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Chemokine Therapeutics Files for a Public Offering of Units

Posted on: Wednesday, 30 May 2007, 09:00 CDT

Chemokine Therapeutics Corp. ("Chemokine Therapeutics" or the "Company") (TSX: CTI)(OTCBB: CHKT), a biotechnology company developing chemokine-based therapies to treat cancer, blood disorders, and vascular diseases, announced today that it has filed a registration statement with the U.S. Securities and Exchange Commission and a preliminary short form prospectus with the Canadian securities regulators in connection with an offering of approximately US$25 million of units. Each unit will consist of one share of the Company's common stock and one-half of one common stock purchase warrant. All of the securities will be offered by the Company and will consist of newly issued securities. The Company plans to grant the underwriters a 30-day option to purchase up to an additional US$3.75 million of units to cover over-allotments, if any.

GMP Securities will act as sole book running manager and will also serve as lead underwriter for the offering. GMP Securities L.P. will offer the securities in Canada and GMP Securities L.P.'s agent affiliate, Griffiths McBurney Corp., will offer the securities in the United States. The offering price of the units and the exercise price of the warrants comprising part of the units have not yet been determined. Copies of the preliminary prospectus for the offering, when available, may be obtained from GMP Securities, 145 King Street West, Suite 300, Toronto, Ontario, M5H 1J8 (telephone: 1-800-735-1463).

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Chemokine Therapeutics Corp. (TSX: CTI)(OTCBB: CHKT)

Chemokine Therapeutics is a product-focused biotechnology company developing drugs in the field of chemokines. Chemokines are a class of signaling proteins which play a critical role in the growth, differentiation, and maturation of cells necessary for fighting infection as well as tissue repair and regeneration. Chemokines also have an important role in cancer metastasis and growth. Chemokine Therapeutics is a leader in research in the field of chemokines and has several products in various stages of development.

Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995: Statements in this document regarding managements' future expectations, beliefs, goals, plans or prospects constitute forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. For this purpose, any statements that are contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words "believes", "anticipates", "plans", "intends", "will", "should", "expects", "projects", and similar expressions are intended to identify forward-looking statements. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause actual results, future circumstances, or events to differ materially from those projected in the forward-looking statements. These risks include, but are not limited to, those associated with the success of research and development programs, the regulatory approval process, competition, securing and maintaining corporate alliances, market acceptance of the Company's products, the availability of government and insurance reimbursements for the Company's products, the strength of intellectual property, financing capability, the potential dilutive effects of any financing, reliance on subcontractors and key personnel and other risks detailed from time-to-time in the Company's public disclosure documents and other filings with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Forward-looking statements are made as of the date hereof, and the Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

 Contacts: Chemokine Therapeutics Corp. Mr. Don Evans Director of Public Relations (604) 822-0305 or 1-888-822-0305 (604) 822-0302 (FAX) Email: devans@chemokine.net Website: www.chemokine.net  Equicom Group Joanna Longo Investor Relations (416) 815-0700 ext. 233 (416) 815-0080 (FAX) Email: jlongo@equicomgroup.com

SOURCE: Chemokine Therapeutics Corp.

Source: MARKET WIRE

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