NEWS RELEASE - For Immediate Release

Celsense, Inc. Announces Sale of Series B Shares

March 22, 2008 - Pittsburgh, Pennsylvania

Celsense, Inc. announced that it has completed a sale of Series B Convertible Preferred Stock. Proceeds from the financing transaction totaled $2 million.  As part of the Series B transaction, one of the investors entered into an agreement with the company, whereby Celsense has the right to sell an additional $1 million in Series B shares to the investor in 2009. The company also announced that $250,000 in Convertible Notes held by the Pittsburgh Life Science Greenhouse were voluntarily converted into shares of the Series B stock.

“In late 2007 we commenced the process of toxicity testing for Cell Sense, with the goal of opening a Drug Master File in 2008. The proceeds of this transaction will permit the company to complete those studies this year,” said Aaron Nelson, Director of Regulatory Affairs.

About Celsense, Inc. – Celsense offers products that enable the real-time in vivo detection of inflammation of transplanted cells for therapeutic and diagnostic purposes, using MRI. The mission of the company is to be the standard for cellular imaging in human health.

Contact Information:

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