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Press release

26 June 2006

Proteome Systems reaches third milestone in the development of a rapid diagnostic test to detect active TB infection

Sydney, Australia -- Proteome Systems [ASX:PXL] today announced that its international partner, the Foundation for Innovative New Diagnostics (FIND, Geneva), has signed off on the third milestone of its Tuberculosis (TB) program.

Achieving this milestone, Proteome Systems has completed the characterisation of multiple Mycobacterium tuberculosis (M.tb) proteins in a pilot study of M.tb positive and negative clinical samples. All of the candidate proteins were discovered by Proteome Systems in the sputum of subjects with the active form of M.tb infection. Multiple antibody pairs raised against the M.tb proteins were used to detect the proteins in clinical samples.

Rapid diagnosis of active TB remains a major challenge for global health with an estimated one third of the world’s population infected with the bacterium. “Simply knowing that someone is infected with TB is not the problem, particularly in poorer nations where infection rates are greater than 70%” says Dr. Barry Kreiswirth, Public Health Research Institute, New York, a leading authority on the molecular evolution of TB and the evolution of multidrug-resistant strains of TB (MDR-TB). Dr. Kreiswirth went on to say “Rapid diagnosis of the active infection is the problem as these are the people who need to be treated and if diagnosed in time we can more effectively manage the spread of this highly infectious disease.”

PXL’s CEO Stephen Porges said “We are very pleased with the progress we are making on the development of a rapid test to detect active TB. Our goal is to have a test ready for analysis in laboratories of both the developing and developed world by first quarter 2007. We have also now initiated partnering discussions for our Diagnostic product in the developed world. With the rise of MDR-TB in the developed world there is an immediate need for a rapid diagnostic product.”

Dr Kreiswirth commented “Diagnosis of active TB is the same problem in the developed world as it is in the developing world; infected people and physicians are reluctant to start an extensive course of drug treatment for a condition which may not be due to TB but possibly to other respiratory infections. Proteome Systems’ simple and rapid diagnostic test for the active disease will supply a large unmet need in both the private and public health sectors of the developing and developed world”.

The partnership with FIND is providing critical support to speed the development of the test including clinical material, assistance with clinical trials and fast tracking registration. Proteome Systems has, in return, granted FIND rights to use its antibodies for incorporation into an affordable product for the public health care sector in developing countries.

About Proteome Systems:
Proteome Systems Limited [PXL] is a dynamic medical technology company with internationally soughtafter diagnostics and therapeutics expertise in the fields of respiratory disease, neurobiology and ageing, cancer and infectious diseases. PXL’s scientific leadership is demonstrated by its track record in partnering with US and European companies and research institutions to develop its core technologies and molecular compounds for use in diagnosis and treatment of some of the world’s most debilitating and fatal conditions and diseases. PXL has a therapeutic and diagnostic portfolio which includes 22 worldwide patents (including 12 US patents) for its small molecule compounds, and another 23 pending which cover topical, injectable and potentially oral delivery forms. Additional information about Proteome Systems can be found at www.proteomesystems.com.

About FIND:
The Foundation for Innovative New Diagnostics (FIND) is a non-profit Swiss foundation based in Geneva. Its purpose is to support and promote the health of people in developing countries by sponsoring the development and introduction of new but affordable diagnostic products for poverty related diseases. FIND currently has established collaborations with a number of leading public and private organizations for the development of diagnostics for tuberculosis. For more information, please visit www.finddiagnostics.org.

Media inquiries:

Foundation for Innovative New Diagnostics (FIND)
Jewel Thomas,
Communications and Advocacy Coordinator
Tel.: +41 (0) 22 / 710 27 86
E-mail: jewel.thomas@finddiagnostics.org

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