CAMBRIDGE, MA, September 8, 2003 - Therion Biologics Corporation has successfully secured private equity financing totaling $39 million. The financing was led by investor/philanthropist Hans-Werner Hector, one of the founders of the world's leading enterprise software company, SAP AG. Other participants in the financing included Hambrecht and Quist Funds and S.R. One, Limited. Therion will use the funds for the advanced clinical development of PANVAC-VF and PROSTVAC^�-VF, its lead vaccine candidates to treat pancreatic cancer and prostate cancer, respectively. The Company anticipates beginning a Phase II trial of PROSTVAC-VF in prostate cancer in late 2003, followed by the initiation of a Phase II trial of PANVAC-VF in pancreatic cancer in early 2004.

The funds will also be used to expand Therion's manufacturing capabilities at its newly completed 11,000 square foot manufacturing facility, built to GMP (Good Manufacturing Practice) specifications. The Company is planning to grow its manufacturing and related operations to 25 employees over the next year to support the production of trial- and commercial-sized quantities of its proprietary cancer vaccines.

"This financing will allow the Company to advance the clinical development of PANVAC-VF and PROSTVAC-VF for the treatment of pancreatic cancer and prostate cancer, respectively, and greatly improve our manufacturing infrastructure to GMP specifications," said Mark Leuchtenberger, President and Chief Executive Officer of Therion Biologics Corporation. "These milestones are evidence of Therion's transition to a fully integrated biotechnology company, encompassing research and development, clinical development and manufacturing capabilities, as we move towards product commercialization."

"Therion has demonstrated, through multiple clinical studies, the early efficacy of its vaccine candidates," stated Mr. Hector. "The Company has reached a pivotal stage in demonstrating its leadership in therapeutic cancer vaccine development as it plans for Phase II clinical trials in pancreatic cancer and prostate cancer."

About Therion Biologics Corporation
Therion Biologics Corporation develops therapeutic vaccines for cancer and preventive vaccines for AIDS. The Company has two lead programs involving multiple clinical trials: PANVAC-VF for pancreatic cancer and PROSTVAC^�-VF for prostate cancer. Therion is also applying its technology platform to develop vaccines to treat melanoma, breast cancer and other solid tumors. The Company's strategic partners include the National Cancer Institute, a global network of leading clinical institutions, and Aventis Pasteur, Ltd., which is developing ALVAC-CEA/B7.1, a clinical candidate for colon cancer. Therion is headquartered in Cambridge, Massachusetts.