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FSC / Press Release Orbus Pharma Inc. Reports First Quarter 2008 Results (All amounts in thousands of Canadian dollars, except per share data) Markham, Ontario CANADA, May 06, 2008 /FSC/ - Orbus Pharma Inc. (ORB - TSX), reported a net loss for the quarter ended March 31, 2008 of $1,915 ($0.03 per share) compared to a net loss of $1,766 ($0.04 per share) in 2007. The net loss for the fourth quarter was $1,557 ($0.04 per share) compared to a net loss of $1,188 ($0.02 per share) in 2006. -***- ---------------------------------------------------------------------                                                Three Months Ended                                                     March 31 --------------------------------------------------------------------- (thousands of dollars except per share data)   2008          2007 --------------------------------------------------------------------- Revenues                                       $241          $373 Net loss                                     (1,915)       (1,766) Net loss per share                            (0.03)        (0.04) Cash provided by (used in) Continuing operations                        (1,772)       (1,451) Discontinued operations                         (15)          (24) Investing activities                            (39)           (7) Financing activities                            (64)          (64) --------------------------------------------------------------------- -****- The first quarter 2008 report to shareholders including management's discussion and analysis of financial condition and results of operations is available on-line at www.sedar.com and www.orbus.ca. Revenues decreased by 35% to $241 in 2008 from $373 in 2007, mainly due to the Company's withdrawal from a business with both a declining market opportunity and margin erosion.  There were no material changes in Operating Expenses in 2008 compared to the same period in 2007. Corporate update The company is concentrating on completing advanced stage development work for its priority projects; Metoprolol Succinate XR, Fluvastatin XR and Oxcarbazapine.  The successful results from all three bioequivalence studies for Fluvastatin XR has allowed the company to begin the process of signing License and Supply Agreements in Europe.  Arrangements have been made to conduct the Metoprolol Succinate XR bioequivalence studies in the second quarter 2008.  The manufacture of Oxcarbazapine pivotal batches is scheduled for the second quarter 2008 so the bioequivalence studies can begin in the third quarter.   Orbus is currently negotiating amendments to the Convertible Debentures in addition to discussions with third parties on alternative sources of financing.  The following license and supply agreements were signed in the third quarter with PharmaSwiss to market Amytriptyline in Serbia, with Nobelpharma to market Metoprolol Succinate XR in Turkey and through an agent, Helm Portugal, to market Cefuroxime to another licensee in Portugal. Orbus Pharma Inc., headquartered in Markham, Ontario and listed on the Toronto Stock Exchange under the symbol ORB, is pursuing an integrated strategy of: (1) generic drug development, using proprietary delivery systems for certain products; (2) product out-licensing; and (3) pharmaceutical contract manufacturing. For more information, please visit www.orbus.ca. Forward-looking statements Certain statements in this disclosure are "forward-looking statements," which reflect management's expectations regarding the Company's future growth, results of operations, performance and business prospects and opportunities.  Such forward-looking statements reflect management's current beliefs and are based on information currently available to management.  Many factors could cause results to differ materially from the results discussed in the forward-looking statements, including risks related to dependence on key suppliers, economic conditions, competition, regulatory change, foreign exchange rates, and interest rates, among others.  Although the forward-looking statements are based on what management believes to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. -30- For further information: Greg W. Muir V.P. Finance and Chief Financial Officer Jeffrey W. Renwick President and Chief Executive Officer (905) 943-9444 Source:  Orbus Pharma Inc. (TSX: ORB) http://www.orbus.ca Maximum News Dissemination by Filing Services Canada Inc. Ph: (403) 717-3898  Fx: (403) 717-3896    www.usetdas.com