VANCOUVER, British Columbia, Canada, Nov. 29 /PRNewswire/ - Adnavance
 Technologies Inc. ("Adnavance" or the "Company"), a privately held
 nanobiotechnology company, announced today that it has completed a Series A
 round of financing totalling $3.85 million. Combining biotechnology and
 nanotechnology, Adnavance is developing product applications that use the
 electrical conductivity properties of both DNA and novel metallic forms of DNA
 ("M-DNA"), for the healthcare and nanotechnology industries.
     Adnavance has also secured substantial non-dilutive funding from The
 National Research Council's Industrial Research Assistance Program (NRC-IRAP)
 and from The Natural Sciences and Engineering Research Council of Canada
 (NSERC), to support its research and development programs.
     "This is a significant and exciting step forward for Adnavance," said Dr.
 Henry Geraedts, Chief Executive Officer of Adnavance. "This financing provides
 the Company with a stable foundation for continued growth, enabling us to
 accelerate our lead product development programs on the healthcare diagnostics
 side of our business, and progress our efforts to produce prototypes for
 industrial applications. We believe that this round of financing is an
 important endorsement of the development progress that Adnavance has made and
 a vote of confidence in the technology platform and product pipeline."
     The investment syndicate for this financing was led by the Working
 Opportunity Fund, managed by GrowthWorks Capital, with additional financing
 support from BC Medical Innovations Fund (BCMIF) managed by MDS Capital,
 Canadian Medical Discoveries Fund (CMDF) advised by MDS Capital, and the
 Business Development Bank of Canada.
     "Adnavance is a new breed of biotechnology company that has established
 an innovative technology platform with important implications for the
 biosensor and molecular diagnostics markets," said Yad Garcha, Senior Vice-
 President, Investments at GrowthWorks Capital. "The integration of
 nanotechnology with biotechnology brings an expanded business opportunity to
 the life sciences sector, and we are pleased to add Adnavance to our
     The proceeds from this financing will be used to advance the Company's
 core M-DNA technology for a number of commercial applications, with a primary
 focus on the development of ultra high sensitivity biosensors, molecular
 detection devices used to improve medical diagnosis and predict disease
 outcome. Adnavance's technology will enable the detection of a variety of
 infectious diseases, both viral and bacterial, in near real time (less than
 five minutes). Adnavance's technology offers an innovative approach to the
 diagnosis of disease because it eliminates the need for the PCR amplification
 process, a commonly used technique for amplifying DNA, thereby offering a
 faster, highly sensitive point of use diagnostic platform.
     A second application in the healthcare sector for which Adnavance is
 developing its M-DNA technology is for use in DNA-based vaccines. M-DNA has
 demonstrated, in vivo, to improve the immune response due to its ability to
 resist enzymes that break down naked DNA. Adnavance has initiated large animal
 studies to further develop this field of application. DNA-based vaccines are
 believed to offer several advantages over conventional vaccines, including
 improved storage, effectiveness and flexibility, as well as reduced production
 times and costs.
     Adnavance is also developing its core conductivity technology for light
 driven generation and storage of hydrogen. The Company is developing a
 prototype aimed at validating this approach for distributed generation and
 micro fuel cell applications.
     About Adnavance
     Adnavance Technologies Inc. is a private nanobiotechnology company
 developing technologies that use the electrical conductivity properties of DNA
 and novel metallic forms of DNA ("M-DNA"), for commercial applications in the
 healthcare and nanotechnology industries. Founded on discoveries made at the
 University of Saskatchewan, Adnavance completed two seed financings and
 commenced operations in early 2003. The Company's headquarters and engineering
 facilities are located in Vancouver, BC and its research laboratories are
 located in Saskatoon, SK.
     M-DNA is a novel form of DNA generated by applying the company's
 proprietary method of introducing metal ions along the DNA helix. This hybrid,
 novel form of DNA provides for the highly efficient conduction/exchange of
 electrons, enabling improved sensitivity and selectivity for application in
 molecular diagnostics and the development of biosensors. The conductivity
 properties of DNA also enable the generation and storage of hydrogen. For more
 information, please visit
     Note: Certain of the statements in this press release are forward-looking
 statements which involve known and unknown risks, uncertainties and other
 factors which may cause the actual results, performance or achievements of the
 Company or industry results, to be materially different from any future
 results, performance or achievements expressed by such forward-looking
     Henry N. Geraedts, Ph.D.
     Chief Executive Officer
     Adnavance Technologies Inc.
     Tel: (604) 816-6332

SOURCE Adnavance Technologies Inc.

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