BioCapital Announces a Total of $7.6M Invested in Three Biotech Companies.

MONTREAL--(BUSINESS WIRE)--June 3, 1999--

BIOCAPITAL (ME:BCK.UN.) (TSE:BCK.UN.) BioCapital Investments ("BioCapital") announces that it has completed a $7.6M investment in three companies active in the healthcare and biotechnology industry.

These investments bring the total amount invested by BioCapital in healthcare and biotechnology companies up to $99M.

$2.6M investment in Biovet Inc. - Biovet is a Quebec-based company which is engaged in the research and development, manufacturing and commercialization of novel veterinary diagnostic products and vaccines. Biovet has an extensive R&D program with renowned institutes in the field. Biovet has also assembled a portfolio of technologies from in-licensing and distribution agreements for diagnostic kits, porcine and bovine vaccines and artificial insemination devices and products that offer the control and elimination of diseases to animal food producers. This investment will accelerate the commercialization of its products on the U.S and European markets.

$3M investment in AltaRex - Altarex is a publicly traded company (Toronto Stock Exchange: AXO) focused on the research, development and commercialization of unique antibody-based therapeutics for the treatment of cancers. AltaRex has four products in various stages of development that have the potential to effectively treat seven of the top ten most lethal cancers. Its lead product, OvaRex(TM) MAb for ovarian cancer, is currently in Phase IIb clinical trials. Its second product, BrevaRex(TM) MAb for multiple myelome, is in Phase I clinical trial. This investment will help AltaRex fund its on-going research and development activities in Quebec.

$2M investment in Synsorb - SYNSORB is a publicly-traded company (Toronto Stock Exchange: SYB; NASDAQ: SYBB), developing orally delivered gastroenteric products. The SYNSORB technology is based upon the role of carbohydrates in human biology. Its two lead products are comprised of carbohydrates bound to the surface of inert carriers. These carbohydrates show a specific affinity for toxins produced by bacteria in the GI tract during infection.

The company lead product, SYNSORB Pk(R), is currently in Phase III clinical trials in Canada, the US, and Argentina for the treatment of E. coli 0157:H7 infections and the prevention of Hemolitic Uremic Syndrome. Takeda Chemical Industries, Ltd., has an exclusive licensing agreement for the development and marketing of SYNSORB Pk(R) in Japan. PNSORB Pk(R) in Canada. The company second product, SYNSORB Cd(R), is currently in Phase II trials in Canada and the US. It is designed to bind the toxin associated with Clostridium difficile associated diarrhea. A library of compounds for viral and bacterial diarrhea in children as well as potential candidates for inflammatory conditions in gastroenterology are also being created and investigated. Synsorb has recently signed a collaboration agreement with Ocean Pharmaceuticals for the development of novel antibiotic therapies. This investment will increase Synsorb's research activities in Quebec.

Profile

BioCapital is a public investment fund that invests in healthcare and biotechnology companies with high growth potential.

BioCapital features an innovative vehicle for investments in private and public companies, offering high diversification and significant liquidity.

BioCapital distinguishes itself by the scientific and technological expertise of its management team and by the rigorous evaluation process of its investment opportunities. BioCapital is publicly traded on Montreal and Toronto stock exchanges (BCK.UN) and its net asset is $112M. On April 30, 1999, the net asset value per unit was $10.30.

BioCapital's major partners include such outstanding investors as Fonds de solidarite des travailleurs du Quebec (F.T.Q.), Societe Innovatech du Grand Montreal, BioChem Pharma Inc., Royal Bank Capital Corporation, National Bank of Canada and Banque de Vizille.