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					Canada’s Top 10 Life Sciences Competition Finalists Announced                                           Page 1 of 3

Additional Information:
Full company profiles can be found at Top10/2005_2006_Finalists.htm

Early Stage Companies

Axela Biosensors Inc. (Toronto, ON)
Axela is commercializing the new Diffractive Optics Technology (DOT™) S ensor, an optical biosensor
that uses microfluidics and photonic technology to deliver unique benefits to users.

“Rec ognition as a finalist causes us to pause and reflect, for a moment, on the progress we have made
as a company. Moving from a Diffractive Optics Technology (DOT) based at the University of Toronto, to
commercial and diagnostic beta sites, and agreements with Fortune 500 companies in less than 3 years
is amazing,” stated Rocky Gansk e, President & CE O, Axela Biosensors Inc. “We stand proud as a
team, to be one of Canada‟s Top 10 Life Science Companies for 2005/2006. ”

iCo Therapeutics Inc. (Vancouver, BC)
iCo Therapeutics is committed to developing or modifying exis ting drugs for a range of conditions within
„isolated biological environments‟, in particular the eye, but which could include the spinal cord or joints.

“iCo Therapeutics Inc., formed in 2005 to in-license existing drugs for new uses in the eye and other
„isolated biological environments‟, is honored to be ack nowledged by its peers in the Canadian
biotechnology and venture capital community,” stated Andrew J. Rae, President & CEO iCo
Therapeuti cs Inc. “Canada is second only to the US in the formation and growth of viable biotechnology
companies worldwide. The underlying strengths of our national biotechnology community will undoubtedly
be highlighted at BioNort h by participants in this year‟s Canada‟s Top Ten Life Sciences Company

Innodia Inc. (Laval, QC)
Innodia Inc. is a private biotechnology company that develops and brings to the market novel drugs for
the treatment of type 2 diabetes and underlying diseas es .

“This award recognizes our effort in building a top tier biotech company and the hard work of our
employees. We are very proud of our achievements in developing first -in-class treatments for type 2
diabetes, a disease afflicting t wo million Canadians. Innodia is well on its way in becoming a global leader
in the understanding and treatment of this silent k iller,” says Claude Vezeau, Presi dent and CE O,
Innodia Inc.

Trillium Therapeutics Inc. (Toronto, ON)
Trillium Therapeutics Inc. (TTI) is a private research and development company that develops therapies that restore
balance to the immune system in conditions associated with abnormal and harmful immune responses.

                                                         Top 10 is a program of the Ottawa Life Sciences Council
Canada’s Top 10 Life Sciences Competition Finalists Announced                                      Page 2 of 3

“We are delighted that a panel of such experienced investors has recognized Trillium‟s achievements and
future promise. This certainly bodes well for our next round of financing. It is particularly encouraging that
the selection committee endorsed our strat egy of forging partnerships to build a broad and innovative
product pipeline,” said Dr. Niclas S tiernholm, Chief Executive Officer, Trillium Therapeutics Inc.

Variation Biotechnologies Inc. (Ottawa, ON / Gatineau, QC)
Variation Biotechnologies (VBI) develops vaccines and immunologics to conquer viral infections and
antigenic variation using novel technologies that overcome genetic variability and mutations in

“During the past year VBI has made significant progress towards a solution for the potential influenza
pandemic. We are very pleased to be recogniz ed by distinguished investors and industry expe rts with our
second selection as one of Canada‟s Top 10,” said Dr. Franci sco Diaz-Mitoma, Chief Executive
Officer, Variation Biotechnologi es Inc.

Emerging and Late Stage Companies

Allon Therapeutics Inc. (Vancouver, BC)
Allon Therapeutics Inc. (TS X: NP C) is a Canadian biotechnology company developing drugs that prot ect
against neurodegenerative conditions such as Alzheimer‟s disease, traumatic brain injury, stroke, multiple
sclerosis and neuropathy.

