Upstream Biosciences' Potential Tropical Disease Treatments Demonstrate Promising Signs of Efficacy at McGill University

Market Wire, October, 2008

Upstream Biosciences Inc. (OTCBB: UPBS) today announced that its second generation of novel antiparasitic agents demonstrated in vitro efficacy against both Leishmaniasis and Trypanosomiasis. Upstream's novel compounds were tested by Dr. Armando Jardim at the Institute of Parasitology of McGill University in Montreal, Quebec, Canada. Upstream continues to collaborate with McGill to perform further testing on its potential tropical disease treatments. The Institute of Parasitology is recognized internationally for its research on infectious parasitic diseases.

"We are extremely excited that our second generation drug candidates have been validated by a world renowned institute," said Joel Bellenson, Chief Executive Officer of Upstream. "This is a significant milestone for the company and demonstrates Upstream's ability to optimize its compounds quickly and cost effectively."

Upstream's proprietary drug discovery platform utilizes chemoinformatics which combines chemistry and computer-aided design to accelerate the speed and reduce the cost of drug discovery.

"I am excited about the initial results of our testing. I look forward to continuing our collaboration with Upstream on their promising new drugs. New treatments are desperately needed to treat these devastating diseases and Upstream's approach may provide a new strategy to tackling these infectious agents," said Dr. Jardim.

Upstream's first generation of drug candidates have successfully demonstrated in vitro anti-parasitic activity, in vitro human cell safety, and in vivo (in animals) safety for Leishmaniasis, Trypanosomiasis and malaria. The Company's first generation drug candidates are currently being tested for in vivo (in animals) efficacy against Leishmaniasis and Trypanosomiasis at Makerere University in Kampala, Uganda.

Leishmaniasis, Trypanosomiasis (African sleeping sickness), and Malaria are caused by parasites that have developed resistance to a number of first line drugs that are available to treat these diseases. Leishmaniasis afflicts millions of people living in Africa, India, and the Middle East. Similarly, it is estimated 60 million people and 50 million cattle in sub-Saharan Africa are infected or are at risk of contracting Trypanosomiasis. According to the World Heath Organization, about 40% of the world's population is at risk for contracting Malaria. These diseases are expected to be included in the United States Food and Drug Administration's proposed priority review voucher program designed to provide financial incentive to companies developing treatments.

About Upstream Biosciences, Inc.

Upstream Biosciences is focused on developing and commercializing drug candidates to treat tropical diseases, including Leishmaniasis, Trypanosomiasis (African sleeping sickness) and Malaria. Caused by parasites that have developed resistance to available treatments, these diseases afflict millions of people living in Asia, Africa, and Middle East with death, illness, malnourishment and economic hardship. Upstream's drug candidates are generated using its proprietary computer-assisted drug discovery process. The Company's lead drug candidates have demonstrated anti-parasitic efficacy in vitro and positive safety data in animals.

Notice Regarding Forward-Looking Statements

This news release contains forward-looking statements, as that term is defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among others, the expectation and/or claim, as applicable, that: (i) the Company's approach may provide a new strategy to tackling infectious agents; and (ii) the diseases set out above are expected to be included in the FDA's proposed priority review voucher program. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others: (i) the risk that the Company does not execute its business plan, because of insufficient financing, inefficacy of products or other reasons; (ii) the inability of the Company to keep pace with technological advancements in the field of genetic diagnostics and the treatment of tropical parasitic diseases; (iii) the Company's inability to adequately protect its intellectual property or the Company's inadvertent infringement of third party intellectual property; (iv) the Company not being able to retain key employees; (v) competitors providing better or cheaper products and technologies; (vi) markets for the Company's drug candidates not developing as expected; (vii) the Company's inability to finance its operations or growth; (viii) inability to obtain all necessary government and regulatory approvals; (ix) the risk that the Company's drug candidates may not be approved for sale by regulators having authority over medicine and drug therapies; and (x) the potential inability to effectively market and commercialize the Company's technologies, including the establishment of viable relationships with third parties. These forward-looking statements are made as of the date of this news release and, except as required by law, the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's periodic reports filed from time-to-time with the Securities and Exchange Commission and available at www.sec.gov .