Ottawa, Ontario – AgaPharm was selected as a finalist in Canada's Top 10 Life Science Companies Competition, and will present its opportunity at BioNorth 2006, one of North America’s premier life science conferences.

“We are delighted to have been selected as a finalist for this influential award,” AgaPharm CEO Mark Adam said. “AgaPharm's eye drop will improve the quality of life for millions of diabetics worldwide, and we are excited to share this great opportunity with investors. I would also like to acknowledge the assistance and support of the Ottawa Life Sciences Council and OCRI in our preparation for this competition,” Mr. Adam added.

Diabetes is the leading cause of blindness in North America, and there is no cure.

AgaPharm is developing a prescription eye drop that patients will use daily for the rest of their lives. The Company’s drug will offer a simple, low-cost treatment that can deliver a safe and effective dose to the eye, preventing or slowing down the onset of diabetic retinopathy – a debilitating disease that affects 80% of all diabetics.

The same eye drop will also slow down or prevent diabetic cataract formation. More than 5 million people in North America are facing this problem today. People with diabetes are 60% more likely to develop cataracts and tend to develop them at a younger age, and have them progress faster. Researchers estimate that a delay in cataract formation by 10 years would reduce the prevalence of disabling cataract by 45%. A delay of this magnitude would greatly improve the quality of life for diabetics, and substantially lower the stress on health-care systems.

According to CEO Mark Adam, “we have seen very promising results in our pre-clinical research, so far. We strongly believe that our eye drop will replace surgery as the treatment of choice to service this US$9 billion market.”

Ken Lawless, President & CEO of the Ottawa Life Sciences Council (OLSC) remarked, “AgaPharm's selection to Canada's Top 10 Life Science Companies Competition confirms to me that we continue to produce a number of young companies with great futures. We feel that AgaPharm will take its place among the up-and-coming companies in Canada.”

AgaPharm is seeking US$7.5 Million to complete pre-clinical trials, and start Phase One clinical trials.

About AgaPharm – Helping Diabetics See Better. Longer.™
AgaPharm is developing a prescription eye drop that Diabetics will use daily for the rest of their lives. Our drug will offer a simple, low-cost treatment that can deliver a safe and effective dose to the eye, preventing or slowing down the onset of diabetic blindness and cataract. Our Research Partner is the Biotechnology Research Institute at the National Research Council – the Government of Canada's premier organization for research and development.
For more information, please visit our Web Site (http://www.agapharm.com) or contact David Justinich, Director, Corporate Services at 613.565.1372 (david@agapharm.com) or CEO Mark Adam at 613.229.6403 (mark@agapharm.com).