"Allon is delighted to receive this recognition," said Allon's President and Chief Executive Officer
Gordon McCauley. "This award is a tribute to our team, which has successfully advanced Allon's widely -
validated clinical compounds in a very short period of time.”

BioAxone Therapeutic Inc. (St. Laurent, QC)
BioAxone Therapeutic Inc. is a privately owned neuroscience company specializing in the development
and commercialization of proprietary technologies that target Rho signali ng. Rho signaling is involved in a
number of medical indications that include central nervous system (CNS) injury and degenerative
diseases, ophthalmology and cancer.

“The entire team at BioAxone is very excited by the great news that BioAxone has been again selected as
one of Canada‟s Top 10 by the Ottawa Life Sciences Council. Following our nominations in 2002 and
2003, BioAxone has made consistent progress in advancing its clinical development programs. Being
recognized for this by the OLSC is a great honor and motivation for all of us,” said Dr. Frank Bobe,
President and CEO, BioAxone Thérapeutique Inc.

Inimex Pharmaceuticals (Vancouver, BC)
Inimex Pharmaceuticals is a privately held biop harmaceutical company dedicated to the discovery,
development, and commercialization of new medicines based on the selective modulation of the innate
immune response.

"Inimex is developing medicines that will change the way we prevent and treat infectious disease and
inflammation. We are currently raising $US 20M in private equity capital to advance our novel
compounds into clinical development,” stated Dr. John R. North, Presi dent & CEO of Inimex
Pharmaceutical s, Inc. “It is very gratifying to be recognized as one of Canada's leading biotechnology
investment opportunities by the distinguished panel from The Ottawa Life Sciences Council.”

                                                      Top 10 is a program of the Ottawa Life Sciences Council
Canada’s Top 10 Life Sciences Competition Finalists Announced                                  Page 3 of 3

YM BioS ciences Inc. (Mississauga, ON)
YM BioSciences is a cancer product development company. YM‟s lead drug, tesmilifene, is a small
molecule chemopotentiator effective in enhancing all known classes of chemotherapies currently used to
treat cancer.

"YM BioSciences has the broadest and most advanced portfolio in Canada of products being developed
for patients with cancer, even exceeding the development portfolios of many multi -national
pharmaceutical companies. We believe this model is a foret aste of things to come as agile, focused,
patient-s ensitive development companies emerge to translate the output from centres of excellence
internationally int o products useful for human healt h,” said David Allan, Chairman and CEO, YM
BioSciences Inc. “We are honoured to be chosen as one of the top 10 finalists in the highly -regarding
process established by the Ottawa Life Sciences Council."

Zelos Therapeutics Inc. (Ottawa, ON)
Zelos Therapeutics Inc. is an emerging clinical-stage drug development company that is applying its best-
in-class synthetic analog of parathyroid hormone (P TH), Ostabolin-C™, to a range of medical needs
including osteoporosis, psoriasis and bone marrow transplantation.

“We thank Canada's Top 10 jury for recognizing Zelos as one of the leading Life Science Companies in
Canada. As we move forward, we hope to live up to the expectation that being a recipient of this award
creates,” said Brian MacDonald, Chief Executive Officer, Zelos Therapeutics Inc.

Canada’s Top 10 Jury

Complete biographies can be found at http://www. Top10/jury.html

"I was favorably impressed by the level of companies which entered the Top 10 Competition this year.
Ranking the companies was difficult as the spread from No. 1 to No. 10 wasn't that wide. This bodes well
for the organic growth of commercial biotechnology in the region. "

Dr. R. Dana Ono, Managing Director, Life Sciences
VIMAC Venture s LLC

“I was impressed by the quality of applicants this year and it also brought to my attention some new
opportunities to consider. It is a great chance for companies to present their business plans and receive
feedback from potential investors. There are not too many opportunities to have your company reviewed
by a group of VCs and bankers at one time.”

Michael Midmer, Investment Manager
BML Canada Limited.

                                                   Top 10 is a program of the Ottawa Life Sciences Council