EnWave Signs Commercial License with Sutro Biopharma for powderREV® Technology

May 28, 2014 – EnWave Corporation

EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave”, or the “Company”) today announced that the Company has signed a Commercial Royalty-Bearing License (the “License”) and Machine Purchase Agreement (the “Agreement”) with Sutro Biopharma (“Sutro”), a company based in San Francisco that has developed a proprietary biochemical protein synthesis technology. Sutro has licensed EnWave’s Radiant Energy Vacuum (“REV™”) dehydration technology to dehydrate cell-free extract for their protein synthesis process.

Sutro has been working with EnWave’s lab-scale powderREV® technology to generate dried cell-free extract since September 2012. After validating the efficacy and stability of cell-free extract after REV™ dehydration, Sutro secured the global right to use REV™ technology and thereby enable larger scale processing of its cell-free extract to support pharmaceutical product development and commercialization.

In addition to the License, Sutro will fund development at EnWave of a new prototype powderREV® machine and will conduct a series of process optimization tests. If the final tests are consistent with the previously documented results, Sutro has an option to purchase a commercial-scale powderREV® machine at an agreed, undisclosed sales price.

“We are very encouraged by the results obtained from our preliminary evaluation of EnWave’s REV™ technology,” stated Mr. William Newell, chief executive officer of Sutro Biopharma. “The powderREV® machine will enable us to dehydrate cell-free extracts, which will simplify storage conditions and may improve product stability. The next stage of testing and development will be very important if we are to achieve broad, meaningful commercialization.”

Tim Durance, Ph.D., chairman and co-CEO of EnWave, commented, “Sutro is led by a team of very experienced life science professionals that share a collective vision of transforming protein therapeutics by short-cutting the development and manufacturing sequence. We are pleased our first commercial license in the pharmaceutical sector is associated with a promising new technology with such potentially high growth prospects.”

About Sutro Biopharma

Sutro Biopharma, located in South San Francisco, is developing a new generation of multi-functional antibody drug conjugate combination therapeutics and bifunctional antibody-based therapeutics for targeted cancer therapies. Sutro’s biochemical synthesis technology, which underpins these therapeutics, allows the rapid and systematic exploration of many protein drug variants to research, discover and develop drug candidates. Sutro’s make-test cycle for hundreds of protein variants, including those incorporating non-natural amino acids, takes approximately two weeks. Once identified, these protein drug candidates are rapidly and predictably manufactured at commercial scales. In addition to developing its own drug pipeline, Sutro Biopharma is collaborating with select pharmaceutical and biotech companies in the research, discovery, development, and manufacture of novel protein therapeutics. For more information on Sutro Biopharma please visit www.sutrobio.com.

About EnWave

EnWave Corporation is a Vancouver-based industrial technology company developing commercial applications for its proprietary Radiant Energy Vacuum (REV™) dehydration technology. EnWave aims to sign royalty-bearing commercial licenses with leading food and pharmaceutical companies for the use of its revolutionary technology. Thus far the Company has signed commercial licenses with Bonduelle, a global leader in the production of vegetables, for the processing of dehydrofrozen vegetables; Hormel Foods Corporation, a major processed meat manufacturer, for the production of healthy dried meat products; Milne Fruit Product, EnWave’s first major licensee, for the production of several dehydrated fruit and vegetable products in the whole, fragmented and powdered form; a leading North American enzyme company, to dehydrate a series of food-related enzymes for their Tier 1 clients; and Napa Mountain Spice Company, to dry high-quality California bay leaves. In addition to these licenses, EnWave has formed a Limited Liability Partnership with Lucid Capital Management to develop, manufacture, market and sell all-natural cheese snack products in the United States under the Moon Cheese® brand. EnWave has also signed a commercial royalty-bearing license with NutraDried Creations LLP to enable them to aggressively market nutritious snack products to private label customers in North America and Latin America. Most recently, EnWave signed a commercial license with a Canadian vegetable and herb producer.

Also, EnWave has entered into a wide range of research and collaboration agreements with an expanding list of multinational companies, including Nestlé, Kellogg’s, Grupo Bimbo, Grimmway Farms, Ocean Spray Cranberries, Cherry Central, Sun-Maid Growers, Gay Lea Foods, R.J. Reynolds and Merck. EnWave is introducing REV™ as a new dehydration standard in the food and biological material sectors: potentially faster and cheaper than freeze drying, with better end product quality than air drying or spray drying.

EnWave currently has six REV™ platforms: commercial-scale nutraREV® and MIVAP® are used in the food industry to dry fruits, vegetables, meat, herbs and seafood quickly and at low-cost, while maintaining high levels of nutrition, taste, texture and colour. The Company is also developing powderREV® for bulk dehydration of food cultures, probiotics and fine biochemicals such as enzymes; quantaREV™ for continuous, high-volume low-temperature drying of pastes, gels, liquids, or particulates; and bioREV™ and freezeREV™ as new methods to stabilize and dehydrate biopharmaceuticals such as vaccines and antibodies. More information about EnWave is available at www.enwave.net.

EnWave Corporation

Dr. Tim Durance

Chairman and Co-CEO

For further information:

Mr. Brent Charleton, Vice President, Corporate Affairs at (778) 378-9616
E-mail: bcharleton@enwave.net

Mr. John McNicol, President & Co-CEO, EnWave Corporation at (604) 601-8524
E-mail: john.mcnicol@enwave.net

Safe Harbour for Forward-Looking Information Statements: This press release may contain forward-looking information based on management’s expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the Company’s strategy for growth, product development, market position, expected expenditures, and the expected synergies following the closing are forward-looking statements. All third party references to market information in this release are not guaranteed to be accurate as the Company did not conduct the original primary research. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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