New Generation Biotech (Equity) Fund Inc. has announced that Covington Capital Corp. is now managing the fund, as of January 1, 2008.

The former manager of the fund, NGB Management Inc., amalgamated with Covington, and three other Covington affiliates, on the first of the year and has continued to carry on business as Covington Capital Corp. Covington has assumed all of the rights and obligations of NGB Management Inc. under the management agreement with the fund by operation of law.

Covington Capital Corporation and NGB Management Inc. were affiliates and the amalgamation was undertaken as a matter of administrative convenience to facilitate the management of the fund.

Genesys Capital Partners Inc. remains the fund’s investment specialist. Genesys assists in developing and refining the fund’s investment strategy and criteria as well as the implementation of that strategy. The fund’s venture portfolio consists primarily of investments in Canada’s biotechnology and health care related sectors.