed to complete an ongoing clinical trial at the MD Anderson Cancer Center successfully, and failed to develop an alternate assay.

Biotherapies Incorporated has proceeded with diagnostic development and will now offer both the MSA as a qualitative, yes-no, assay for serum Mammastatin and a Mammastatin-EIA which will be a quantitative measure of Mammastatin serum levels used for high throughput screening of large numbers of blood samples on available commercial test machines. Biotherapies will also again assume responsibility for further clinical testing of the MSA and Mammastatin-EIA while it seeks a new licensing partner for the technology..

"The Mammastatin diagnostic technology has continued to demonstrate that it is capable of identifying breast cancer patients and those at risk to develop breast cancer" states Dr. Ervin. "We have confidence that the assay will provide an enormous benefit to American women who need to know whether they are at risk to develop breast cancer". Women at risk for breast cancer now have prophylactic options that they can use to decrease their risk of breast cancer. Anti-estrogen therapy and dietary changes are available now which will decrease risk. Biotherapies Incorporated hopes to be able to offer its newly developed Topical Mammastatin or a related product for prevention within three years.

"The Mammastatin diagnostic products still have significant commercial potential" states Dr. Ervin. "The MSA is very similar to the PSA test which generates in excess of $500M per year screening for prostate cancer". We expect to either license the technology to a company capable of obtaining this level of commercialization or to pursue further development ourselves to reach this level of revenue within three years.

About Biotherapies

Biotherapies Incorporated is dedicated to better cancer therapies and diagnostics. Founded in 1995 in Ann Arbor, Michigan, Biotherapies is a biotechnology development company developing specific cancer therapies and diagnostic product based on the discovery of a family of naturally occurring, growth regulating, human proteins.

FOR MORE INFORMATION

Dr. Paul R. Ervin, Jr., Ph.D., CEO & Scientific Director
Biotherapies Incorporated
5692 Plymouth Rd, Ann Arbor, MI 48105
PH (734) 996-9040 w FAX (734) 996-9024
Email: info@biotherapiesinc.com