SUREFIRE RESOURCES NL — Capital/Financing Update 2007

Mar 15, 2007

GENESIS FRIONIEDIGALE

TO: COMPANY ANNOUNCEMENT OFFICE COMPANY: AUSTRALIAN STOCK EXCHANGE LIMITED FROM: DAVID SEMMENS DATE: 16 MARCH 2007 2 (including this cover page) No. PAGES:

GENESIS ENTERS EXCLUSIVE AGREEMENT TO LICENSE AND DEVELOP DRUG FOR SEPSIS

Genesis Biomedical Limited (ASX:GBL) announced today that they had signed a term sheet with The University of Western Australia (UWA) to exclusively license-in and develop a novel drug for sepsis through its wholly owned subsidiary Back To Health Australasia Ltd.

Sepsis is caused by an over reaction to infection that can result in organ failure and death. Severe sepsis is one of the most significant challenges in critical care. Each year, more than 750,000 people in the U.S. will develop severe sepsis, and more than 215,000 will die from the condition. Treating patients with severe sepsis costs U.S. hospitals nearly $17 billion a year.

Genesis will fund research at UWA undertaken at the School of Medicine and Pharmacology in pneumonia and infectious diseases. The research program is based on an established drug that has been shown by UWA researchers to have new promise in sepsis treatment. The research will involve a proof-of-c resulting drugs.

The agreement contains immediate down payment of $60,000. Should the project continue to meet with success, as determined by Genesis, the budget for the Preclinical and Phase 1 stages is approximately $270,000 and there is payment of $50,000 is to be paid upon commencement of Phase II and a further investment of $2.5 million is estimated for completion of this stage.

If the project continues beyond the proof of concept stage, a consultancy agreement will be executed with two specialists working on the project. The consultancy agreements will include $15,000 per annum and 500,000 Genesis options with an exercise price of AUD $0.03 and an expiry date of November 2010. The options will be granted as follows: 100,000 upon successful completion of preclinical development; 150,000 upon successful

completion of Phase I development; and 250,000 upon successful completion of Phase II development.

It is envisaged that Phase I will incorporate testing compound on 10 sepsis patients (in Eurone). Phase II will encompass testing compound on 120-150 patients to determine preliminary results on efficacy and, if any, side effects. Phase II trials will be multi-centre involving sites in Europe and the United States. Timelines will be determined by the results of each stage of the sepsis project.

"We are very pleased to license-in this promising treatment for sepsis and develop this drug with recognised international experts in the field at UWA. Sepsis is a large area of unmet medical need and any new treatments will be very valuable." said Don Valentino, the chief executive of Genesis Biomedical. He also stated, "We have been looking for an opportunity with large potential value such as the sepsis project and are delighted to have finalised the agreement with UWA."

As previously stated the company will continue to seek in addition to specific sectors. broad based investment opportunities that have the potential for enhanced shareholder wealth.

For further information please contact:

Genesis Biomedical Ltd	Telephone: 08 9381 6922
Level 1, 248 Hay Street	Facsimile: 08 9381 6060
Subjaco WA 6008
Managing Director: Don Valentino	Email: $info(\hat{\alpha})$ genbiomed.com
Company Secretary: David Semmens	Internet: www.genbiomed.com