Accident at Gainesville R&D Site

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This press release does not constitute or form a part of, and should not be construed as, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities in MyCelx Technologies Corporation ("MyCelx" or the "Company").

THE COMPANY'S COMMON SHARES HAVE NOT BEEN REGISTERED UNDER THE US SECURITIES ACT OF 1933, AS AMENDED (THE "US SECURITIES ACT") OR ANY STATE SECURITIES LAWS (THE "STATE ACTS") AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS THE SECURITIES ARE REGISTERED UNDER THE US SECURITIES ACT AND ANY APPLICABLE STATE ACTS, OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE US SECURITIES ACT AND ANY APPLICABLE STATE ACTS IS AVAILABLE.

21 December 2011

MYCELX TECHNOLOGIES CORPORATION

("Mycelx Technologies, Inc or the "Company")

(AIM: MYX)

Accident at Gainesville R&D Site

MyCelx Technologies, Inc. regrets to report that an accident occurred at its Research & Development facility in Gainesville, Georgia at 4.30pm EST on December 20, 2011, which tragically resulted in the death of an employee.The Company is taking every appropriate action to support the family of the deceased.The Occupational Health and Safety Administration will be opening an inquiry to determine the cause of the accident. The Company carries all customary insurances. There was minimal damage to the R&D facility; furthermore the Company does not believe that its production operations will be affected.

Enquiries

MyCelx Technologies Corporation

+1 888 306 6843

Connie Mixon - CEO

David Pattillo - CFO

Numis Securities Limited

+44 207 260 1000

Corporate Finance/Nominated Adviser

Alastair Stratton

Stuart Skinner

Corporate Broking

James Black

Ben Stoop

Pelham Bell Pottinger

+44 207 861 3232

Mark Antelme

Nick Lambert