Updates

IBI Announces Expansion of Senior Management Team

College Park, MD – Innovative Biosensors, Inc. (IBI), a company developing rapid, ultra-sensitive tests to detect harmful pathogens, today announced the expansion of it’s Senior Management Team to increase the breadth of resources dedicated to the commercialization of the technology. IBI welcomes Joanne Stephenson as Head of Strategic Marketing and Richard Thomas as VP Business Development.Joanne Stephenson most recently served as Vice President, Business Development, Sales & Marketing at Response Biomedical Corporation. During 10 years with Response Biomedical, Joanne developed and managed global partnerships that lead to the commercialization of more than 13 new products in the biodefense, critical care and infectious disease rapid testing areas with such entities as 3M, Roche, and Shionogi Diagnostics (Japan). She led the global sales and marketing efforts for these product lines, managing more than 35 distributors and participated in corporate strategic planning. Her education includes an MBA in International Marketing and a B.S. in Biochemistry.Richard Thomas recently served as VP of Government Programs for Sceptor Industries, Inc. While at Sceptor Richard was responsible for business development includingentification of new markets and applications for the aerosol sampler product line. Mr. Thomas also assisted with Sceptor’s organizational growth from supplier of bioaerosol sampling subsystems to provider of integrated biosecurity detection systems. Prior to joining Sceptor, Richard was President for Smiths Detection, where he managed over 100 employees and an operating budget of $25 million. As President, Mr. Thomas increased Smiths Detection’s revenue from $12 million in 1998 to over $30 million in 2002.“With the progress made in the development of the CANARY™ technology in both the biodefense and clinical arenas, and initial commercialization opportunity in the building protection marketplace, IBI is poised to move to the next stage of product commercialization.” said Joe Hernandez, President and CEO of IBI. “The addition of Joanne and Rick gives IBI the resources and experience needed to build the industry partnerships and lead the technology commercialization.”About Innovative Biosensors, Inc.Innovative Biosensors, Inc. is a privately held company developing novel technologies for the rapid detection of pathogens. The company’s technology is expected to have broad applications in food testing, animal health, and human health care, including drug discovery and development and disease diagnosis. Additional information is available at www.innovativebiosensors.comContact:Innovative Biosensors, Inc.Media RelationsPhone: (301) 405-8425Email: info@innovativebiosensors.comThis release may contain forward-looking statements that are subject to certain risks and uncertainties, including Innovative Biosensors, Inc.’s mission to develop and commercialize instrument systems, Innovative Biosensors, Inc.’s ability to develop new technologies to conduct rapid diagnosis. Such statements are based on management’s current expectations and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking that actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors, including, but not limited to, the following: Innovative Biosensors, Inc.’s expectations that they will incur operating losses in the near future, the early stage of preclinical and clinical testing and trials, uncertainties surrounding the availability of additional funding, Innovative Biosensors, Inc.’s reliance on research collaborations, the actions of competitors and the development of competing technologies, potential patent infringement claims against Innovative Biosensors, Inc.’s products, processes and technologies, Innovative Biosensors, Inc.’s ability to protect their patents and proprietary rights and uncertainties relating to commercialization rights.