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[BIOLABS INC. LOGO]
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UNIFYING TECHNOLOGY FOR LIFE
FOR IMMEDIATE RELEASE
BIOLABS MAKES $1 MILLION INVESTMENT IN PRION DEVELOPMENTAL LABORATORIES
INVESTMENT WILL ACCELERATE GROWTH IN NEW BIOTECHNOLOGY COMPANY
NEW YORK (SEPTEMBER 25, 2000) - BioLabs, Inc. (OTC BB: BILB) is pleased to
announce that it has completed an investment of $1 million in Prion
Developmental Laboratories, Inc. (PDL), representing one million shares of PDL
common stock. This is the first tranche of a total investment proposed at $2
million, with the second $1 million committed upon PDL's execution of certain
collaborative agreements with US research institutes. In addition, BioLabs
receives a warrant to purchase an additional one million shares of PDL common
stock and the right of first refusal on future investments in PDL for a period
of one year. Upon completion of the $2 million investment, BioLabs will own a
25% equity interest in PDL.
PRION DEVELOPMENTAL LABORATORIES, INC. (PDL)
PRION DEVELOPMENTAL LABORATORIES, INC. (PDL) is a privately held, development
stage biotechnology company that is incorporated in Maryland. PDL' s corporate
objective is the development of commercial diagnostic tests for the detection of
prion diseases. The initial format of this diagnostic test would be to detect
the early stages of "Mad Cow Disease" in cattle and subsequently to develop a
test for screening human blood products.
ABOUT PRION DISEASES
Prion is a naturally occurring protein that is present in the brain and many
other tissues of humans and most animals. When this protein is folded into the
correct shape, it performs its normal function; when triggered to fold
abnormally, the protein can cause the neurological disorders known as "prion
diseases". At present there is no treatment for these diseases and no test
capable of detecting the disease before the neurological symptoms appear.
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September 25, 2000
Prions are "proteinaceous infectious particles" that are associated with various
neurological diseases, including BSE (Bovine Spongiform Encephalopathy) or "Mad
Cow Disease" and a number of human neurological disorders. All known prion
diseases are fatal and are referred to as "spongiform encephalopathies" because
they often cause the brain to become riddled with holes. These diseases are also
widespread in animals, with the most common form being scrapie in sheep and
goats.
Prion diseases became a worldwide concern in the mid-1980s with the outbreak of
BSE or "Mad Cow Disease" in cattle in the United Kingdom and the subsequent
identification in 1996 of a new variant of Creutzfeld-Jakob disease (nvCJD) in
humans. Although CJD is a rare, slow developing prion disease that typical
affects persons older than 50-60 years of age, nvCJD is apparently transmitted
to humans through eating beef or beef products produced from cattle infected
with BSE and has appeared in persons under 20 years of age. BSE has now been
detected in a number of European countries.
Although BSE can be identified in beef and dairy cattle by a post-mortem assay,
there is presently no reliable, rapid and cost effective diagnostic that can
detect this disease in the early stages without requiring a sample of brain
tissue. Although no cases of BSE have been reported in the US, there is a
recognized need to test all cattle and dairy cows, as well as to screen the
human blood supply. PDL has assembled a team of highly qualified US researchers
with many years experience in prion diseases and diagnostic development to
develop these tests.
BIOLABS, INC.
BIOLABS, INC. is engaged in the business of identifying promising biotechnology
companies, acquiring an equity interest in these groups and providing management
services to assist with their corporate development. BioLabs provides the
financial resources, management expertise and commercialization strategies to
assist early stage biotechnology companies to make the transition from
laboratory-based research through to development of commercial products. The
focus is on companies that are developing
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September 25, 2000
products to address major medical needs in the areas of cancer, neurology and
infectious disease.
At present, BioLabs holds an equity interest in Biotherapies, Inc., a private
biotechnology company in Ann Arbor, Michigan that is developing Mammastatin, a
proprietary protein technology that is a potential therapeutic for breast
cancer. In addition, BioLabs holds a 50% ownership interest in Biomedical
Diagnostics, LLC, a joint venture with Biotherapies, which is developing the
Mammastatin Serum Assay (MSA) as a potential screening diagnostic for the
detection of breast cancer risk.
All inquiries can be made directly to BioLabs at (604) 542-0820 or to
Mr. Ron de Jong of de Jong & Associates at (760) 943-9065 or toll free
(877) 943-9065. For additional information, please view BioLab's website at
www.biolabs.com
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