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PROCYON ANNOUNCES RECEIPT FOR SHORT FORM PROSPECTUS

Montreal, February 22, 2006 – Procyon Biopharma Inc. (TSX: PBP), a biotechnology company developing innovative therapeutics in the fields of cancer and HIV/AIDS, announced today that it has obtained a receipt for its final short form prospectus in the provinces of British Columbia, Alberta, Manitoba, Ontario and Quebec with respect to its previously announced special warrants financing, intended to be concurrent to the merger via acquisition of Procyon and Cellpep S.A.

The short form prospectus qualifies the distribution of 61,690,785 common shares and 61,690,785 warrants of Procyon Biopharma issuable upon the deemed exercise, without any additional consideration, of 61,690,785 special warrants of the Company issued on January 19, 2006, under a special warrant indenture dated January 19, 2006, among Procyon, Dundee Securities Corporation and Computershare Trust Company of Canada in accordance with various subscription agreements and with an agency agreement dated January 19, 2006, between Procyon and Dundee together with Loewen, Ondaatje, McCutcheon Limited and Desjardins Securities Inc. The special warrants were sold at a price of $0.23 per special warrant for aggregate gross proceeds of $14,188,880.63. Each warrant underlying the special warrants will entitle its holder, upon payment of an exercise price of $0.35 at any time until the fifth anniversary of its issue date, to purchase one common share of Procyon. This financing and the acquisition by Procyon of all or substantially all of Cellpep’s securities are subject to the approval of Procyon’s shareholders at their special general meeting to be held on February 24, 2006, and are expected to close on or about March 1, 2006.

This short form prospectus also qualifies the distribution of 3,701,447 non-assignable warrants, which the Company agreed to grant to Dundee Securities, Loewen, Ondaatje, McCutcheon and Desjardins Securities and to Medipress Management Inc. Each non-assignable warrant will entitle its holder, upon payment of an exercise price of $0.23 at any time prior to a date that is 24 months after the distribution date, to purchase one common share and one warrant. Each warrant underlying the non-assignable warrants will entitle its holder, upon payment of an exercise price of $0.35 at any time until the fifth anniversary of the distribution date, to purchase one common share of Procyon.

The securities offered under this short form prospectus have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and, except in certain limited circumstances, may not be offered or sold in the United States of America or to a U.S. person. This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities.

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 and a concurrent financing totaling $18.1 million. This financing consisted in the issuance of 61,690,785 special warrants of Procyon priced at $0.23 per special warrant for a consideration of $14.2 million and of 16,987,056 similar units to be issued to European investors as part of the Cellpep transaction for the remaining $3.9 million.

The strategic combination of both companies will form a business entity under the new name of 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 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. Such statements are also based on various assumptions, including the successful and timely completion of clinical studies on Procyon’s products demonstrating efficacy and safety for human use, their successful commercialization within the forecasted timelines and the attainment of the forecasted milestone payments and other revenues. While Procyon anticipates that subsequent events and developments may cause Procyon’s views to change, Procyon specifically disclaims any obligation to update these forward looking statements.

INFORMATION:

Procyon Biopharma Inc.

Julie M. Thibodeau

Director, Communications

jthibodeau@procyonbiopharma.com ir@procyonbiopharma.com

Tel.: (514) 685 2000 ext 118

www.procyonbiopharma.com