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Glyko Biomedical Ltd.'s 27%-Owned Affiliate, BioMarin Announces Third Quarter 2001 Financial Results.

Business Editors

NOVATO, Calif.--(BW HealthWire)--Oct. 26th, 2001

Glyko Biomedical Ltd.'s (OTCBB:GLYK)(TSE:GBL)(BVD-Berlin:GLY) 27%-owned affiliate, BioMarin Pharmaceutical Inc. (Nasdaq:BMRN)(SWX New Market:BMRN) today announced financial results for BioMarin's third quarter ended September 30, 2001. Revenues for the third quarter of 2001 were $3.7 million compared to $2.8 million in the third quarter of 2000. The net loss was $11.0 million ($0.26 per share, both basic and diluted) in the third quarter of 2001 compared to $8.1 million ($0.23 per share, both basic and diluted) for the third quarter of 2000.

The net loss in the third quarter of 2001 was primarily the result of expenses incurred to advance BioMarin's two lead enzyme replacement therapy clinical programs: Aldurazyme(TM) (recombinant human alpha-L-iduronidase) for MPS I and rhASB (recombinant human arylsulfatase B) for MPS VI.

Recent Achievements

Fredric D. Price, BioMarin's Chairman and Chief Executive Officer, said, "I am pleased to highlight the following recent corporate and clinical developments:"
-- On October 10th, BioMarin announced the signing of a definitive agreement to
acquire Neutralase(TM) and Phenylase from IBEX Technologies, Inc (TSE:IBT).
Neutralase is an injectable heparinase that reverses the anticoagulation of
blood by heparin and other new heparin-like anticoagulants. BioMarin plans to
initiate a Phase III trial of Neutralase in Coronary Artery Bypass Graft (CABG)
surgery in 2002. Phenylase is an early development stage, orally active enzyme
with the potential to treat Phenylketonuria (PKU), a genetic disease caused by
an enzyme deficiency that can lead to progressive, severe, and irreversible
mental retardation.

-- In October, BioMarin initiated a Phase I study of Vibriolysin Topical for
burn debridement (cleaning) in the United Kingdom.

-- On September 6th, BioMarin reported positive results from its Phase I study
of rhASB, an investigational enzyme replacement therapy for the treatment of
MPS VI. Paul Harmatz, M.D., the study's principal investigator, presented the
study data at the American Society of Human Genetics annual meeting in San
Diego on October 14th. BioMarin plans to initiate a Phase II trial of rhASB in
the first quarter of 2002.

-- In August, BioMarin completed the six-month patient evaluation stage of its
Phase III trial of Aldurazyme, an investigational enzyme replacement therapy
for the treatment of MPS I. Aldurazyme is being developed in a joint venture
with Genzyme General (Nasdaq:GENZ).

Mr. Price concluded, "The IBEX product acquisition underscores our dedication to developing novel enzyme therapies for serious conditions and simultaneously broadens our target patient populations beyond those of our ongoing clinical programs. In addition, the Company's two enzyme replacement therapy programs for MPS diseases remain on track, and we look forward to reporting the results of the Aldurazyme Phase III trial in the near future."

Glyko Biomedical Ltd.'s principal asset is a 27% ownership in the capital stock of BioMarin Pharmaceutical Inc.

BioMarin specializes in the development and commercialization of therapeutic enzyme products to treat serious, life-threatening diseases and conditions.

Additional information on BioMarin can be found by visiting our corporate website at:

This press release contains forward-looking statements about the business prospects of BioMarin Pharmaceutical Inc., including the following potential future products: Aldurazyme for MPS I, rhASB for MPS VI, Vibriolysin Topical for burn debridement, Neutralase for the reversal of anticoagulants, and Phenylase for PKU. These forward-looking statements are predictions and involve risks and uncertainties such that actual results may differ materially from these statements. Results may differ materially depending on the progress of BioMarin's product programs, the actual results of the current and planned clinical trials, actions of regulatory authorities, availability of capital, future actions in the pharmaceutical market and developments by competitors, and those factors detailed in BioMarin's filings with the Securities and Exchange Commission such as 10Q, 10K and 8K reports. Stockholders are urged not to place undue reliance on forward-looking statements, which speak only as of the date hereof. BioMarin is under no obligation, and expressly disclaims any obligation, to update or alter any forward-looking statement, whether as a result of new information, future events or otherwise.

