US government $20M NIAID grant funds Proteome Systems' 'catalytic scavenger compounds'

San Francisco, CA - October 20, 2005. Proteome Systems, a leading medical technology company specializing in diagnostics and therapeutics, and its US partners today announced to the US investor community they have been awarded a National Institute of Health (NIH) grant to develop its "scavenger drugs" to treat radiation exposure caused by terrorist attacks or industrial accidents.

Stephen Porges, CEO of PSL made the US announcement today at the BIO Investor Forum [San Francisco, October 19-20], where the company was invited to present to some of the country's leading biotech investors. [Time: 10.20am, Location: Twin Peaks South, Palace Hotel, San Francisco]

Proteome Systems Limited [PSL], an Australian publicly listed company [ASX : PXL] with its US office in Boston, is internationally sought-after for its diagnostic and therapeutics expertise in the fields of respiratory disease, neurobiology and ageing, cancer and infectious diseases.

"PSL's "catalytic scavenger compounds" are small molecule compounds that show potential in a broad spectrum of therapeutic applications in the neurodegenerative, cardiovascular, and inflammatory areas," said Porges.

"They have been shown to prevent various forms of radiation-induced tissue damage, and are therefore considered to be potentially promising agents for treating victims after radiation exposure."

The $20 million grant is for a consortium consisting of Proteome Systems, Medical College of Wisconsin [MCW], Henry Ford Health Systems in Detroit, and the University of Toronto which will develop Proteome's proprietary therapeutic compounds for the treatment of radiation damage.

"It is expected these drugs will protect not only victims of exposure to a "dirty bomb" or similar radioactive device, but also first responders who would need to go into attack areas. They would also be developed for non-military radiation injury such as the debilitating effects caused by radiation treatme

Contact: Susan Fitzpatrick

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