NEWS RELEASE - For Immediate Release

Celsense, Inc. Completes Licensing Agreements with Carnegie Mellon University

December 15, 2005 - Pittsburgh, Pennsylvania

Celsense, Inc, a development stage company based in Pittsburgh, Pennsylvania today announced completion of two licensing agreements with Carnegie Mellon University. The agreements grant Celsense an exclusive license to two technologies developed by Professor Eric T. Ahrens in his laboratory at Carnegie Mellon University. The first technology, “Cell Sense,” uses a proprietary fluorochemical reagent as a “tracer” in MRI. The reagent is readily taken up by cells, in which it acts as a long-lived marker. The reagent has been demonstrated to label a variety of cell types in vitro and then track in real-time the delivery, migration, duration, and quantity of transplanted cells in vivo. The second technology, “Gene Sense,” is a unique platform that “programs” cells to express their own contrast agent. This enabling technology offers unprecedented non-invasive imaging of gene expression in vivo, and can also be used for long-term MRI cell labeling. This technology is a proprietary DNA-encoded marker. When the Gene Sense reporter is delivered to cells via off-the-shelf technologies, the cells produce an MRI contrast agent from endogenous molecules. “These technologies represent significant breakthroughs in the field of using Biologics to understand and treat disease. We are excited about the prospects of translating these technologies from the academic laboratory to widespread use in both the laboratory and the clinic,” said Charlie O’Hanlon, Chief Executive Officer of Celsense.

About Celsense, Inc. Celsense is a Pittsburgh based biotechnology company offering products that enable the real-time in vivo imaging of the administration of cells transplanted for therapeutic and diagnostic purposes, using conventional MRI. The mission of the company is to be the worldwide leader in anticipating and meeting the needs of developers of therapeutics to image transplanted cells and gene expression in vivo.

Contact Information:

Charlie O’Hanlon, President and CEO
Celsense, Inc.
(412) 263-2870