PROCYON TO WEBCAST SPECIAL MEETING OF SHAREHOLDERS TO APPROVE MERGER VIA ACQUISITION WITH CELLPEP AND $18.1 MILLION FINANCING

Montreal, February 15, 2006 – Procyon Biopharma Inc. (TSX:PBP), a biotechnology company developing innovative therapeutics in the fields of cancer and HIV/AIDS, announced today that it will webcast the Special Meeting of Shareholders on Friday, February 24, 2006, at 10:00 A.M. E.T. Interested parties may access the live webcast at www.procyonbiopharma.com on the Conference calls and Webcasts page of the Investor Information section.

ABOUT THE MERGER OF PROCYON AND CELLPEP S.A.

On January 19, 2006, Procyon and Cellpep S.A., a French private biotechnology company developing therapeutics in oncology and infectious diseases, announced the signing of a definitive acquisition agreement under which Procyon has offered to acquire all of the outstanding securities of Cellpep in exchange for a number of common shares equal to $39.1 million in value to be issued to the Cellpep shareholders.

The strategic combination of both companies will form a new entity: Ambrilia Biopharma Inc., a global, publicly-listed biopharmaceutical company specialized in the development of innovative therapeutics in the fields of oncology and infectious diseases. Following completion of the transaction, subject to Procyon’ shareholders approval, Ambrilia Biopharma’s common shares will continue to be traded on the Toronto Stock Exchange, under a new ticker symbol: AMB

Cellpep brings to Procyon a complementary oncology and infectious diseases product portfolio that includes two late-stage high-value generics. The first of these products, octreotide, is expected to be launched in Europe in 2007 and in the U.S. in 2008. The second product, goserelin, is expected to be launched in Europe in 2008. With this combined portfolio comprised of high-value late-stage products, Ambrilia Biopharma expects to accelerate its path to profitability and enhance its global position by generating potential revenues through U.S. and European sales of octreotide and goserelin.

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This release contains forward-looking statements that reflect the company’s current expectation regarding future events. The forward-looking statements involve risks and uncertainties. Actual events could differ materially from those projected herein and depend on a number of factors including, but not limited to, changing market conditions, successful and timely completion of clinical studies, uncertainties related to the regulatory approval process, establishment of corporate alliances and other risks detailed from time to time in the company’s filings.

INFORMATION:

Procyon Biopharma Inc.

Julie M. Thibodeau

Director, Communications

jthibodeau@procyonbiopharma.com ir@procyonbiopharma.com

Tel.: (514) 685 2000 ext 118

www.procyonbiopharma.com