November 6 , 2008

Urodynamix Technologies Ltd. Closes $2.5 Million Private Placement

VANCOUVER, British Columbia, November 6, 2008 - Urodynamix Technologies Ltd. (TSX:V:URO) is pleased to announce that it has closed the first tranche of its private placement previously reported on October 15, 2008.  Under the first tranche BC Advantage Funds (VCC) Ltd. has purchased 25,000,000 shares of the Company at a price of $0.10 per share for total proceeds of $2.5 million.  

The Company will offer an additional 10,000,000 shares to third parties at a price of $0.10 until December 1, 2008.  The Company will pay a commission to Lions Capital Corp. ranging from 2.5% up to 7.5% on sales of the overallotment shares to third parties. No commission was payable on the 25,000,000 shares issued to BC Advantage Funds under the first tranche of the private placement.  All of the shares issued under the private placement are subject to a four month resale restriction.

Barry Allen, President and Chief Executive Officer, said, “We view the additional investment made by BC Advantage Funds as a strong vote of confidence in Urodynamix and the NIRS technology. We are excited about the continued validation of the NIRS technology value proposition and with this funding we will continue to execute on our business strategy of leveraging our technology to commercialize multiple products targeted at multiple sales channels.”

Assuming the additional 10,000,000 shares are issued in connection with the overallotment of the private placement, Lions Capital Corp. and BC Advantage Funds will have control or direction of 36.8% and 35.5%, respectively, of the voting shares of the Company while Lions Capital Corp. and BC Advantage Funds will have control or direction of 40.2% and 38.9% of the voting shares of the Company, respectively, if the overallotment does not close.  The TSX Venture Exchange requires that shareholders of the Corporation approve BC Advantage Funds becoming a control person of the Corporation.  Under the terms of the financing, $500,000 of the subscription proceeds have been deposited in escrow and will be released to the Corporation upon the approval by the Company’s shareholders of BC Advantage Funds being a control person.  The Company has covenanted to submit the matter to shareholders for approval. The Company has also granted BC Advantage Funds the ongoing right to invest up to 20% on all future financings, so long as BC Advantage Funds holds 10% or more of the issued and outstanding shares of the Company.

About Urodynamix Technologies Ltd.

Urodynamix Technologies is a Canadian medical device company developing and commercializing non-invasive medical technology based on proprietary applications of near-infrared spectroscopy (NIRS). The Company is currently focused on products that aid in the diagnosis and treatment of urinary incontinence, lower urinary tract symptoms, erectile dysfunction, prostate cancer, benign prostatic hyperplasia, and traumatic increases in intra-abdominal pressure that cause abdominal compartment syndrome. Urodynamix’s breakthrough medical technology has the potential to beneficially affect more than 200 million people worldwide.

About BC Advantage Funds

BC Advantage Funds, www.bcadvantagefunds.com , is a venture capital corporation that invests in early-stage life science, technology and clean tech companies located in British Columbia. Its investors receive a 30% refundable tax credit from the BC Government on investments of up to $200,000 per year and the ability to redeem their shares at the net asset value five years after BC Advantage Funds invests their funds into eligible small businesses.

Certain information contained in this press release may be forward-looking and is subject to unknown risks, which could cause actual results to differ materially from those set forth or implied herein. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove correct. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

For more information, please contact:

Kuljeet Manj

Manager, Corporate Communications
Phone: (604) 638-0117
Email: kmanj@urodynamix.com

www.urodynamix.com