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To: Robert Knight who wrote (26326)	6/18/1998 12:46:00 PM
From: LFISKY	Respond to of 34592

News out on Demeter BioTech (DBOT) for background info on DBOT, see SCRA profile at :http://members.aol.com/Smallcapmn/home.html Demeter BioTechnologies, Ltd. Receives $2 Million Funding PR Newswire - June 18, 1998 12:18 DBOT %HEA V%PRN P%PRN -------------------------------------------------------------------------------- Jump to first matched term DURHAM, N.C., June 18 /PRNewswire/ -- Demeter BioTechnologies, Ltd. (OTC Bulletin Board: DBOT) announced today that its had closed on a two million dollar private placement of convertible preferred stock with the CEO Venture Fund III. The agreement also includes callable warrants which could yield up to another $2.3 million. As part of the stock purchase agreement, the Company plans to move its headquarters and primary operations to the Pittsburgh, Pennsylvania area. City of Pittsburgh Mayor Tom Murphy stated that "Demeter exemplifies the kind of business that will be the basis for Pittsburgh's future. I am pleased to learn of their decision to come to the Pittsburgh area and I applaud the efforts of the CEO Venture Fund in making this happen." Mr. Richard D. Ekstrom, President of Demeter BioTechnologies, Ltd said: "This funding from the CEO Fund culminates many months of effort to insure the financial stability of the Company and to provide the resources to accelerate the Company's product development efforts. We are very encouraged about our progress in developing a possible treatment for prostate cancer. We believe we can now achieve our goal to begin clinical trials for our first application during the first half of 1999." Mr. William Westberg, Director of the Pittsburgh Biomedical Development Corporation, said: "We are delighted that Demeter BioTechnologies is coming to Pittsburgh. Their field of technology will add a new dimension to the local biotech research efforts. There are over seventy-five biotech companies thriving in the area, in addition to the considerable biotechnology research efforts at local universities and hospitals." James Colker, CEO Fund's Managing General Partner, commented "Demeter will be a great addition to the local biotech community and can serve as a model for commercializing promising technologies. This is the third fund created by the CEO Venture Fund, one of the oldest in the Pittsburgh area. To date, Venture Fund III has raised over $40 million and has invested in eight early stage growth companies, two of which -- Demeter and Axion -- have moved from outside of the area to Pittsburgh. Mr. Ekstrom also said: "Pittsburgh is a very livable city. There is a very broad and deep cultural and recreational infrastructure, along with affordable housing and good air service, all of which will help attract the professional employees we will need to grow. Professionally, there is significant support for emerging biotechnology companies, and we have been very pleased with the relationships we have already established in Pittsburgh. However, even though we will be based in Pittsburgh, we expect to continue our collaborative programs with other research institutions, including those in Research Triangle Park where we have enjoyed the support of many fine researchers." Demeter BioTechnologies, Ltd. is a research company which designs and develops novel synthetic molecules for anti-infective and anti-cancer applications. Its unique peptide molecules have structures based on principles discovered in naturally occurring peptides, but have greater potency with reduced toxicity. The company is currently working on applications for prevention and treatment of sexually transmitted diseases and for the treatment of prostate cancer. The Company also designs and constructs genes for development of disease resistant and nutrition improved crops. The Company has already licensed a number of non-pharmaceutical applications to Mycogen Corporation. Demeter BioTechnologies, Ltd. is not associated with the Demeter Association. This press release includes forward looking statements which reflect management's current views as to the Company's scientific results, collaborative arrangements, product developments, and other future events and operations. There are considerable risks and challenges to be overcome before a product is commercially viable and regulatory approval obtained. Other companies may develop competing technologies and there is no assurance that the Company's patent position is adequate. Actual results may differ materially from these forward looking statements. The Company disclaims any intent or obligation to update these forward looking statements. SOURCE Demeter BioTechnologies, Ltd. /CONTACT: Richard D. Ekstrom, Demeter BioTechnologies, Ltd., 919-682-7181 or Michael Derrick, Progressive Media Group, Inc., 800-262-9798/ (DBOT)