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Sepragen Corporation Completes $2.5 Million Private Stock Sale

HAYWARD, CA, April 5, 2000 - Sepragen Corporation (OTC BB: SPGNU, SPGNA, SPGNW) a technology developer of equipment and supplies for radial flow chromatography (RFC) applications, today announced it has entered into definitive agreements to sell common stock in a private placement to selected institutional and private investors for gross proceeds of $2,583,750.

Institutional investors include: Koyah Leverage Partners, L.P. and Koyah Partners, two hedge funds specializing in small-cap companies, managed by ICM Asset Management, Inc., Spokane, WA and Special Situations Private Equity Fund, L.P., New York, NY, a fund specializing in small-cap companies. Crown Point Securities, L.L.C. served as placement agent for this transaction.

Vinit Saxena, Sepragen’s Chairman and CEO commented, “We are very pleased to welcome our new shareholders and thank our existing shareholders. We plan to use the proceeds from this private financing to expand our current biotech business and further position ourselves to profit from the commercial applications of our platform separation technology in the food, beverage and nutraceutical industries.”

The Company recently announced the expiration of 4,915,000 warrants, consisting of 2,845,000 Redeemable Class A Warrants (symbol:SPGNW) and 2,070,000 Redeemable Class B (IPO) Warrants (symbol:SPGNZ). With this private placement, the Company will issue 3,445,000 shares of common stock, bringing the total number of outstanding shares of Sepragen Corporation to 7,738,231.

Sepragen Corporation develops and markets technology along with equipment and supplies for process chromatography applications. Sepragen has developed a number of patented applications that provide large market opportunities in the food and beverage industry, including debittering citrus juices, extracting isoflavone (plant estrogen) from soy, as well as extracting proteins from whey. The company holds over 14 issued patents relating to its core technology. As of December 31, 1999, Sepragen had 5,412,562 common shares issued.

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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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