May 4, 2009 (FinancialWire) — SemBioSys Genetics Inc. (OTC: SMBGF) (TSX: SBS) said it has reached an agreement with AVAC Ltd. for a $1.5 million loan for the development of its Apo AIMilano cardiovascular treatment candidate.

AVAC is a private, not-for-profit company that invests in research initiatives and early stage commercial businesses in Alberta, Canada.

Under the deal, the funds will be advanced with an upfront payment followed by two smaller installments based on the execution of short term Apo AIMilano development milestones scheduled to be completed by January 2010. The funds are repayable at the end of 18 months with interest.

Calgary, Alberta-based SemBioSys is engaged in manufacturing proteins and oils in plant seeds for use in pharmaceuticals, personal care and industrial products. The company’s current pharmaceutical development programs include insulin and Apo AIMilano, a cardiovascular therapy.

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