NOKOMIS, Fla.--(BUSINESS WIRE)--

Rainbow BioSciences, the biotechnology subsidiary of Rainbow Coral Corp. (RBCCD), announced today that the company has signed an extension of its letter of intent with emerging biotech innovator Amarantus BioSciences (AMBS).

Amarantus is on the verge of delivering startling new breakthroughs in the diagnosis and treatment of neurological disorders from Parkinsons disease to Traumatic Brain Injury (TBI). Amarantus owns the rights to a promising therapeutic protein known as MANF that prevents a type of cell death called apoptosis as well as the license to a groundbreaking diagnostic platform called NuroPro that allows neurologists to accurately diagnose and track the progression of Parkinsons disease in patients.

Amarantus is doing exciting work that we believe will change the way neurological diseases are diagnosed and treated, said RBCC CEO Patrick Brown. They have several current projects that were interested in, and an extension of the terms of our previous LOI will allow us to complete our due diligence toward choosing a direction with this life-saving company with the most potential return for our shareholders.

Once RBCC completes its due diligence, the companies will negotiate a possible deal for RBCC to provide funding and expertise toward the development and marketing of one or more of Amarantus projects.

Rainbow BioSciences is working to develop new medical and research technology innovations to compete alongside companies such as Cell Therapeutics, Inc. (NASDAQ:CTIC),Biogen Idec Inc. (NASDAQ:BIIB) and Elan Corp. (NYSE:ELN).

For more information on Rainbow BioSciences, RBCCs biotechnology division, please visit http://www.rainbowbiosciences.com/investors.html.

About Rainbow BioSciences

Rainbow BioSciences, LLC, is a wholly owned subsidiary of Rainbow Coral Corp. (OTCBB:RBCC). The company continually seeks out new partnerships with biotechnology developers to deliver profitable new medical technologies and innovations. For more information on our growth-oriented business initiatives, please visit our website at [www.RainbowBioSciences.com]. For investment information and performance data on the company, please visit http://www.RainbowBioSciences.com/investors.html.

Notice Regarding Forward-Looking Statements

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RBCC Extends Joint Venture Negotiations With Amarantus