Attention Health Editors:

Rimon Therapeutics Wins at CANMEDBIO Conference

    TORONTO, June 19 /CNW/ - CANMEDBIO, a program for helping bring medical
device and biotechnology innovators to market, has selected Rimon Therapeutics
of Toronto as winner in the "Promising Early Stage Company Recognition"
category of its National Presidents' Awards. The award will be presented at a
special dinner at the CANMEDBIO 2006 conference, June 19, 2006 at the Metro
Toronto Convention Centre. His Excellency David H. Wilkins, United States
Ambassador to Canada, will deliver a keynote address at the dinner.
    "We're really pleased to be recognized in this manner," said Michael May,
President, Chief Operating Officer and Director of Rimon Therapeutics. "We see
this as yet another indication of the momentum in the company, its technology
and team. We look forward to the event, meeting with other honorees and
participating in CANMEDBIO. We're especially gratified that our friends at
Ontario Centres of Excellence (OCE)Inc. will be joining us during the
Presidents' Awards dinner. The OCE has been crucial to our development from
the start, and we want to draw attention to their contribution to our company
and to the biotechnology sector in general."
    "Rimon Therapeutics is a great example of how the OCE can assist Ontario
biotechnology companies grow from the great science of our universities into
viable companies applying exciting new technologies," said Mark Romoff,
President and CEO of Ontario Centres of Excellence. "We are pleased to
recognize Rimon Therapeutics' past accomplishments and their potential for
continued growth into the future."
    The National Presidents' Awards Promising Early Stage Company Recognition
category recognizes and celebrates the achievements of early-stage
biotechnology and medical-device companies in Canada. Awards organizers select
organizations that are poised to take off and have distinguished themselves
from their peers with demonstrated leadership and significant achievement.
Rimon Therapeutics has shown its leadership in Canada's biotechnology industry
through the new technologies it has developed, most notably its groundbreaking
"plastics that heal." The company has also achieved remarkable success in
raising funds and in its clinical trials.

    CANMEDBIO serves to enhance the commercialization of medical device and
biotechnology innovations by providing avenues that will help innovators and
entrepreneurs commercialize emerging technology. The annual National
Presidents' Awards are an opportunity to celebrate both companies and
individuals that have made significant achievements in the industry. Along
with Ambassador Wilkins, Canada's medical device association, MEDEC, will also
be attending the National Presidents' Awards dinner, and will honour their
award recipients during this celebration.

    About Ontario Centres of Excellences (OCE) Inc.:

    OCE Inc. - Where Next Happens - is a not-for-profit corporation that
delivers the Ontario Centres of Excellence program made possible through the
financial support of the Ontario Ministry of Research and Innovation. OCE Inc.
supports the commercialization of industry and academic collaborations and the
development and deployment of the next generation of talent in specific
technologies across a range of market sectors including communications and
information technology, earth and environmental technologies, energy,
materials and manufacturing and photonics. For more information, please visit
our web site at www.oce-ontario.org or contact: Shawn Murray, Director
Communications, Media, Government and Public Relations at 416-861-1092 or
shawn.murray@oce-ontario.org.

    About Rimon Therapeutics:

    Rimon Therapeutics offers a unique business opportunity: drug-like
margins, medical device timelines and versatile chemistry. Our focus is to
translate innovative discoveries in biomaterials science and biosciences into
a robust pipeline of products at various stages of development. Rimon
commercializes Theramers(TM) - medical polymers that have biological activity
in and of themselves, without the use of drugs. With Theramers (TM) that
inhibit enzymes that destroy tissue, induce the development of new blood
vessels, and kill bacteria without harming human cells, Rimon aims to address
the unmet needs of large markets like chronic wound care, heart disease,
osteoarthritis, and device-related infection.

For further information: Dr. Michael May, PhD, President, COO, and
Director, Rimon Therapeutics Ltd., 59 Adelaide St. East Suite 500, Toronto,
Ontario, Canada, M5C 1K6, (416) 977-2003 or may@rimontherapeutics.com; Media
Contact: Howard Oliver, What If What Next, (416) 638-8582 or
holiver@whatifwhatnext.com