Caprion Raises Additional $6.2 Million.

Business Editors & Health/Medical Writers

BIOWIRE2K

MONTREAL--(BW HealthWire)--March 13, 2001

In response to strong institutional demand, Caprion Pharmaceuticals Inc. announced today that it has completed a second closing of its recent financing and has raised an additional US$4.1 million (C$6.2 million) bringing the total funds raised to US$37.5 million (C$58.1 million) for the largest ever private placement in an independent Canadian biotechnology company. The financing, managed by Yorkton Securities, was led by Ventures West and Fidelity Management & Research Company and funds and accounts managed by it.

"Given the current state of the capital markets for technology companies, this additional funding represents a significant vote of confidence in our team, our platform technology and in our ability to create value from it," commented Lloyd Segal, President and CEO of Caprion. Caprion's current programs include the first diagnostic products for BSE (Mad Cow Disease) and its human equivalent, Creutzfeldt-Jacob's Disease (vCJD).

Last November, Caprion raised an additional US$7.5 million (C$11.6 million) from Micromass Inc, Manchester, UK, a wholly owned subsidiary of Waters Corporation (WAT:NYSE) for the application of Micromass' mass spectrometry technologies to Caprion's high throughput proteomics. "When combined with the capital raised in this round," Segal noted, " Caprion now has in excess of C$70 million in cash to meet the significant challenges we have set out for ourselves, and to compete in the emerging field of proteomics on a global scale."

About Caprion

Caprion Pharmaceuticals Inc. is a proteomics company applying proprietary processes to resolve sub-cellular protein information - Cell Mapping - to understand the role of proteins in disease. Caprion provides Cell Map research for major biopharmaceutical companies to increase the speed and efficiency of early stage drug discovery and to develop its own diagnostic and therapeutic products, which currently include the first blood screening products for Mad Cow Disease and its human equivalents. Caprion has recently announced an investment of US$7.5 million (C$11.6 million) by Micromass Inc, Manchester, UK, a wholly owned subsidiary of Waters Corporation (WAT:NYSE) for the application of Micromass' mass spectrometry technologies to Caprion's high throughput proteomics. For more information please visit our Web site at www.caprion.com.

About Yorkton

Yorkton Securities is Canada's leading technology investment bank with offices across Canada, London and Chicago. Yorkton is the market share leader in underwriting Canadian Internet & e-business, Technology and Healthcare companies. Yorkton is active in all aspects of the capital markets, including private and public equity financing, equity research, institutional sales & trading, private client services, strategic advisory and mergers & acquisitions. Over the past five years, Yorkton has participated in 442 deals for knowledge based companies, raising in excess of $14.5 billion. For more information visit our Web site at www.yorkton.com.