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

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