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PROVINCE INVESTS IN NEW PHARMACEUTICAL COMPANY

Released on January 31, 2000

Alviva Biopharmaceuticals Inc. (Alviva) of Saskatoon has received $1.5 million

to pursue development of new drugs to treat several diseases.



The company has announced a new drug for Parkinson's disease and expects to

develop other drugs for Alzheimer's disease, stroke and cancer.



It received the $1.5 million investment from a consortium of investors that

includes the Saskatchewan Opportunities Corporation (SOCO) and CroMedica, a

B.C.- based medical research corporation.



Economic and Co-operative Development Minister Janice MacKinnon, also Minister

responsible for SOCO, announced that SOCO invested $500,000 in Alviva and that

the company will set up research facilities at Innovation Place, SOCO's

Saskatoon research park.



"SOCO's investment is consistent with our objective of investing in companies

that strengthen and diversify our economy and create jobs for Saskatchewan

people. In this case Alviva will create long-term employment for up to 30

people," MacKinnon said.



"We can feel the excitement surrounding Alviva growing a little each day and we

are very pleased to be involved," CroMedica President Ken Newport said.



UST Inc., the technology commercialization arm of the University of

Saskatchewan, licensed the technology to Alviva, based on drug compounds

developed by Dr. Alan Boulton and his team at the U of S neuropsychiatry

research unit. UST will receive royalties through its licensing agreement.



"The broad platform technology developed by the Neuro-psychiatry Research Unit,

its patent portfolio, and the enthusiasm of Dr. Boulton and his team of

researchers are an excellent example of the ingredients required to undertake

creation of a University spin-off company," UST President Branko Peterman said.



"Brain disorders and cancer represent society's largest unmet medical need

today," Alviva President Alan Boulton said. "Our drugs represent a major

change in treatment. This funding allows us to continue our R&D program, to

hire our first employees and to secure additional investment."



Alviva has already signed a research contract and is currently negotiating with

three companies (one in North America, two in Europe) as potential partners.

The post-financing valuation of Alviva has been set at $9 million. The market

potential for its drugs exceeds $5 billion.



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For more information contact:



Irene Rau, Director, Dr. Alan Boulton, President and CEO

Corporate Affairs, SOCO Alviva

Phone: (306) 787-8576 Phone: (306) 966-8571



Dr. Branko Peterman

University of Saskatchewan Technologies Inc.

Phone: (306) 966-7335

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