GammaCan International Announces approval of a $1M Grant from the BIRD Foundation to Develop Anti-Cancer Therapy Drug; Life The

GammaCan International (OTCBB:GCAN), and Life
Therapeutics (ASX:LFE) today announced a joint effort to develop
VitiGam, an innovative anti-cancer product designed to target
metastatic malignant melanoma patients with Stage III and IV disease,
in connection with a grant to be provided by the BIRD Foundation.
   The approval of the $1M grant is subject to the execution of a
Cooperation and Project Funding Agreement between the companies and
the Foundation within the next four months. In addition, during this
time, the companies must finalize the project structure, cost and
timelines.
   "We are extremely pleased to have been approved for this grant by
the foundation," said Patrick Schnegelsberg, CEO of GammaCan. "This
positive assessment is the first outside review since we announced our
shift in focus onto VitiGam. The Foundation's independent body has
thoroughly evaluated our business plan and we are pleased and proud to
be a part of their distinguished stable of companies. This award
further strengthens Israeli-US efforts to jointly grow the
biotechnology sector."
   Dr. Hari Nair, CEO of Life Therapeutics said, "We are looking
forward to working with GammaCan on this project which will utilize
specialty plasma from our plasma collection centers as well as the
potential use of the Gradiflow, our patented, preparative
electrophoresis system."

   About VitiGam:

   VitiGam is GammaCan's second generation intravenous IgG-based
product and a first-in-class anti-cancer immunotherapy. GammaCan plans
on having VitiGam enter phase I/II testing under a US IND in the near
future after recently holding a pre-IND meeting with the FDA. VitiGam
is being designed to target metastatic melanoma patients with Stage
III and IV melanoma. VitiGam is an IgG product that is different from
standard IgGs: It is manufactured from the plasma of donors with
vitiligo, a benign autoimmune skin condition affecting up to 2% of the
general population. GammaCan scientists have shown that this
"enriched" vitiligo IgG (VitiGam) contains potent anti-melanoma
activity in both in vitro and mouse xenograft melanoma models. Thus,
GammaCan expects VitiGam to provide (1) anti-melanoma activity
directed specifically against malignant melanoma cells and (2)
non-specific anti-cancer activity - as is the case with IgG in
general.

   About the BIRD Foundation:

   The Israel-U.S. Binational Industrial Research and Development
(BIRD) Foundation promotes strategic partnerships between Israeli and
American companies in various technological fields. BIRD assists, free
of charge, in the identification of strategic partners for development
of joint products.
   The BIRD Foundation funds are repaid only as royalties on actual
sales. The Foundation provides funding of up to 50% of project
expenses, from R&D to the initial stages of sales and marketing. In
projects that do not reach actual sales, BIRD participates in the risk
without demanding repayment of its investment.
   The BIRD Foundation works in full cooperation with the Office of
the Chief Scientist of the Israeli Ministry of Industry and Trade and
the American National Institute of Standards and Technology (NIST).

   About GammaCan:

   GammaCan is a biopharmaceutical company focused on clinical-phase
development and commercialization. GammaCan's initial therapy under
development is a first-in-class anti-cancer immunotherapy aimed at
preventing metastasis (the spread of cancer to other parts of the
body) of a variety of cancers. GammaCan's first generation product
(GCAN101) is currently completing phase II - clinical trials.

   About Life Therapeutics:

   Life Therapeutics is an international company that specializes in
niche therapeutic hyperimmune products. It has 14 plasma collection
centers around the US and has considerable experience recruiting and
collecting hard to find hyperimmune plasma for IND studies and
clinical trials
   Life Therapeutics has 479 employees, located in Australia and the
United States with manufacturing operations in both countries and 14
plasma donor centers in eight American states. It recently established
its U.S. American Depositary Receipt (ADR) Level I program which
enables trading in Life Therapeutics shares by U.S. based investors
and is an important step toward the company's ultimate objective of
achieving a full listing on NASDAQ stock exchange.
   The company's four divisions are all headquartered in Atlanta,
Georgia and include: Life Sera, Life Gels, Life Diagnostics, and Life
Manufacturing.
   Life Sera collects specialty plasma, including Anti-D and
Hepatitis B from a donor base of more than 5,000 in fourteen U.S.
collection centers. The plasma is then sold to blood fractionators who
process it into hyperimmune therapeutic products.
   Life Gels offers pre-cast gels for use in biological research and
diagnostic testing, including a variety of electrophoresis systems. It
also offers ultra-sensitive and rapid stains, molecular weight
markers, and specially formulated buffers.
   Life Diagnostics provides highly specific diagnostic tests for
blood-clotting disorders and source plasma products for blood-borne
diseases. Technologies include specialized blood coagulation tests to
predict the risk of thrombosis and bleeding disorders. It also
collects high-titer source plasma and serum used to make diagnostic
kits.
   Life Manufacturing incorporates the Gradiflow(TM) technology with
the manufacture of therapeutic and diagnostic products. Gradiflow(TM)
is a patented process that simultaneously purifies proteins and
removes all viral pathogens, and infectious prion proteins.
   For more information, visit the companies' websites:
www.GammaCan.com and www.life-therapeutics.com .

   Safe Harbor Statement:

   Statements in this document that are not purely historical are
forward-looking statements. Forward-looking statements in this release
include statements regarding the commercialization of an anti-cancer
immunotherapy and the Company developing the boosting of cancer
patients' immune systems with IVIg into an effective treatment. Actual
outcomes and the Company's actual results could differ materially from
those in such forward-looking statements. Factors that could cause
actual results to differ materially include risks and uncertainties
such as the inability to finance the planned development of the
technology, unforeseen technical difficulties in developing the
technology, the inability to obtain regulatory approval for human use,
competitors' therapies proving more effective, cheaper or otherwise
preferable for consumers, inability to market the product we produce,
among other factors, all of which could among other things, delay or
prevent product release or cause our company to fail. For further risk
factors see the risk factors associated with other early state medical
research and development companies filed with the SEC on Edgar.