VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 10, 2007) - EnWave Corporation (TSX VENTURE:ENW)(FRANKFURT:E4U) ("EnWave" or "the Company") is pleased to announce the appointment of Dr. Roger W. Graham to the Company's Scientific Advisory Board. Dr. Graham holds a Ph.D in Biochemistry and Molecular Biology from the University of British Columbia, and has worked extensively in the fields of immunology, pharmacology, genetics and biochemistry.
Dr. Graham was previously the Vice President of Corporate Development for Inimex Pharmaceuticals in Vancouver, B.C. Prior to joining Inimex, Dr. Graham held senior management positions with Xenon Pharmaceuticals and Inex Pharmaceuticals, both of Vancouver, B.C., with responsibilities for Preclinical Product Development, Strategic Planning & Corporate Operations.
In EnWave's recently completed Strategic Plan, the Company identified three areas for development of its bioREV processing technology: vaccines and antibodies, bone and tissue engineering, and drug delivery. Dr. Graham will provide assistance to the Company in implementing the bone and tissue engineering strategy, and will provide expertise in searching for collaboration partners with whom to commercialize EnWave's technology in this area.
Dr. Tim Durance, Chairman and Co-CEO of EnWave, stated that, "The addition of Dr. Graham to our Scientific Advisory Board will provide the company with a wealth of experience in the pharmaceutical sector, and valuable skills in making the link between scientific research and corporate development."
The Company has granted Dr. Graham 50,000 incentive stock options in connection with the new agreement. Each option entitles its holder to purchase one common share of the Company at an exercise price of $0.50 per share for a period of five years from this date based on the terms and conditions of the Company's 2007 stock option plan. The options will have a hold-period of four months as required by TSX Venture Exchange ("the Exchange") policies and securities law. The grant is subject to regulatory approval.
Using proprietary technologies developed in conjunction with the University of British Columbia, EnWave is focused on the development of new methods of dehydrating biological materials using Radiant Energy Vacuum technology, under its bioREV brand. bioREV technology combines microwave energy transfer with pressure control to dehydrate and alter structures and drive chemical reactions, thereby creating unique product characteristics for medical applications that include dry vaccines, bone and tissue engineering, and drug delivery. More information about EnWave is available at www.enwave.net.
Dr. Tim Durance, Chairman & CO-CEO
Safe Harbour for Forward-Looking Information Statements: This release may contain forward-looking information based on management's expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company's strategy for growth, product development, market position, expected expenditures and financial results are forward-looking statements. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions: there is no guarantee that the Company's bioREV technology can or will be used to develop materials for the tissue engineering or drug delivery markets; even if the Company's bioREV technology can be used as described in this news release, there is no guarantee that such use will result in orders for the Company's bioREV technology.
FOR FURTHER INFORMATION PLEASE CONTACT:
Dr. Tim Durance
Chairman and Co-CEO
Mr. John McNicol
President and Co-CEO
(604) 806-6112 (FAX)