Strategic alliance signed

UTEK Corporation
24 October 2006


FOR IMMEDIATE RELEASE                                         24 October 2006

                                        
                                UTEK CORPORATION
                                        
              STRATEGIC ALLIANCE AGREEMENT FOR TECHNOLOGY TRANSFER
                    SIGNED WITH GAMMACAN INTERNATIONAL, INC.
                                        
Tampa, FL & Kiryat Ono, Israel - UTEK Corporation (AMEX & LSE-AIM: UTK) a
specialty finance company focused on technology transfer, and GammaCan
International, Inc (OTC BB: GCAN), a developer of immunotherapies for the
treatment of melanoma, cancers and other diseases, are pleased to announce that
they have signed a strategic alliance agreement.

"We are enthusiastic about working with UTEK, whose technology transfer model is
unique in the industry. This alliance may assist us in locating and acquiring
technology and intellectual properties to complement current research and
development projects, as well as expanding our core competencies," commented
Patrick Schnegelsberg, Chief Executive Officer of GammaCan International, Inc.
"Accordingly, we believe GammaCan's pipeline related to Intravenous IgG therapy
technology could potentially broaden as a result of working with UTEK."

"UTEK looks forward to working with GammaCan, Inc. to identify potential
technology acquisition opportunities that fit its strategic vision," commented
William Porter, Chief Technology Transfer Officer of UTEK Corporation.

Through its strategic alliance agreements, UTEK assists companies in enhancing
their new product pipeline with the acquisition of proprietary intellectual
capital from universities and laboratory research centres. Strategic alliance
agreements are generally cancellable by either party with thirty days advance
written notice.

About GammaCan International, Inc.

GammaCan is focusing on the commercialisation of an innovative anti-cancer
immunotherapy to treat metastatic cancer. GammaCan's platform is based on IgG, a
safe, relatively non-toxic human plasma-based product, currently used to treat a
variety of immune deficiencies and autoimmune diseases. IgG works by
strengthening the patient's immune system. Many experts currently view
immunotherapy as a future alternative to today's standard chemotherapy. GammaCan
is developing VitiGam, its second generation program. VitiGam is an IgG derived
from the plasma of vitiligo donors and is being developed to treat malignant
melanoma. GammaCan owns, and has applied for US patent protection covering the
use of IgG and vitiligo-derived IgG (VitiGam). For more information about
GammaCan, please visit its website at www.GammaCan.com.

About UTEK Corporation

UTEK(R) is a specialty finance company focused on technology transfer. UTEK's
services enable companies to acquire innovative technologies from universities
and research laboratories worldwide. UTEK facilitates the identification and
acquisition of external technologies for clients in exchange for their equity
securities. This unique process is called U2B(R). In addition, UTEK offers
companies the tools to search, analyse and manage university intellectual
properties. UTEK is a business development company with operations in the United
States, United Kingdom and Israel. For more information about UTEK, please visit
its website at www.utekcorp.com.



CONTACTS:

GammaCan International, Inc.
DeMonte Associates: Cynthia DeMonte                           [phone]
                                                         [e-mail]

UTEK Corporation
USA:
Tania Bernier                                            [phone] x223

Consulting for Strategic Growth 1
Stan Wunderlich                                               [phone]

UK: Bankside                                                 [phone]
Steve Liebmann


Forward-Looking Statements

Certain matters discussed in this press release are "forward-looking
statements." These forward-looking statements can generally be identified as
such because the context of the statement will include words, such as UTEK or
GammaCan International, Inc. "expects," "should," "believes," "anticipates" or
words of similar import. Similarly, statements that describe UTEK's or GammaCan
International, Inc. future plans, objectives or goals are also forward-looking
statements. Such forward-looking statements are subject to certain risks and
uncertainties, including the financial performance of UTEK or GammaCan
International, Inc., as appropriate, and the valuation of UTEK's investment
portfolio, which could cause actual results to differ materially from those
currently anticipated. Although UTEK and GammaCan International, Inc. believe
the expectations reflected in any forward-looking statements are based on
reasonable assumptions, they cannot give any assurance that their expectations
will be attained. Shareholders, potential investors and other readers are urged
to consider these factors carefully in evaluating any forward-looking
statements. Certain factors could cause results and conditions to differ
materially from those projected in these forward-looking statements, and some of
these factors are discussed below. These factors are not exhaustive. New
factors, risks and uncertainties may emerge from time to time that may affect
the forward-looking statements made herein. These forward-looking statements are
only made as of the date of this press release and both UTEK and GammaCan
International, Inc. do not undertake any obligation to publicly update such
forward-looking statements to reflect subsequent events or circumstances.

UTEK's operating results could fluctuate significantly due to a number of
factors. These factors include the small number of transactions that are
completed each quarter, the value of individual transactions, the timing of the
recognition and the magnitude of unrealised gains and losses, UTEK's dependence
on the performance of companies in its portfolio, the possibility that advances
in technology could render the technologies it has transferred obsolete, the
loss of technology licenses by companies in its portfolio, the degree to which
it encounters competition in its markets, the volatility of the stock market and
the volatility of the valuations of the companies it has invested in as it
relates to its realised and unrealised gains and losses, the concentration of
investments in a small number of companies, as well as other general economic
conditions. As a result of these and other factors, current results may not be
indicative of UTEK's future performance. For more information on UTEK and for a
more complete discussion of the risks pertaining to an investment in UTEK,
please refer to UTEK's filings with the Securities and Exchange Commission.




                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
NRAUOAKRNORRUAA