CyGene Laboratories Delays Submission of Audited Financial Statements

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CyGene Laboratories Delays Submission of Audited Financial Statements

CORAL SPRINGS, FLORIDA, Oct. 7 -/E-Wire/-- CyGene Laboratories (OTC BB: CYGE.OB) announced today that the Company has been de-listed from the Over the Counter Bulletin Board because of a delay in filing an amendment to its Form 10-KSB for the year ended March 31, 2004 which is required to contain audited financial statements and in filing its Form 10-QSB for the period ended June 30, 2004.

On September 17 CyGene filed its Form 10-KSB for its year ended March 31, 2004 with the Securities & Exchange Commission, without including its audited financial statements; in addition the company filed a Form 8-K containing unaudited 2004 financial statements.

The Company's audit for the year ended March 31, 2004 has not been completed because CyGene is required to present its financial statements on a development-stage basis. Previously CyGene did not prepare its financial statements on a development-stage basis. Development stage accounting treatment necessitates an audit of CyGene's operations from the Company's inception in 1995.

"Having our auditors audit nine years of books has been an extraordinarily time consuming, difficult and expensive process," explained Martin Munzer, President & CEO of CyGene Laboratories, Inc.

"Our financial statements since CyGene's September 30, 2003 merger with Transpirator Technologies will be required to be restated to reflect adjustments to expenses related to issuances of equity securities to employees, suppliers and creditors and to include statements of operations, cash flow and changes in shareholders' deficiency for the period from October 25, 1995 (inception) to the balance sheet date" added Munzer. "For that reason the 2003 financial statements which were included in an 8-k filed in December 2003 and the financial statements included in our September 30, 2003 and December 31, 2003 forms 10-Q should not be relied upon by investors. When the audit is completed, it will be included in an amendment to Form 10-KSB. We hope that within 10 days after these are filed we will resume trading on the OTC Bulletin Board."

About CyGene Laboratories, Inc. CyGene Laboratories, Inc., based in Coral Springs, Florida, is a biotechnology company focused on commercializing genetic and diagnostic testing, as well as developing therapies for infectious, genetic and autoimmune diseases. CyGene's scientific base rests on its Haystack Processing technologies which it has been developing since 1995. As a result of its work on Haystack Processing, the Company achieved significant technological breakthroughs that have led to the discovery of its other platform technologies. CyGene believes its patented technologies have promise in the discovery, development and utilization of cutting edge diagnostics based on synthetic DNA and therapeutics based on the rapid clearance of pathogens from the blood. Visit www.cygenelabs.com.

Forward-Looking Statements The statements made in this press release discussing our expectation and our ability to file amendments to file our Forms 10-KSB for 2004 and 2003, reflecting audited financial statements for 2004 and 2003, respectively, and our ability to file our Form 10-QSB for the most recent quarter, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Additionally words such as "seek," "intend," "believe," "plan," "estimate," "expect," "anticipate" and other similar expressions are forward-looking statements within the meaning of the Act. Some or all of the results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include, but are not limited to, when or whether the audits of our financial statements will be completed and audit opinions issued, due to unforeseen circumstances or unforeseen issues that may arise during the course of such audits. CyGene has no duty and undertakes no obligation to update such statements. You should independently investigate and fully understand all risks before making investment decisions.

CyGene Laboratories, Inc.

(954) 741-7077, ext. 1373

CyGene Laboratories, Inc.

http://www.cygenelabs.com

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