Lifebank Cryogenics Corp. and University of Alberta: Lifebank Cryogenics Signs Exclusive Technology License Agreement with University of Alberta in Pursuit of New Health Treatments.

BURNABY, British Columbia -- Lifebank Cryogenics Corp. (TSX VENTURE:LBK) and University of Alberta -

Lifebank to Hold Investor Conference Call at 4:15 pm ET

Lifebank Cryogenics Corp., the only umbilical cord blood stem cell bank in Canada to be accredited by the American Association of Blood Banks, today announced it has signed an exclusive license agreement with the University of Alberta for a new technology that has the potential to set a new clinical standard for stem cell storage and preservation.

Umbilical cord blood (UCB) stem cells have been used to successfully treat a variety of blood disorders and cancers. Additional potential stem cell therapies for treating spinal cord, cardiovascular and neurodegenerative conditions are being actively pursued by the scientific and medical community.

Successful transplantation of human cells is critically dependent on the number of functional cells transplanted. Conventional methods of cell preservation, however, often lead to sub-optimal cell survival and recovery. These methods also rely on cryoprotectants, chemicals that reduce damage to cells during cooling, storage and re-warming. The cryoprotectants currently used for blood stem cell preservation, dimethyl sulfoxide (DMSO) is less than ideal because of potential morbidity and mortality for transplant patients, but its widespread use continues because no practical alternatives currently exist to facilitate these potentially life-saving stem-cell therapies.

In a unique collaboration at the University of Alberta, Dr. Locksley McGann, a biophysicist in the Faculty of Medicine and an internationally recognized expert in the field of cryobiology, Dr. Janet Elliott, an engineer and award-winning thermodynamicist in the Faculty of Engineering, and graduate student Lisa Ross-Rodriguez have pioneered a novel cryopreservation methodology for preserving stem cells from umbilical cord and peripheral blood without the use of DMSO or other traditional cryoprotective chemicals.

Using their methodology, the team has successfully collected, frozen and thawed blood stem cell cultures, and has demonstrated high cell survival and recovery. This research was funded by the Canadian Institutes for Health Research.

"Cryopreservation is a core enabling technology in the biological and medical sciences," said Ernest Stacey, President and CEO of Lifebank. "Once commercialized, this technology will enable Lifebank to offer its cord blood banking clients a service superior to anything else in the market. Longer term, it opens entirely new markets for our business, including potential sub-license agreements with other cell storage service providers."

Lifebank made today's announcement in Toronto where it is presenting at BioFinance 2005, a leading life sciences investor conference.

"As new applications for stem cells emerge for the treatment of cardiovascular, musculoskeletal, neurodegenerative and other disease states, the requirement for high output stem cell cryopreservation free of chemicals such as DMSO will become increasingly vital," said Mr. Stacey.

Dr. McGann said the agreement comes after his laboratory spent many years of research into Cryobiology - the effects of low temperatures on living systems - culminating in an application to cells and tissues cryopreserved for transplantation. "This new partnership with Lifebank will allow wide utilization of our new development that customizes cryopreservation protocols, first for umbilical cord blood stem cells, for other stem cells, and ultimately for a wide variety of cell types."

Dr. Elliott adds: "It is rewarding to see how thermodynamic equations in a computer simulation can actually guide us to a clinical solution we might never have imagined. Our emerging relationship with Lifebank is exciting because it is the final step in seeing our scientific research through from idea to mathematical modeling to biological validation to giving patients improved health or even life."

The University of Alberta has patents pending on this cryopreservation technology and will continue to work with Lifebank to commercialize this technology. Lifebank anticipates achieving full regulatory approval and commercialization within 2-3 years.

"As one of the top research-intensive universities in Canada, we are extremely proud of the technological breakthrough achieved by this innovative collaboration among Drs. McGann and Elliott and Ms. Ross-Rodriguez," said Dr. Gary Kachanoski, Vice-President (Research), University of Alberta. "With the potential for applications in the future treatment of spinal cord injuries, heart disease and neurodegenerative conditions such as Alzheimer's and Parkinson's, this technology helps achieve our commitment to develop new knowledge for the benefit of all Canadians. We are pleased to partner with Lifebank to bring these innovations to the public through the marketplace."

Since creating its technology transfer office in 1994 - now called TEC Edmonton - the University of Alberta has secured more than 300 patents for university inventions, licensed over 200 technologies to external organizations, and created nearly 70 spin-off companies.

Conference Call Details

Lifebank President and CEO, Ernest Stacey will address analysts at 4.15pm Eastern.

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About Lifebank

Lifebank is a biomedical service company that provides processing and cryogenic (ultra low temperature) storage of umbilical cord blood stem cells at its state of the art facility. It is the only AABB accredited umbilical cord blood stem cell bank in Canada. Lifebank has successfully stored stem cell samples for clients in Canada and all over the world. Lifebank is dedicated to providing its clients with the finest cord blood stem cell processing, analysis and cryogenic storage services available in the world. Lifebank strives to work closely with physicians and institutions in order to provide life saving cord blood services to any and all persons in need.

About The University of Alberta:

Since 1908, the University has remained committed to the pursuit of new knowledge and its dissemination to the world. As one of Canada's top research-intensive universities, it receives almost $400 million in externally funded research each year. The University is the largest research institution in the province with an enrolment of 12,350 academic and support staff, and nearly 36,000 students. Its international reputation continues to grow with many leading-edge achievements, including the Islet Transplantation Team's "Edmonton Protocol" treatment for Type 1 diabetes; the pioneering work of the National Institute for Nanotechnology; and the world's first antiviral treatment for hepatitis B.

Notes to Editors:

- Dr. McGann is a Professor in the Department of Laboratory Medicine and Pathology at the University of Alberta and the Laboratory Director of the Canadian Blood Services Hematopoietic Stem Cell Laboratory in Edmonton. He is also a member of Lifebank's Scientific and Medical Advisory Board.

- Dr. Janet A.W. Elliott is a Professor in the Department of Chemical and Materials Engineering at the University of Alberta and is a Canada Research Chair in Interfacial Thermodynamics.

- Both Dr. McGann and Dr. Elliott are recognized internationally as individual leaders in their respective fields.

- Ms. Lisa Ross-Rodriguez is a graduate student under the joint supervision of Drs. McGann and Elliott. The methodology in this communication was demonstrated in her MSc. thesis.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Lifebank Cryogenics Corp. (TSX VENTURE:LBK)