Upstream Biosciences Inc. ~ Press Releases

PRESS RELEASE - JULY 24th, 2009

UPSTREAM BIOSCIENCES' BOARD OF DIRECTORS INITIATES STRATEGIC REVIEW

Vancouver, British Columbia – Upstream Biosciences Inc. (OTCBB: UPBS) today announced that it has formed an independent committee of the board to evaluate and assess the strategic direction of the company. The committee consists of Mr. Jeffrey Bacha and Dr. Geert Cauwenbergh, who are the independent directors of the company.

For further information please contact investor relations at info@upstreambio.com

About Upstream Biosciences, Inc.
Upstream Biosciences is focused on developing and commercializing drug candidates to treat tropical diseases, including Leishmaniasis, Trypanosomiasis (African sleeping sickness) and Malaria caused by parasites that have developed resistance to available treatments. These diseases afflict millions of people living in Asia, Africa, and Middle East with death, illness, malnourishment and economic hardship. Upstream's drug candidates are generated using its proprietary computer-assisted drug discovery process. The company's lead drug candidates have demonstrated anti-parasitic efficacy in vitro and positive safety data in animals.

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Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among others, the expectation and/or claim, as applicable, that (i) the Company’s second generation of drug candidates may potentially treat tropical diseases leishmaniasis, trypanaosomiasis and malaria; and (ii) animal efficacy studies are anticipated to begin during the third quarter of 2008. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others: (i) the risk that the Company does not execute its business plan; (ii) the inability of the Company to keep pace with technological advancements in the field of genetic diagnostics and the treatment of tropical parasitic diseases; (iii) the Company's inability to adequately protect its intellectual property or the Company's inadvertent infringement of third party intellectual property; (iv) the Company not being able to retain key employees; (v) competitors providing better or cheaper products and technologies; (vi) markets for the Company's products not developing as expected; (vii) the Company's inability to finance its operations or growth; (viii) inability to obtain all necessary government and regulatory approvals; and (ix) the inability to effectively market and commercialize the Company's technologies, including the establishment of viable relationships with third parties. These forward-looking statements are made as of the date of this news release and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's periodic reports filed from time-to-time with the Securities and Exchange Commission and available at www.sec.gov.

DISCLAIMER FOR HISTORICAL PRESS RELEASES AND SEC FILINGS
This section contains historical and archived press releases and SEC filings for Upstream Biosciences Inc. The information in these press releases and SEC filings is historical in nature, has not been updated, and is current only to the date indicated in the particular press release or SEC filing. This information may no longer be accurate and therefore you should not rely on the any information contained in these press releases or SEC filings and should refer to our latest press releases and SEC filings. To the extent permitted by law, Upstream Biosciences Inc. and its employees, agents and consultants exclude all liability for any loss or damage arising from the use of, or reliance on, any such information, whether or not caused by any negligent act or omission.