Gregory Sichenzia Featured in Wall St. Journal Article on PIPES Financing

NEW YORK, Dec. 28, 2006 (PRIME NEWSWIRE) -- Gregory Sichenzia, founding member of the law firm Sichenzia Ross Friedman Ference LLP (SRFF) was featured in a December 27, 2006 Wall St. Journal article that discussed current issues in PIPES financing. Also featured in the article was Advanced BioPhotonics, Inc. ("OTCBB ABPH"), a client of SRFF who has used PIPES (Private Investment in Public Equity) transactions to finance its operations in developing a cancer detection device. The company has had difficulty getting its registration statement which registers the shares of Common Stock underlying the PIPE declared effective by the SEC due to the SEC's recent interpretation of primary and secondary offerings pursuant to Rule 415. PIPE transactions have become the primary and often exclusive vehicles for funding small to mid sized public companies allowing expeditious access to capital from sophisticated investors.

Sichenzia stated that "this article is important because it highlights the important role that PIPES play in financing small and mid size public companies. ABPH is developing an important cancer detection system that could save countless lives and this company could not have been possible without PIPES financing. More importantly, in the article the SEC has publicly stated that they hope to provide clarification on this issue early next year which should result in increased PIPE financing activity in 2007 and much needed capital for companies such as ABPH."

SRFF counsels approximately 75 small and mid-sized public companies and has been ranked as the number one PIPES law firm in the country for representing issuers for the last 3 years. In 2006 the Firm filed over 80 registration statements with the SEC to register common stock underlying PIPES transactions.

Sichenzia is a nationally recognized expert in PIPEs transactions and has worked closely with the SEC staff in establishing guidelines for PIPES transactions and accompanying registration statements. He is a frequent speaker on this topic at industry events and conferences world wide.

About Sichenzia Ross Friedman Ference LLP

Sichenzia Ross Friedman Ference LLP provides experienced professional representation in all matters involving the securities industry as well as general corporate and litigation matters. Our clients range from start-ups to established, listed companies. They include private and public corporations, partnerships, broker-dealers, bank-affiliated broker-dealers, investment advisors, registered personnel, public and corporate customers and investors, partnerships and other entities. We also advise institutional investors on transactions involving complex securities law considerations. Our areas of expertise include corporate and commercial transactions, securities litigation, and arbitration, administrative practice before regulatory agencies, mergers and acquisitions and broker-dealer regulation. For additional information about Sichenzia Ross Friedman Ference's nationally ranked PIPEs practice, and to see a copy of this article go to www.srff.com. Or go to www.wsj.com and search for "SEC Slows Flow of PIPE Deals to a Trickle.

CONTACT:  Sichenzia Ross Friedman Ference LLP 
          Tiffany Winslow
          (212) 981-6770