Hayward, CA, May 17, 2006 -- Sepragen Corporation (OTC BB: SPGNA.PK),
a provider of patented technology and equipment for purification
needs in the biotech and nutraceutical industries, today announced
the signing of a letter of intent to acquire substantially all of
the assets of Cytobiologics, Inc. (a development stage company).
The assets include laboratory equipment and intellectual property
related to certain rapid assays and a high density bioreactor, which
complements Sepragen’s existing high density bioreactor currently
in “alpha development.” Sepragen’s CEO and founder,
Vinit Saxena, remarked, “The addition of Cytobiologics’
capability will provide us with facilities, talent and intellectual
property to pursue the development of an integrated bio-manufacturing
system. This will allow us to move up the value chain and be more
of a full solution provider to our customers. The acquisition is
subject to concluding a definitive agreement and to securing board
approvals.”
Sepragen currently provides innovative bio-purification products
that enable biotech companies to develop and produce biopharmaceuticals
quickly and cost-effectively. Sepragen products are used world-wide
by leading biotech companies to manufacture over a dozen FDA approved
drugs.
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The statements in this release that relate to future events
or performance, statements about growth, future regulatory clearances, levels of sales and
market size and future manufacturing capacity and efficiencies are forward-looking
statements that involve risks and uncertainties, including risks associated with
uncertainties related to the development of markets for and commercial acceptance of the
company's products and services, the availability of components, competitors' product
introductions and other risks identified in the company's SEC filings. Actual results may
differ from those described in these forward-looking statements. Readers are cautioned not
to place undue reliance on these forward-looking statements, which speak only as of the
date hereof.
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