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Transformed ICPbio Creating Wealth

October 31 2006

Media statement


Transformed ICPbio Creating Wealth

Statement based on addresses delivered at today’s annual meeting of
ICP Biotechnology Limited in Auckland

ICPbio’s new plasma fractionation facility will have the capability to convert a tonne of animal plasma, purchased as raw material at $3000 a tonne, into range of high value protein products valued at more than $250,000 on the international market.

At today’s annual meeting of the biotechnology company held in Auckland, shareholders were told the new state-of-the-art fractionation plant was “on track” to commence operations in mid November.

When fully operational in early 2007, the plant, the largest of its type in the world, will operate on a 24/7 basis and be capable of processing more than 12 tonnes of animal plasma a week.

Chairman Roger Gower told the meeting that by the end of the current financial year the company will be “well into profit, and consolidating its position as a global biotechnology provider”.

“We are creating wealth now, not at some future, yet to be determined date.”

He said “outstanding progress” had been made in transforming ICPbio from being a successful but modest New Zealand biotechnology company into a global manufacturer of quality biological products.

“We have quietly gone about putting in place the building blocks that will achieve success and create wealth.

“We are now operating in a world market valued at US$2 billion, and marketing our products to more than 40 countries in North America and South America, Asia and Europe.”

Managing Director Dr Earl Stevens said that the company had already added an additional 26 serum and plasma protein based cell growth and cell culture products to its foundation product range of 20.

“Key drivers of future revenue will be two streams of activity, one based around sterile filtration and the other fractionation of plasma.

“Both activities produce high value proteins that are the building blocks for human and animal health products.

“These activities in turn will lead us down the path of new molecules, active pharmaceutical intermediates and antibodies with pharmaceutical applications.”

He said the recent $402,000 Foundation for Research, Science and Technology grant received by the company would go towards developing new plasma protein products to control bleeding, and be supplied to companies making products for the human health market.

Dr Stevens described ICPbio as being at the “boring” end of the biotechnology spectrum in that is supplied the day-to-day products used by those at the cutting edge, and those engaged in the manufacture of animal and human health products.

“It is the commercially safe and dependable end, and is revenue positive. We combine low risk with potentially high return.”

At the meeting, independent director Alistair Ward, was re-elected, and Brent King and Grant Baker, associated with publicly listed Viking Capital, ICPbio’s second largest shareholder, were elected to the board.

ENDS

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