Funds Investment in ICPbio

NZX ANNOUNCEMENT

Date : 16 March 2007

Subject: Funds Investment in ICPbio

New Zealand and international fund managers have invested for the first time in the listed biological products manufacturer ICP Biotechnology Ltd, the company said today.

“We are pleased to have attracted institutional investment recognising the opportunities that lie ahead following the development of the biological products business and the recent expansion of manufacturing and bulk processing facilities by ICPbio at Henderson,” Dr Earl Stevens, the managing director of ICP Biotechnology Ltd said.

Cantara (Switzerland) SA has invested in ICPbio on behalf of Crescent International Ltd, a wholly owned subsidiary of IICG (Bahamas) Ltd. The Auckland law firm Bell Gully and the New York law firm Moses & Singer LLP represented ICPbio in the placement, which was arranged by HPC Capital Management New York.

The Rotorua based RECT Funds Management has also invested in the company this week.

Dr Stevens added, “Earlier this week we completed the commissioning of freeze drying capacity completing our manufacturing build-up. We are entering an aggressive marketing phase and, of course, we face specific business risks and need to prove ourselves as a new business to prospective clients and make sales in competitive markets.

“It is pleasing to see professional investors at home and overseas showing faith in us as a New Zealand exporter of high-quality products sourced from the disease-free well-regulated New Zealand meat sector.”

Dr Stevens said the number of shareholders in ICPbio has grown from 4,709 as at 7 September 2006 to approximately 5,880.

ENDS

W: www.icpbio.com

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