OLSC: Rimon Therapeutics Named One of Canada's Top 10 Life Science Companies

TORONTO, ONTARIO--(CCNMatthews - Nov. 27, 2006) – Rimon Therapeutics is pleased to announce it has won industry recognition from another national awards competition. The Toronto-based biotechnology firm was named one of Canada's Top 10 Life Science Companies at a ceremony in Ottawa on November 20, 2006.

"We appreciate being recognized as one of Canada's Top 10 Life Science Companies," said Michael May, President of Rimon. "It comes at a promising time for our company with the clinical validation of our novel therapeutic polymer (Theramer^TM) platform technology and the near-term product licensing opportunities generated with some of the world's largest medical device companies. This award recognizes Rimon's ability to advance a robust pipeline of products to commercialization."

Canada's Top 10 Life Science Companies Competition-a program of the Ottawa Life Sciences Council-is an annual national competition sponsored by Borden Ladner Gervais LLP and htx.ca - The Health Technology Exchange. The awards are presented to growth-oriented companies and are chosen by an independent expert panel of Canadian and U.S. venture capitalists.

The award comes only a few months after Rimon was recognized at another high-profile Canadian biotechnology event: Rimon was named "Most Promising Early Stage Company" at CANMEDBIO 2006's National Presidents' Awards, on June 19, 2006.

As one of Canada's Top 10, Rimon-along with other competition winners and alumni-will participate in an investment forum series taking place in early 2007 in New York, Boston, San Francisco and San Diego.

About Rimon Therapeutics

Rimon Therapeutics Ltd. is the Theramer^TM Company. Theramers^TM (therapeutic polymers) are polymers that have drug-like activity, but can be marketed and regulated as devices. Rimon's Theramers^TM induce the development of new blood vessels, prevent the destruction of tissue, and kill bacteria without harming human cells. The company is engaging some of the world's largest medical device companies about using these unique polymers to heal chronic wounds (e.g., bedsores and diabetic ulcers), treat heart disease, delay knee replacement, and prevent medical device-related infections. Preliminary results from the Company's first, human clinical trial of its MI-Sorb^TM Dressing for chronic wounds are very promising and represent a key milestone in the validation of Rimon's unique, value proposition-drug-like margins and device timelines, together with the versatility of polymer chemistry.

Rimon Therapeutics Ltd.
Dr. Michael May, PhD
President
416-977-2003
416-977-6383 (FAX)
may@rimontherapeutics.com

or

Media Contact:
What If What Next
Howard Oliver
416-638-8582
holiver@whatifwhatnext.com

Rimon Therapeutics Ltd. (Toronto, ON)

www.rimontherapeutics.com

Rimon Therapeutics Ltd. is the Theramer™ Company. Theramers™ (therapeutic polymers) are polymers that have drug-like activity, but can be marketed and regulated as devices. Rimon’s Theramers™ induce the development of new blood vessels, prevent the destruction of tissue, and kill bacteria without harming human cells. The company is engaging some of the world’s largest medical device companies about using these unique polymers to heal chronic wounds (e.g., bedsores and diabetic ulcers), treat heart disease, delay knee replacement, and prevent medical device-related infections. Preliminary results from the Company’s first, human clinical trial of its MI-Sorb™ Dressing for chronic wounds are very promising and represent a key milestone in the validation of Rimon’s unique, value proposition – drug-like margins and device timelines, together with the versatility of polymer chemistry.

"We are delighted that such an esteemed jury has recognized the hard work, achievements and future potential of Rimon Therapeutics. The clinical validation this year of our novel therapeutic polymer (Theramer) platform technology, the near-term product licensing opportunities generated with some of the world's largest medical device companies, and now recognition as one of Canada's leading Life Science companies, demonstrates Rimon's ability to advance a robust pipeline of products to commercialization", says Michael H. May, President of Rimon Therapeutics Ltd.

See: http://www.bionorth.ca/Top10/2006_2007_Finalists.html

OLSC: Canada's Top 10 Life Science Companies Named for 2006/2007

OTTAWA, ONTARIO--(CCNMatthews - Nov. 1, 2006) - The Ottawa Life Sciences Council (OLSC) is pleased to announce this year's finalists in the Canada's Top 10 Life Science Companies Competition (Canada's Top 10). The 2006/2007 finalists will present their company to an audience of venture capitalists, potential strategic alliance partners and conference delegates at BioNorth 2006-one of North America's premier life science conferences.

Once again, this year's finalists and alumni will participate in exclusive investment forums in New York and Boston in January 2007. The companies will also have the opportunity to participate in an exclusive one-day professional development workshop to perfect their pitches for a US investor audience. Since its inception, Canada's Top 10 alumni have raised over $485 Million in venture capital financing since their selection.

"Canada's Top 10 finalists represented some of the best early-stage life science opportunities anywhere" said Ken lawless, President & CEO of the Ottawa Life Sciences Council. "The competition provides an exceptional vehicle to promote Canadian companies to the North American investment community"

Canada's Top 10 finalists are selected from a pool of entrants by an independent international jury of life science venture capitalists. Entrant companies are classified as either early stage (seeking first and second round financing) or emerging/late stage (seeking mezzanine or later stage financing) opportunities. Based on their expert knowledge of investment in the life sciences sector, the jury selects the companies that offer the best investment and partnership prospects.

"This competition is a unique snapshot of emerging life science companies in Canada," states Maha Katabi, Vice-President, Life Sciences, Ventures West and Canada's Top 10 jury member. "It showcases great technologies and entrepreneurs that are ready for prime-time investing."

2006/2007 Finalists included Rimon Therapeutics of Toronto, Ontario

Award program information, company descriptions and quotes can be found at www.bionorth.ca/Top10.

About the OLSC

The Ottawa Life Sciences Council (OLSC) is a not-for-profit, member-supported, development corporation for the life sciences sector in the Ottawa and Eastern Ontario region. Our mandate, to catalyze the growth of the local life sciences community, is achieved through: networking activities, consortia building, support for technology commercialization, identification of market opportunities, information resources, sector advocacy and sector specific marketing initiatives at all levels of opportunity (local, regional, provincial, national and global). For more information about the Ottawa Life Sciences Council visit www.olsc.ca or call (613) 828-6274 x229.