Protemix Receives 2005 Frost & Sullivan Award

Protemix Receives 2005 Frost & Sullivan Excellence in Research Award in Recognition of the Company's Achievements in Field of Metabolic Diseases

SAN DIEGO & AUCKLAND, New Zealand-- Frost & Sullivan has named Protemix Corporation the recipient of its Excellence in Research of the Year Award in the field of therapeutics for metabolic disorders/diseases. The global consulting company cited the potential for Protemix drug candidates to improve health outcomes for patients with diabetic complications such as diabetic heart disease and other diabetes-induced organ damage.

Each year, Frost & Sullivan presents this Award to a company that has carried out new disruptive research; and has, in general, a strong commitment to research and development. This Award recognizes a company's research and development program that has or is expected to bring significant contributions to the industry in terms of adoption, change and competitive posture. The Award also recognizes the overall research excellence of a company as well as its commitment towards differentiating itself based on science-backed services or solutions.

"Protemix's model-based proteomics approach has led to a better understanding of both molecular targets and drug leads. This really forms the core of its discovery of new drug candidates for diabetes and other disorders," says Frost & Sullivan Research Analyst Sangeetha Prabakar.

Prof. Garth Cooper, New Zealand's leading biochemist and his team, based at the University of Auckland, led Protemix's research. Through their efforts, the company has developed an extensive pipeline of diabetes-related drug candidates based on novel insights regarding potential mechanisms for diabetes-induced health complications including diabetic heart disease. These drug candidates each address unique aspects of disease mechanisms (atherosclerosis, hypertension, and obesity) responsible for type II diabetes-induced organ damage.

The company's lead compound is Laszarin(TM), an orally active small molecule drug that is a potentially significant treatment option for diabetic heart failure -- generally fatal complication associated with type II diabetes for which current treatment options are relatively ineffective. Protemix researchers' discovery that the microvascular and macrovascular complications seen in diabetes and diabetic heart disease are in part caused by copper overload, has led to the belief that administration of antagonists can regulate copper. Laszarin(TM) acts by limiting cooper content and the production of superoxide free radicals, thus arresting and reversing the progress of diabetic complications, which has already been demonstrated in animals and humans with respect to reducing abnormal heart size and/or improving heart function.

Laszarin(TM) is currently the subject of a Phase 2b clinical trial being conducted in New Zealand and Australia. The U.S. Food and Drug Administration has granted this drug candidate Fast Track Status -- the first drug candidate from a New Zealand company to receive such designation.

Protemix has also achieved other major research breakthroughs.

For instance, by understanding the insulin signal transduction pathway, EN122004, a peptide hormone, was identified as a potential treatment for insulin resistance in type II diabetes and its associated conditions. By identifying the mechanism that causes alcohol-mediated liver tissue damage, a reduction in the levels of the hormone adipoenectin, Protemix found that the administration of glycosylated adipoenectin, of which their drug candidate PX811013 is a form, could reverse the liver damage and restore liver function.

"We are very pleased to gain recognition for Protemix's ground-breaking research through this prestigious Award," commented Protemix Chief Executive Officer, Larry Ellingson.

About Frost & Sullivan

Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 100 companies, emerging companies and the investment community by providing comprehensive industry coverage that reflects a unique global perspective and combines ongoing analysis of markets, technologies, econometrics and demographics. For more information, visit http://www.frost.com.

About Protemix

Protemix is a biopharmaceutical company dedicated to the discovery, development and commercialization of novel drugs for the prevention and treatment of diabetes, cardiovascular disease and metabolic diseases. The company was founded in Auckland, New Zealand and directs operations from offices in San Diego, California and Auckland, and research facilities located within the University of Auckland. The company's most advanced product, Laszarin(TM), is currently completing Phase II trials for the treatment of heart failure in diabetes patients and has received fast track status from the U.S. Food and Drug Administration for that indication. For more information on Protemix, please visit the company's website at www.protemix.com.

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