Press Release

26 June 2007

Statement made by Dr Earl Stevens, director and major investor in
ICP Biotechnology Limited

Yesterday evening I tendered my resignation from the board of ICP Biotechnology Limited with immediate effect.

Since resigning as Managing Director of ICPbio, a number of local and overseas parties have offered me a range of opportunities from development of an industrial park with a biotech and bio-fuels theme through to establishment of several new investment funds.

These opportunities are spread across NZ and Australia and up through Asia and into Europe and the USA. Before creating ICP Biotechnology Limited by reverse listing on the NZX May 2006 I was for many years an active investor, consultant and company creator in the scientific, technical and biotechnology fields.

While I remain totally committed to ICPbio as the major shareholder, I personally will have to commit considerable time to my investment banking and consulting business, Bio-Strategy Partners Limited, the previous owner of ICPbio Limited. I am simply going back to my former career which spawned ICPbio and a number of other commercial enterprises in Australasia over the last 6 to 7 years.

The key reason for my resignation is that I will be spending a great deal of time away from New Zealand in North America, Europe, Asia and Australia over the next few years and also I need to ensure that there is no suggestion of a conflict of interest between my assignments and governance responsibilities to ICPbio.

Potentially, over time, my new activities could lead to downstream commercial opportunities for ICPbio. I certainly won’t hesitate to bring anything of potential interest to the company’s attention.

I am committed to continuing to work with ICPbio over the medium and long-term, and given the company’s future prospects intend to remain a long-term investor. My resignation does not preclude my assisting ICPbio on a consulting basis from time to time, if required.

ENDS