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Sepragen Announces Intent to Acquire Assets of Cytobiologics and Pursue Development of Integrated Cell Culture/Purification System

Union City, CA, May 17, 2006: Sepragen Corporation (OTC BB: SPGNA.PK), a provider of patented technology and equipment for purification needs in the biotech and nutraceutical industries, today announced the signing of a letter of intent to acquire substantially all of the assets of Cytobiologics, Inc. (a development stage company). The assets include laboratory equipment and intellectual property related to certain rapid assays and a high density bioreactor, which complements Sepragen’s existing high density bioreactor currently in “alpha development.” Sepragen’s CEO and founder, Vinit Saxena, remarked, “The addition of Cytobiologics’ capability will provide us with facilities, talent and intellectual property to pursue the development of an integrated bio-manufacturing system. This will allow us to move up the value chain and be more of a full solution provider to our customers. The acquisition is subject to concluding a definitive agreement and to securing board approvals.”

Sepragen currently provides innovative bio-purification products that enable biotech companies to develop and produce biopharmaceuticals quickly and cost-effectively. Sepragen products are used world-wide by leading biotech companies to manufacture over a dozen FDA approved drugs.

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The statements in this release that relate to future events or performance, statements about growth, future regulatory clearances, levels of sales and market size and future manufacturing capacity and efficiencies are forward-looking statements that involve risks and uncertainties, including risks associated with uncertainties related to the development of markets for and commercial acceptance of the company's products and services, the availability of components, competitors' product introductions and other risks identified in the company's SEC filings. Actual results may differ from those described in these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

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