Québec, June 17, 2003 - Foragen Technologies S.E.C., Innovatech Québec, Fondaction CSN and a private investor announced today an investment of $ 5, 35 million in TGN Biotech Inc., a Québec based Biotech company active in the production of recombinant proteins for therapeutic use.

TGN Biotech began its operations in November 2000 based on the scientific research of Dr. Marc-André Sirard and Dr. François Pothier of Laval University. It was under the direction of Dr. Pothier, that the company's patented SEMENESIS(tm) technology was developed. SEMENESIS(tm) involves using the pig seminal gland as a bioreactor to produce recombinant proteins that are active drug ingredients. Compared to traditional manufacturing methods, SEMENESIS(tm) allows for a significant reduction in production costs thanks to its reduced investment in infrastructure and operational costs. The first products under development with this technology will be used to treat animal and human diseases. The markets targeted by TGN Biotech surpass US $ 1 Billion per year.

«We are delighted to contribute to the growth of TGN Biotech, a world leader in animal transgenics. The company has an exceptional team in place that will pave the way to the development of biotherapeutics on a worldwide basis», said Mr. Murray McLaughlin, President of Foragen Technologies S.E.C.

Innovatech Québec, who participated in the development of the SEMENESIS(tm) technology from early beginnings, is proud to renew its confidence in this company: «TGN is an excellent example of Innovatech Québec's role in developing high-potential technologies from Laval University. In addition, the presence of Canadian and local investors confirm the quality of this technology that is contributing to the development of Québec City as a leading biotech cluster in Canada» said Mrs. Francine Laurent Innovatech Québec's CEO.

Mr. Léopold Beaulieu, Fondaction CSN's CEO said : «This investment will maintain more than 20 high-skilled jobs in the biotech sector. The company has a very qualified team that have set high ethical standards both in animal care as well as environment preservation» .

About Foragen

Foragen Technologies S.E.C. is a Canadian investment fund dedicated to the creation and launch of technologically advanced companies in the bio-food sector. Its mandate is to promote start-ups by offering entrepreneurs seed capital, business and technology management expertise and networking opportunities that will allow them to concentrate on developing and commercializing their technologies. Foragen is owned equally by RBC Technology Ventures Inc., Crown Investments Corporation of Saskatchewan (CIC), and SGF Soquia Inc., a subsidiary of Société générale de financement du Québec. Foragen has offices in Québec, Ontario and Saskatchewan.

About Innovatech Québec

Innovatech Québec is a Québec government venture capital corporation specializing in pre-startup and startup financial assistance for technology companies. With a $150-million fund, Innovatech's investment portfolio includes companies and projects in Information Technology, Telecommunications, Biotechnology and Life Sciences, Industrial Technology, Optics and Photonics.

About FONDACTION CSN

Founded in 1996, Fondaction is a financial institution working in venture capital for the development of Quebec's economy. Investments made by the Fund to date have contributed to keeping and creating over 5,200 jobs throughout Quebec. Fondaction is active in approximately a hundred Quebec businesses in all economic sectors. It may intervene in any stage in the development of businesses, and gives priority to businesses engaged in processes of participative management, businesses in the social economy sector (including self-controlled businesses, cooperatives, and others) and businesses that are environmentally aware.