Lead investor is Virginia Life Science Investments

Rehovot, Israel and Richmond, VA – May 3, 2010 – ImmunArray, developer of a groundbreaking in-vitro diagnostic platform system, the iCHIP,is pleased to announce the completion of a $1.2 million financing round, led by Richmond-based, Virginia Life Science Investments, LLC. The investment round also included funds from existing investors and constitutes a significant milestone for ImmunArray as it enters into its next phase of development.

“Immunarray has developed a proprietary diagnostic technology that has the capability of revolutionizing the personal medicine industry”, said Paul Rocheleau, VLSI Chairman. “We view Immunarray as a key technology platform with its technique of using the immune system as a source of information about the state of the body.”

ImmunArray’s cost-effective early diagnostic and therapy monitoring technology profiles the antibody repertoire in blood, saliva or other body fluids. These profiles will be used for early diagnosis of auto-immune diseases, inflammatory diseases, cancer and other disorders, as well as for selecting the most suitable treatments for, and monitoring therapy responses of individual patients. The Company holds an exclusive, worldwide license from the Weizmann Institute of Science to develop and commercialize the ImmunArray iCHIP technology. Additionally, the Company has recently entered into a funded collaborative R&D program with a major pharmaceutical company to enhance the patented technology for individual pre-screening of therapeutic regimes.

ImmunArray’s management team has been expanded to include Idan Tamir, PhD. who will serve as VP Business Development. Tamir, who previously was President and CEO of the Rad BioMed Accelerator in Tel-Aviv, Israel, brings over 15 years of academic and industrial experience to the company.

Upon completion of the financing, Donna Edmonds, CEO of Virginia BioSciences Commercialization Center, a wholly owned subsidiary of Virginia Life Science Investments, LLC, will be appointed to the Board of Directors. Ms Edmonds brings over 20 years of experience in the development, commercialization and successful exits of diagnostics companies to the company.

The ImmunArray technology platform offers a series of promising applications based on the detection of immunologic responses to disease. The $1.2 million in additional financing will provide the necessary support to enable the company to complete further refinement of the platform, and focus on key applications in preparation for the next phase of product development.

About ImmunArray:
ImmunArray was founded in October 2005 under the auspices of The Rad-Biomed Accelerator. The original technology was developed at the Weizmann Institute in Rehovot by the world-renowned immunologist Prof. Irun Cohen, ImmunArray’s CSO, and by Professor Eytan Domani, who worked on the technology development for 10 years prior to the formation of the company. ImmunArray's Chief Executive Officer, Eli Sahar, PhD., brings over 25 years of experience in the field of in-vitro diagnostics. The company is privately held. For more information: www.immunarray.com

About VLSI:
Virginia Life Science Investments is a business development company that invests in high-quality, primarily off-shore life science companies. The portfolio is primarily focused on companies that specialize in medical devices and diagnostics and range from simple devices through platform technologies. Their wholly owned subsidiary, VBCC, provides services that accelerate the development and growth of these bioscience companies, helping to mitigate risk and increase overall valuation. The goal is to minimize investment risk by assuring the commercialization of the various technologies is efficiently and effectively managed with VBCC serving as a strategic partner. The VLSI was founded in 2009 and is a for-profit company, supported by private capital. For more information: www.vbcc-inc.com