Devgen Raises 30 Million Euros In Successful IPO

Ghent, Belgium, 05 June 2005

The biotechnology company Devgen NV, today announces the details of its capital increase and stock exchange listing on Euronext Brussels. Following the successful subscription to the offered shares, Devgen will issue 4,000,000 new shares for an amount of €30 million at a price of €7.5 per share. The shares will be listed and traded on Euronext Brussels as from 7 June 2005 on a “when issued” basis. The shares will be delivered to investors on or about 9 June 2005. The offering was organized by KBC Securities as lead manager and Code Securities and Bank Degroof as co-lead managers.

Results of the offering
The offering of shares for up to €30 million was 36% oversubscribed. The demand for shares from Belgian retail investors (for which at least 15% of the offering was reserved) as well as from institutional investors in Belgium and elsewhere in Europe (for which up to 85% of the offering was reserved) exceeded the number reserved for them. Retail investors will be allotted 90% of their subscription. Subscriptions by institutional investors will also be reduced.

Number of shares
In total, 4,000,000 new shares will be issued, at a price of €7.5 per share. Together with the existing shares, the number of outstanding shares will be 13,863,420.
The lead manager was granted a green shoe option on a number of shares of up to 15% of the base offering, for the purpose of allowing the lead manager to cover over-allotments, if any. The green shoe option covers up to 101,456 existing shares and, for the remainder, up to 498,544 new shares of the company. This option is exercisable as of the first day of listing until 30 calendar days thereafter.

Comments
In reaction to the successful subscription Thierry Bogaert, founder & CEO of Devgen, said:
"We are pleased that so many retail and institutional investors share our excitement about Devgen’s track record and future projects. Together with the entire Devgen team we will continue the diligent execution of our growth strategy by further building on our three businesses. The proceeds of this successful IPO will clearly accelerate the development of products that serve a need in the crop protection and human therapeutic markets."

About Devgen
Devgen (Euronext Brussels: DEVG) is an innovator in biotechnology focused on discovering, developing and commercializing:

Each of these solutions is developed on a platform of in-house designed research, development programs and technologies. Devgen has partnerships with industry leaders such as Monsanto, DuPont/Pioneer, FMC, Sumitomo, Janssen Pharmaceutica and Genentech. Incorporated in 1997, Devgen has offices in Ghent (Belgium) and Singapore - with a total workforce of close to 100 people, 85% of whom are scientists.

The offering referred to above is subject to Belgian law. The courts and tribunals of Brussels have sole jurisdiction should any dispute arise in relation to the offering. The offering described herein and the distribution of this press release and the prospectus relating to the offering may be restricted by law in certain jurisdictions outside Belgium. Devgen does not represent that this announcement or the prospectus may be lawfully distributed in jurisdictions outside Belgium or that the shares may be lawfully offered in compliance with any applicable registration or other requirements in jurisdictions outside Belgium, or pursuant to any exemption available thereunder. Devgen does not assume any responsibility for such distribution or offering. Accordingly, the offered shares may not be offered or sold, directly or indirectly, and neither this announcement, the prospectus nor any advertising or other offering materials may be distributed or published in any jurisdiction outside Belgium, except in circumstances that will result in compliance with any applicable laws and regulations. This announcement does not constitute an offer to sell or a solicitation of an offer to buy any of the shares of Devgen to any person in any jurisdiction in which it is unlawful to make such offer or solicitation to such person. Persons in whose possession this announcement, the prospectus or any of the shares come, must inform themselves about, and observe, any such restrictions.

Full press release available at www.devgen.com