Garnet Bio News

May 13, 2011

Garnet BioTherapeutics announces confirmation of its first amended plan of reorganization by signed order of the bankruptcy court of the district of Delaware on May 13, 2011. The plan, which became effective on May 31, 2011, involved the receipt of $2.3 Million of new value (cash) to (a) fund its plan of reorganization - $1.3 Million and (b) to provide for $1 Million of working capital to fund on-going biotherapeutic research activities.