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CALGARY, ALBERTA -- SYNSORB Biotech Inc. (SYNSORB) today announced that the Company has completed and received funding under a $3.0 million term loan, with principal and interest repayable monthly over 4 years through GATX/MM Venture Finance Partnership.

"This financing with GATX/MM Venture Finance Partnership supplements our current working capital and helps SYNSORB move forward with its corporate development and clinical trial programs," said Dr. David Cox, President and Chief Operating Officer of SYNSORB Biotech Inc.

"We are delighted to have SYNSORB as our first investment. SYNSORB demonstrates the strong characteristics inherent in the types of companies in which MM Venture Partners invests," said Minhas Mohamed, Managing Partner, MM Venture Partners. "Our objective is to help emerging growth companies like SYNSORB augment their venture capital funding with less dilutive long term capital. We are confident this is a good fit for both of us."

MM Venture Partners is the General Partner of the $50 million GATX/MM Venture Finance Partnership. This privately held venture capital fund focuses exclusively on information technology and biotechnology companies in Canada. MM Venture Partners has focused specifically on a niche in the capital markets by providing venture debt financing, including working capital loans and software and equipment leases to Canadian information technology and biotechnology companies. This form of capital is in direct response to emerging companies' needs for capital that is less dilutive, less intrusive and less controlling.

SYNSORB Biotech Inc. is a Canadian pharmaceutical company that is focussed on the clinical development of novel therapies for the treatment of serious diseases that at present have no cure or would benefit from alternate therapies. The Company currently has a suite of orally-delivered, carbohydrate-based gastroenteric products under development, including SYNSORB Pk (R) and SYNSORB Cd (R). SYNSORB Pk (R), for the treatment of E. coli O157:H7 infections and the prevention of Hemolytic Uremic Syndrome (HUS), is undergoing Phase III clinical trials in North America and Argentina. SYNSORB Cd (R), for recurring or relapsing antibiotic-associated diarrhea (CDAD) is currently in Phase II clinical trials in Canada and in the United States. A library of compounds for treatment of viral infections, for inflammatory conditions, and cancer are also being synthesized and tested.

Shares of SYNSORB Biotech Inc. trade on the Toronto Stock Exchange in Canada (symbol "SYB") and on NASDAQ in the United States (ticker "SYBBF").

This release contains certain forward-looking statements which involve known and unknown risks, delays, uncertainties and other factors not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or other expectations implied by these forward-looking statements. These factors include results of current or pending clinical trials, actions by the FDA/HPB and those factors detailed in the Company's registration statement on Form 20 F filed with the Securities and Exchange Commission.


SYNSORB Biotech Inc.
Mr. Doug Ball
Vice President, Finance & Chief Financial Officer
(403) 283-5900
(403) 283-5907 (FAX)


MM Venture Partners
Mr. Minhas Mohamed
(416) 977-9718
(416) 591-1393


The Equicom Group
Jason Hogan
Investor Relations
(416) 815-0700 ex 222
(416) 815-0080 (FAX)
United States: 1-800-385-5451

Posted in: Life Sciences

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