INFLAZYME COMPLETES CORPORATE REORGANIZATION AND RAISES AN ADDITIONAL $3.6 MILLION

Inflazyme Pharmaceuticals Ltd. today announced the completion of the reorganization announced on September 20, 2005. In September, we raised an initial $3.4 million by restructuring one of our wholly-owned subsidiaries. Today, we completed the reorganization by selling all of the Company's holdings in this subsidiary for an additional $3.6 million. Total net proceeds from the reorganization are approximately $7 million.

Business Wire (http://home.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&newsId=20051027006230&newsLang=en)