Canada’s Top 10 Life Science Companies Competition announced for BioNorth 2004
Jury recognizes finalists as world-class companies that could compete globally

OTTAWA, Ontario, November 10, 2004 – The Ottawa Life Sciences Council today announced the jury selection of the finalists in Canada’s Top 10 Life Science Companies Competition. The companies were selected based on their status as quality investment and partnership opportunities and will present to an audience of venture capitalists, potential strategic alliance partners and conference delegates on Monday, November 29th at BioNorth 2004, Canada’s international biotechnology and life sciences conference and exhibition.

Past finalists of Canada’s Top 10 Competition have proven to be highly successful in attracting funding and partnerships. Since the award’s inception in 1999, winners of Canada’s Top 10 Competition have raised a total of over $440 million in venture capital or public market financing. Also notable among the finalists have been a number of significant partnerships, alliances and mergers.

“This award has definitely helped Zelos with its financing and development,” said Godfrey Marchand, Vice President of Zelos Therapeutics, an Ottawa-based company that also won in 2003. “Winning for a second time in 2004 is wonderful, considering we are now in the process of raising B-round financing. It helps us stay in the public eye.”

“I’m very excited that LIPONEX has been recognized with this award,” said first-time winner Dan Sparks, Chief Scientific Officer, LIPONEX Inc. “After years of hard work, we have something substantive, and quite prestigious, to show Canada and the world. The timing couldn’t be better, as we are now bringing LIPONEX onto the world stage.”

Canada’s Top 10 Life Science Companies were selected from a pool of entrants by a jury of senior venture capitalists from across the US and Canada. Submissions were classified as either early stage (seeking first and second round) or emerging (seeking mezzanine or later stage) investment. Based on their expert knowledge of investment in the life sciences sector, jury members were asked to select the companies they felt offered the best investment and partnership prospects.

“All the applicants were of a very high caliber, and represented a cross-section of technologies that mirror globally what is happening in life sciences,” said jury panelist Dana Ono, Managing Director, Life Sciences, VIMAC Milestone Medical Fund (Boston, MA).“Those ranked as Canada’s Top 10 Companies are world-class companies that could definitely compete and contribute as global commercial opportunities.”

The finalists of Canada’s Top 10 Life Science Companies Competition are:

Early Stage
ARC Pharmaceuticals Inc. (Vancouver, BC)
Inimex Pharmaceuticals Inc. (Vancouver, BC)
LIPONEX Inc. (Ottawa, ON)
Molecular Templates Inc. (Toronto, ON)
REPLICor Inc. (Laval, QC)
Variation Biotechnologies Inc. (Ottawa, ON)

Emerging Stage
Bioniche Life Sciences Inc. (Belleville, ON)
Ecopia BioSciences Inc. (Saint-Laurent, QC)
Ionalytics Corp. (Ottawa, ON)
Zelos Therapeutics Inc. (Ottawa, ON)

At BioNorth 2004 (November 29-December 1, 2004), all Canada’s Top 10 Life Science Companies will make 15-minute presentations on their opportunity to an audience of venture capitalists, potential strategic alliance partners and other conference delegates. In addition, Canada’s Top 10 Alumni will have the opportunity to network with key business executives at special meetings and events held in conjunction with biotechnology conferences throughout the year.

Canada’s Top 10 Life Science Companies Competition is sponsored by Borden Ladner Gervais LLP. Borden Ladner Gervais LLP is among Canada’s most respected full-service national law firms. With more than 650 lawyers, intellectual property agents and other professionals in six offices across the country, BLG is Canada’s third largest law firm. BLG provides corporate legal services to a wide range of clients nationally and internationally in virtually every area of law.

For further information about Canada’s Top 10 Life Science Companies Competition and the winners, or for more information on BioNorth 2004, please link to: www.bionorth.ca.