Tampere, Finland - FIT Biotech Plc, a Finnish biotech company developing therapeutic and preventive HIV vaccines as well as other novel DNA based products using its proprietary technology platform today announced that it has raised € 4,8 M in a private placement of subordinated convertible notes. The underwriters were current institutional owners, The Finnish Fund for Research and Development (Sitra) and Bio Fund Management as well as several new major Finnish institutional investors. The Company plans to use the proceeds to complete the phase II therapeutic HIV vaccine trial in South Africa currently in progress as well as to continue development of the other novel DNA based products.. FIT Biotech is currently negotiating licensing agreements with international vaccine and biotech companies.

“ We are very pleased to secure the financing of the Company. The advancements in the main projects during the last 18 months have clearly increased the confidence of the investment community in our Company” Mr. Rabbe Slätis, Chairman of Board of FIT Biotech Plc commented. “ In addition we have experienced a high interest in our projects shown by major vaccine houses.”

For additional information:

FIT Biotech Plc – Kalevi Reijonen; 

Tel: +358 408 435 695

kalevi.reijonen@fitbiotech.com

About FIT Biotech Plc. 

FIT Biotech (www.fitbiotech.com) is an innovative medical biotechnology company based in Tampere, Finland and Tartu, Estonia engaged in the development and commercialisation of its proprietary Gene Transport Unit (GTU) technology and GTU product applications in DNA vaccination as well as in immuno- and gene therapies. The Company has 40 employees.

Articles:

Press release May 18 2006

FIT Star article 31 March 06