S. Harbert Venture Partners combines substantial
investment, advisory and operating experience with capital to assist
entrepreneurs in successfully executing their growth plans. More
information is available at http://www. Such statements are based on management's current
expectations and are subject to a number of factors and uncertainties
that could cause actual results to differ materially from those
described in the forward-looking statements.

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The
company recently launched its E.

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(Photo: http://www.
Membership includes car wash operators, equipment manufacturers, distributors,
and related suppliers.

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"This funding will enable us to expand our
commercial infrastructure, allowing us to bring IBI's technology to
markets currently in need of rapid, sensitive pathogen test results.newmarketsfund. SAN ANTONIO, The International Carwash Association
(ICA ) named the Chrysler 300 C as the Most Washable Car 2005 today at the Car
Care World Expo in San Antonio , Texas.

The International Carwash Association is a non-profit trade association
serving 3,000 businesses in the United States, Canada and overseas. ICA members represent approximately 25 ,000 car wash
and car care locations in North America.

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Founded in mid 2003, IBI licensed the CANARY (TM) technology from
MIT in August 2003. The Enterprise Investment Fund provides direct equity
investments in emerging high technology companies with patented or
proprietary products or manufacturing processes and a marketing
strategy in place. Additional information is available
at www.

International Carwash Association Names Chrysler 300C Most Washable Car of 2005

"We haven't overlooked anything, including
the execution of items like the fuel door and vehicle badging, which were done
without notches to avoid catching towels and car-wash brushes.

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coli O157:H7 Detection Kit for food
processors and plans to introduce more tests in the food testing and
human clinical diagnostics markets.
In conjunction with this Series A round, IBI announced the
addition of two members to its Board of Directors. This , in combination with IBI's
experienced management team, positioned IBI as an attractive
investment opportunity for us.

Innovative Biosensors, Inc.

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"Closing this financing round with such well -respected investors
further substantiates our business model and growth potential in the
food safety and clinical diagnostic markets," said Joe Hernandez,
IBI's Founder and CEO. Harbert
Venture Partners is an affiliate of Harbert Management Corporation, a
privately owned investment manager focusing on alternative asset
classes.

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Innovative Biosensors Inc. Raises $3.5 Million in Series A Financing

choosemaryland. The company's
technology is expected to have broad applications in food testing,
animal health, and human health care, including drug discovery and
development and disease diagnosis. Innovative Biosensors
cautions investors that there can be no assurance that actual results
or business conditions will not differ materially from those projected
or suggested in such forward-looking statements as a result of various
factors, including, but not limited to , the following: Innovative
Biosensors' expectations that they will incur operating losses in the
near future, the early stage of development of Innovative Biosensors'
products and technologies , uncertainties related to preclinical and
clinical testing and trials, uncertainties surrounding the
availability of additional funding, Innovative Biosensors' reliance on
research collaborations , the actions of competitors and the
development of competing technologies, potential patent infringement
claims against Innovative Biosensors' products, processes and
technologies, Innovative Biosensors ' ability to protect their patents
and proprietary rights and uncertainties relating to commercialization
rights."
Runners up for the 2005 ICA Most Washable Car designation were the Ford
500 and the Toyota Avalon.

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is a privately held company developing
novel technologies for the rapid detection of pathogens. With the number of consumers keeping their cars longer, this award is
an important nod to Chrysler's dedication to designing cars that are easier
for car owners to maintain.

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IBI's technology is expected to
transform testing for infectious diseases by offering speed without
sacrificing sensitivity.org

About Innovative Biosensors, Inc.

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com

About Maryland Venture Fund

The Maryland Venture Capital Fund is a state-sponsored venture
capital program, established in 1994 and designed to make direct
equity investments in early stage, high technology companies in
Maryland .

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Harbert has twenty-one funds under management, representing
over $5. We want to
help our owners show their pride in ownership by keeping the vehicles clean
and well maintained.

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The technology enables the detection of pathogens
with an unprecedented combination of speed and sensitivity.harbert.

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0 billion in assets and committed capital under management.carlove.

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5 Million in Series A financing led by Harbert Venture Partners,
LLC.

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net/

About New Markets Growth Fund

The New Markets Growth Fund is a $20 million venture capital fund
that makes equity investments and provides operational assistance to
both early-stage ventures and small to mid-sized high growth companies
located in Maryland , Washington, DC, and Northern Virginia. Additional information is available at
http://www. The ICA provides facts on car care
at http://www.

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org .

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Business Editors/Health/Medical Writers
BIOWIRE2K

COLLEGE PARK, Md. The new Board
members include Will Brooke from Harbert Venture Partners and Mark
Grovic from New Markets Growth Fund.

About Harbert Venture Partners

Harbert Venture Partners provides growth capital to early stage
technology and healthcare companies in the Mid-Atlantic and
Southeastern U.com/cgi-bin/prnh/20050404/CGM047 )
The honor is a critical distinction in the car care industry as research
shows that nearly $24 billion a year is spent battling automobile corrosion
damage."

The ICA members considered the following criterion for choosing the Most
Washable Car:
-- Smooth aerodynamic lines that do not catch and retain dirt
-- Moldings and ornamentation that do not protrude and are securely
attached
-- Bumpers, mirrors, wipers, etc.

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com

This release may contain forward-looking statements that are
subject to certain risks and uncertainties, including Innovative
Biosensors' mission to develop and commercialize instrument systems,
Innovative Biosensors' ability to develop new technologies to conduct
rapid diagnosis.newscom.
"We've escalated the level of quality and attention to detail in the
development of Chrysler Group vehicles," said Joe Grace, Senior Manager of
Vehicle Development, Chrysler 300.

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----Innovative
Biosensors, Inc. We are pleased to support IBI and look
forward to being a part of a company that has the potential to
revolutionize pathogen testing ," said Will Brooke, Managing Partner of
Harbert Venture Partners.
More information is available at http://www. The annual award acknowledges the
vehicle that car wash operators consider the most wash-friendly car of the
year.

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(IBI), a company developing rapid, ultra-sensitive
tests to detect harmful pathogens, today announced that it has raised
$3. that are securely attached
-- Radio antennas that are securely attached or are hidden in the
windshield or back window glass
-- Retractable side view mirrors that are robust at the pivot or mirrors
that do not retract at all
-- Ground affects and desk lid spoilers that are aerodynamic and securely
attached or do not exist
-- Windshield wipers that are concealed under the rear edge of the hood
-- Rear window wipers on Sport-Utility vehicles that do not protrude
-- Front license plate attachments (when required) are secure and are not
susceptible to damage

"Keeping your car clean certainly helps its appearance, but it also
contributes to its long-term condition and value," said Mark Thorsby, ICA
executive director. "ICA members recognize the Chrysler 300C as a vehicle
that washes easily professionally, therefore contributing to its
preservation .

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Other investors include New Markets Growth Fund and the Maryland
Venture Fund."
"We believe IBI's cutting-edge CANARY(TM) detection technology is
applicable to multiple markets.

innovativebiosensors.