Biovista Inc. Receives Prestigious EU Grant to use its Drug Repositioning Platform for Personalized Medicine

CHARLOTTESVILLE, Virginia and ATHENS, Greece, May 5, 2011 - Biovista Inc. announced today that it's EU affiliate has been awarded a
prestigious grant worth $0.5 million, for research and development in the
area of personalized medicine. The "p-medicine" project is a four-year, 13.3
million Euro co-funded effort under the European Community's 7th Framework
Programme that aims to develop new tools, infrastructure and VPH (Virtual
Physiological Human) models in order to help accelerate the emergence of
personalized medicine.

Within this project Biovista will use its Clinical Outcomes Search Space
(COSS) platform and its unique multi-dimensional profiling capabilities for
the purpose of identifying new treatments that reflect patients' individual
pathophysiological characteristics.

Dr. Andreas Persidis, Biovista CEO stated, "We are glad to have been
awarded with our colleagues this prestigious contract through the highly
competitive mechanism of EU R&D projects. It is a testament to the importance
of Biovista's R&D work and past performance of this international consortium
of research, academic and commercial organizations." "Personalized medicine
is currently a challenge for the industry but also an important emerging
requirement for the global healthcare system. We are confident that our drug
repositioning expertise combined with clinical and related data that will be
easily integrated and interchangeable via the p-medicine infrastructure can
move us in the right direction," he added.

"We are extremely happy to have access to Biovista's drug repositioning
expertise and look forward to experimenting with the COSS drug repositioning
platform," said Professor Dr. Norbert Graf, director of the Clinic for
Pediatric Oncology and Hematology of the University Clinic of Saarland,
Germany and Technical Manager of the p-medicine project. "Our specific
interest at the University Clinic of Saarland is Wilms tumor, the most common
kidney cancer in children. While significant advances have been achieved in
the last few years, we are still facing challenges in the areas of resistant
disease to conventional chemotherapy where new and intelligent approaches are
needed. Biovista has identified potential biomarkers for this disease and we
are looking forward to continuing this work with them within p-medicine," he
added.

Additional information on p-medicine can be found at the official project
site (www.p-medicine.eu/).

About Biovista Inc.

Biovista is a privately held biotechnology company that develops a deep
mechanistic understanding of how drugs, diseases and adverse events interact
and uses this understanding to find customized solutions for treating disease
and to find novel uses for existing drugs. Biovista is developing its own
drug pipeline in multiple indications and is collaborating with the FDA on
the prediction of adverse events, as well as with biopharmaceutical companies
on indication expansion and de-risking of their portfolios. Additional
information about Biovista can be found at www.biovista.com

    Company contact:

    Andreas Persidis, Ph.D.
    CEO Biovista Inc.
    +30-210-9629848
    andreasp@biovista.com

    Media contacts:

    Tiberend Strategic Advisors, Inc
    +1-212-827-0020

    Andrew Mielach
    amielach@tiberend.com

    or

    Farrell Denby
    fdenby@tiberend.com

.