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GEN News Highlights : Nov 21, 2006

Proteologics Reports Progress in Drug Discovery Collaboration with Teva Pharmaceutical

Proteologices entitled to payments pending achievement of clinical development milestones.

Proteologics achieved a milestone in its collaboration with Teva Pharmaceuticals to research, develop, and commercialize novel anti-cancer therapeutics. Proteologics and Teva partnered in two independent, yet complementary projects, focusing on specific components of the ubiquitin system.

Successful identification and validation of a novel target triggered entrance into the second phase of the collaboration moving ahead into drug discovery.

Under the agreement, Proteologics is responsible for research and early drug discovery activities while Teva retains the option to continue development through preclinical and clinical phases, as well as commercialization of products. Proteologics is entitled to payments pending on the achievement of clinical development milestones, as well as royalties from sales.