AIKO Biotechnology, Inc. finalizes a $400,000 Development Award from the Maine Technology Institute for clinical development of its lead compound.

PORTLAND, ME, August 20, 2008. AIKO Biotechnology, Inc. finalized terms for significant Development Award funding from the Maine Technology Institute (MTI). AIKO plans to use the funds for the clinical testing of its lead compound, AIKO-150, for the treatment of pain and the side effects associated with prescription pain reliever (opioid) use. Together with internal funding AIKO will complete the nonclinical testing of AIKO-150, file an Exploratory Investigational New Drug (IND) application with the Food and Drug Administration (FDA), and conduct a Phase I clinical trial. AIKO President, Bill Emhiser, explained that the MTI funding "is key to getting AIKO to a point that will maximize the value of its technology. Completing the proposed trial will validate AIKO's technology in humans, creating the value in AIKO that will allow us to attract development partners with the expertise and capital necessary to get a new drug to the market, and to provide AIKO the resources to grow as a drug discovery and validation company here in southern Maine."

Development Awards are a competitive award program offered by MTI three times each year to support early activities for product development, commercialization or business planning and development. Each award requires a 1:1 match consisting of actual cash, salaries, staff time or equipment directly attributable to the proposed project. AIKO's award was one of 11 approved by the MTI Board of Directors for this round of funding.

About AIKO
AIKO Biotechnology, Inc. ("AIKO") is a start-up biotechnology company located in Portland, ME focused on the discovery and validation of novel compounds for the treatment of pain and the side effects associated with prescription pain reliever (opioid) use, such as GI dysfunction, addiction and abuse.

Contact
Janet Yancey-Wrona
jyancey@aikobiotech.com
207.317.0960