Note to Editors: Aldurazyme is a trademark of BioMarin/Genzyme LLC. All rights reserved.

 BioMarin Pharmaceutical Inc.
 Consolidated Balance Sheets
 (US$ Thousands)

 September 30, December 31,
 2001 2000
Assets (unaudited)
Current assets:
 Cash and cash equivalents US$ 7,230 US$ 16,530
 Short-term investments 36,675 23,671
 Accounts receivable, net 996 1,135
 Due from BioMarin/Genzyme LLC 3,855 1,799
 Inventories 525 436
 Prepaid expenses 1,361 970
 --------- ---------
 Total current assets 50,642 44,541

Investment in BioMarin/Genzyme LLC 2,164 1,482
Property, plant and equipment, net 27,996 20,715
Note receivable from officer 878 -
Goodwill and other intangibles, net 8,314 9,862
Deposits 408 333
 --------- ---------
 Total assets US$ 90,402 US$ 76,933
 ========== ==========

Liabilities and Stockholders' Equity
Current liabilities:
 Accounts payable US$ 3,923 US$ 4,747
 Accrued liabilities 2,072 2,109
 Notes payable - short term 30 27
 Current portion of capital lease
 obligations 65 -
 --------- ---------

 Total current liabilities 6,090 6,883
 --------- ---------
Long-term liabilities:
 Long-term portion of notes payable 32 56
 Long-term portion of capital lease
 obligations 114 -
 --------- ---------
 Total long-term liabilities 146 56

 Total liabilities 6,236 6,939

Stockholders' equity:
 Common stock 42 37
 Additional paid in capital 195,104 153,940
 Common stock warrants 5,134 -
 Deferred compensation (903) (1,530)
 Notes from stockholders (2,014) (1,940)
 Accumulated deficit (113,197) (80,513)
 ---------- ----------
 Total stockholders' equity 84,166 69,994
 ---------- ----------

 Total liabilities and
 stockholders' equity US$ 90,402 US$ 76,933
 ========== ==========

 BioMarin Pharmaceutical Inc.
 Consolidated Statements of Operations

 (US$ Thousands, except per share data)

 Three Months Ended Nine Months Ended
 September 30, September 30,
 ----------------------- -----------------------
 2001 2000 2001 2000

 Revenues - products US $572 US $662 US $1,760 US $1,749
 Revenues - services 71 9 245 177
 Revenues from
 BioMarin/Genzyme LLC 3,079 2,136 8,621 7,262
 Revenues - other 22 - 182 -
 ----------------------- -----------------------
 Total revenues 3,744 2,807 10,808 9,188

Operating Costs and
 Cost of products 234 188 719 480
 Cost of services 47 6 141 59
 Research and
 development 10,143 8,529 31,842 25,109
 Selling, general and
 administrative 2,993 2,331 7,505 6,517
 Carson Street closure - - - 4,423
 ----------------------- -----------------------
 Total operating
 costs and expenses 13,417 11,054 40,207 36,588

Loss from operations (9,673) (8,247) (29,399) (27,400)

Interest income 530 691 1,434 2,281
Interest expense (8) (2) (11) (6)
Equity in loss of
 BioMarin/Genzyme LLC (1,864) (590) (4,708) (1,845)
 ----------------------- -----------------------

Net loss US$(11,015) US$(8,148) US$(32,684) US$(26,970)

Loss per share, basic
 and diluted US$(0.26) US$(0.23) US$(0.83) US$(0.76)
 ======================= =======================

Weighted average common
 shares outstanding,
 basic and diluted 42,136 36,064 39,601 35,493
 ======================= =======================
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Publication:Business Wire
Geographic Code:1USA
Date:Oct 26, 2001
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