Biophage Pharma Inc. Announces Corporate Restructuring

Biophage Pharma Inc. Announces Corporate Restructuring

3/31/2008

MONTREAL, March 28 /CNW Telbec/ - (TSX.V: BUG) Biophage Pharma Inc. (the "Corporation") reports today that over the past months, the Corporation was actively seeking to increase revenues through grants, service contracts and equity financing. Although several grants applications have been successful; financing was much more difficult and has been limited to small insider loans. Notwithstanding these loans, the Corporation is presently unable to maintain its operations without important restructuring. The Board of Directors has decided to substantially reduce the Corporation's activities to control operation costs, and will seek opportunity to refinance, licence its technologies or sell part or all its assets. As a consequence, the Corporation will be unable to file its Annual Financial Statements on time. About Biophage Pharma Inc.

Biophage is a Canadian biotechnology company focused on the development of innovative phage-based products and technologies for the detection, prevention and control of bacterial infections. Biophage also operates the Immunotox Labs division, which provides services in Immunogenicity and Immunotoxicity, screening for Beryllium sensitization (the BeLPT test) and exclusive MELISA(R) for the detection of sensitization to more than 200 different allergens including metals, penicillin, gluten, pollens and more recently Lyme disease (Boreliosis).

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

For further information

Rosemonde Mandeville, M.B., Ch.B., PhD., President and CEO, Biophage Pharma Inc., (514) 496-1488, [email protected]

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