ICPbio Names New CEO

NZX/Media Statement

ICPbio Names New CEO

ICP Biotechnology Ltd (ICPbio) has appointed a new Chief Executive Officer, Mr Sanne Melles, who has the desired experience in biopharmaceutical business development to take the company forward.

"We have made an appointment from within an experienced team of senior managers that has an extensive industry background," said Mr Roger Gower, the chairman of ICPbio.

"With the new manufacturing base now in production at Henderson, ICPBio is in a strong position to pursue sales and distribution of serum and protein products used in research and manufacturing in the biopharmaceutical sector," said Mr Gower.

"As announced, to assist in funding the company's development ICPbio has also registered a prospectus, on 9 July 2007. This enables existing shareholders to participate in respect of an offer of new ordinary shares (and related series of warrants) at an attractive price."

"Mr Melles has an impeccable international track record, including five years commercial development and management experience with the Nasdaq listed Dutch biotech manufacturer Crucell."

Based at Leiden in the Netherlands, Crucell focuses on vaccines and antibodies against infectious disease. It employs around 1,200 people and has a market value of around US$1.5 billion.

In 2005 and 2006, Mr Melles was a director of business development at Crucell following three years as manager business development. He managed Crucell's antibody and therapeutic protein business development, actively marketed programmes to biopharmaceutical companies, and participated in the commercial due diligence for Crucell's acquisition of the public Swiss vaccines company Berna Biotech.

He negotiated numerous intellectual property out-licensing agreements for Crucell with pharmaceutical and biotech companies in the US, Europe and Asia, and IP in-license agreements, including an Ebola vaccine agreement with the US Government.

Mr Melles built a network of key business and research people in the US and European biologicals industry.

Earlier, he was a management consultant with Arthur D. Little, the global management consulting firm, advising on technology and business turnaround projects.

He holds an MSc in mechanical engineering from Delft University of Technology in the Netherlands and an MBA from INSEAD in France. He is fluent in three languages.

Mr Melles was recruited by ICPbio in 2006 as ICPbio's general manager business development.

Details of rights issue

As previously announced, the rights issue is being offered to all holders of Ordinary and Preference Shares with a registered address in New Zealand. The offer is to subscribe for one ordinary share for every one existing share registered in their name at 5.00 pm on the record date of 6 July 2007. The issue price of the new ordinary shares is 5 cents.

One Series 1 Warrant and one Series 2 Warrant will be granted for every two new ordinary shares subscribed for. Fractional entitlements to Warrants will be disregarded. Each Series 1 Warrant will convert into one ordinary share in ICPbio upon payment of an exercise price of 6 cents. The exercise period of Series 1 Warrants will be in February 2008. Each Series 2 Warrant will convert into one ordinary share in ICPbio upon payment of an exercise price of 8 cents. The exercise period of Series 2 Warrants will be in February 2009.

Shareholders with less than a Minimum Holding of 2,000 shares in ICPbio will also have the opportunity to top-up their holdings to a Minimum Holding.

Rights trading commenced on Monday 9 July 2007 (code BIORA), and ends on Monday 6 August 2007.

Applications for new ordinary shares under the rights issue will close at 5pm on Wednesday 8 August 2007.

Final allotment of shares and warrants will occur on Friday 10 August 2007, although ICPbio intends to allot shares applied for upon exercise of rights on a continuous basis through the offer period, at weekly intervals.

The terms of the rights issue are set out in the short form prospectus and investment statement, mailed out to shareholders by Thursday 12 July 2007.

About ICP Biotechnology Ltd.

ICPbio manufactures and markets products for use in biopharmaceutical manufacturing, diagnostics and animal reproduction to North America, Europe, Australasia and South America. ICPbio Ltd is one of New Zealand's longest established biotechnology companies with two manufacturing facilities and core technologies in large scale purification of proteins and in production of sterile products. Next to its veterinary embryo transfer product range, ICPbio's state of the art chromatographic technology yields high quality protein products such as Albumin, Transferrin, Immunoglobulin and Thrombin. ICPbio is listed on the NZSX market of the New Zealand Exchange under the code 'BIO'

ENDS

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