QBIOGENE INC. SECURES US$3.0 MILLION FINANCING FROM THE GATX/MM VENTURE FINANCE PARTNERSHIP

Montreal, Canada – June 30, 2002 - Qbiogene Inc., a fully integrated provider of molecular and cellular biology drug discovery and development research products and services, has secured a US$3.0MM venture loan from the GATX/MM Venture Finance Partnership.

Qbiogene provides a broad range of life sciences research products and custom services to academic, biotechnology and pharmaceutical researchers worldwide. Qbiogene's product portfolio provides products for basic research in gene identification, cloning and expression; continues with customized manufacturing services of research grade plasmids, viruses and antibodies; and culminates with contract manufacturing of biopharmaceuticals for use in clinical trials.

"This financing provides additional working capital and helps Qbiogene further expand its cGMP manufacturing operations,” said Dr. Garth Cumberlidge, President & Chief Executive Officer of Qbiogene. “This loan provides a unique non-dilutive style of financing for the Company and will play a key role in furthering Qbiogene's growth.”

“The markets for Qbiogene's products are experiencing rapid growth as a result of recent technological revolutions such as in genomics and proteomics, leading to increased spending on research and development by entities in both the public and private sectors,” said Minhas Mohamed, Managing Partner of MM Venture Partners. “We believe Qbiogene is well positioned to capitalize on this fast growing market and become a leader over the next few years.”

About Qbiogene Inc
Qbiogene is a global biotechnology company manufacturing leading edge research tools for basic and applied research and cGMP-grade nucleic acids and proteins for clinical applications in functional genomics, gene therapy and gene delivery. Qbiogene is headquartered in Montreal and operates in both North America and Europe through direct operations and a highly specialized network of key distributors. For further information please visit www.qbiogene.com

About GATX/MM Venture Finance Partnership
The GATX/MM Venture Finance Partnership is a privately held, venture-debt fund that focuses exclusively on private technology companies in Canada. The Partnership focuses specifically on Canadian information technology and biotechnology companies. The partnership comprises MM Venture Partners, founded in 1998 in Toronto and GATX Capital. San Francisco based GATX Capital, is a unit of GATX Corporation, a specialized finance and leasing company active worldwide. For further information please visit www.mmvp.com and www.gatx.com.

For more information, please contact:
Qbiogene Inc.
Steve Perrone, Chief Financial Officer
Phone: (514)-935-2200
sperrone@qbiogene.com

MM Venture Partners
Amit De, Snr. Vice President
Tel: 416-977-9718
amitde@mmvp.com