$30 Million In Additional Equity Allocations and Management Changes Position BC Advanatge Funds for Future Growth

Vancouver, Aporil 15, 2004 - BC Advantage Funds (VCC) Ltd. ("Advantage”) announced today that it has received a total of $30 million in additional equity allocations. Specifically, the BC Government has allocated sufficient tax credits to Advantage to allow it to raise $10 million in equity capital for each of the 2004, 2005 and 2006 tax years. Combined with the $12.3 million it raised for the 2003 taxation year, BCAF now has the ability to grow to over $42 million in equity capital, within the next three years.

The Company also announced that Frank Holler, a well known biotechnology entrepreneur and investor, has accepted the appointment as Chief Executive Officer of Advantage. Mr. Holler is a co-founder and director of Advantage and the Chair its Investment Committee. He will now take on the additional responsibilities of CEO. Dr. Basil Peters, formerly the CEO of Advantage, will become the Fund Manager and CEO of Advantage’s Technology Fund.

Incoming CEO, Frank Holler, said, “We’re delighted to receive additional equity allocations from the BC Government. Advantage has been very successful in its first year of operation – raising over $13 million in the past four months – and these new allocations will allow Advantage to continue its rapid growth. Going forward, we need to increase our focus on the investment and management of the funds and I am therefore very pleased that Dr. Peters and Jim Heppell will be fulfilling that goal for our Technology Fund and Life Sciences Fund, respectively.”

Dr. Don Rix, Chairman of Advantage, welcomed the increased allocation of equity capital and the addition of Mr. Holler to the management team. “We are extremely pleased to have Frank Holler step into an active management and leadership role within Advantage. Frank was directly involved in the founding and development of three of BC’s most successful biotechnology companies – Angiotech Pharmaceuticals, ID Biomedical and Xenon Genetics – and I expect his industry experience and business acumen will bring great value to our organization.“

About Advantage

Advantage is family of funds that offers anyone in B.C. the opportunity to participate in returns from some of our Province’s most promising young technology and life science companies, and to receive a 30% refundable tax credit from the B.C. Government. Advantage was co-founded by Don Rix, Chairman of the Board; Frank Holler, CEO, Jim Heppell, President and Life Sciences Fund Manager, Dr. Basil Peters, Technology Fund Manager, and David Raffa, COO and Investment Manager.

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