July 28, 2005

Kevin Hall
(804) 225-4260

Dr. Jemo Kang
Princeton BioMeditech Corporation
(732) 274-1000 Ext. 103
Christie Collins
(804) 371-4074
-Princeton BioMeditech Corporation to invest $7 million and create 115 jobs-

RICHMOND - Governor Mark R. Warner today announced that Princeton BioMeditech Corporation (PBM) will invest $7 million to build a manufacturing facility in Albemarle County and create 115 new jobs. The company has entered into an exclusive marketing and manufacturing agreement with ContraVac, Inc., a privately-held biotechnology company. The new facility will provide manufacturing capability to ContraVac for its newly developed products to test male fertility. The Albemarle County facility will also provide research and development efforts, manufacturing and distribution for PBM's current and future products. Virginia successfully competed against New Jersey and Pennsylvania for the project.

"In March of 2004, I met with PBM President Jemo Kang in Princeton to discuss this project," said Governor Warner. "The technological atmosphere of the University of Virginia Research Park, the opportunity to collaborate with the University of Virginia researchers to develop new products, and the natural beauty and lifestyle of Albemarle County were all key factors in the company's decision. I welcome Dr. Kang and Princeton BioMeditech Corporation to Virginia."

Princeton BioMeditech Corporation has developed and introduced an extensive menu of over 70 different simple, rapid diagnostic tests for Fertility, Infectious Diseases, Drugs of Abuse, Tumor Markers, Cardiac Markers, Veterinary diagnostics and Environmental applications. Today, PBM markets its products in over 48 countries under the trademarks BioSign®, BioStrip®, LifeSign®, OvuSign® and AccuSign®, through local and national distributors, through retailers and through partnerships with pharmaceutical and medical diagnostic companies. ContraVac, Inc.was founded by John Herr, Ph.D., professor of cell biology at University of Virginia, to commercialize technologies developed in his University of Virginia lab.

"We are excited to select Virginia for our newest R&D and manufacturing facility," said Dr. Jemo Kang, President, Princeton BioMeditech Corporation. "UVA and the Charlottesville area offer strong resources, including many of the brightest minds available, that will help to make our newest site successful. We weighed many economic, community, and resource factors in our final decision and, with encouragement from Governor Warner providing added motivation, we are happy to call Albemarle County home to our new manufacturing and R&D center."

The Virginia Economic Development Partnership worked with Albemarle County, the University of Virginia, the University of Virginia Foundation and the Thomas Jefferson Partnership to secure the project for Virginia. Governor Warner approved a $100,000 grant from the Governor's Opportunity Fund to assist Albemarle County with the project. The Virginia Department of Business Assistance will provide training assistance through its Workforce Services Program.

"The University of Virginia is pleased to welcome Princeton BioMeditech Corporation to the University of Virginia Research Park and to the Charlottesville-Albemarle area," said Leonard Sandridge, Executive Vice President and Chief Operating Officer, University of Virginia. "We believe this relationship will have a positive impact on research at the University as well as the regional economy for years to come."

"We are very pleased to welcome Princeton BioMeditech Corporation as a new corporate neighbor in the Albemarle County community," said Robert W. Tucker, Jr., County Executive, County of Albemarle. "We very much appreciate the high quality job opportunities that this world-class organization will provide to residents as well as the overall positive boost that the new high-technology facility will bring to our regional economy."


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