Protemix Corporation Release: Billion Dollar Scientist Returns To US Biotech Market

AUCKLAND, New Zealand, February 8 /PRNewswire/ -- New Zealand research scientist and co-founder of billion dollar biotech company, Amylin Pharmaceuticals, Garth Cooper has teamed up with Larry Ellingson, former Eli Lilly and Company executive and current Chairman of the American Diabetes Association, to bring his latest biopharmaceutical venture, Protemix Corporation, to the USA.

Larry Ellingson joins Protemix as its new Chief Executive Officer. Professor Cooper who invented amylin replacement therapy for diabetes, and brought NASDAQ listed, Amylin Pharmaceuticals to California in 1987, has a string of new molecules in development.

Mr Ellingson will be based at a new Protemix office to be opened in San Diego, where he will focus on extending and developing Protemix's commercial relationships, in particular, to progress LaszarinTM , the company's lead compound through Phase 3 (human) trials for the treatment of heart failure in people with diabetes. He will also be responsible for further developing the corporate team covering regulatory affairs, clinical trials and business development.

Professor Cooper explained: "Protemix will operate jointly in the USA and New Zealand. This is an example of a New Zealand company reaching out to collaborate with the United States on a topic of great importance to both countries. We expect Phase 3 trials in humans to begin in early 2006. If successful in Phase 3, Laszarin(TM), which is the first treatment in its class, has a potential worldwide market of over two million people with diabetic heart failure.

"Larry is uniquely placed to advance Laszarin(TM) and Protemix to the next level internationally and San Diego is an ideal location to base our northern hemisphere operations. It has good universities and resources and the number of other biotech companies established there means that there are the skilled people we need to bring these new medicines to market."

Larry Ellingson commented: "I've worked in large pharma, but what Protemix has done is bring forward a number of potential new medicines in much shorter period of time achieved elsewhere. This is not a one molecule company. With three compounds in the development phase and a further six in the discovery pipeline Protemix has an impressive platform from which to advance towards commercialisation. I believe we will be able to make a major contribution to alleviating suffering from diabetes, a major cause of death worldwide, with the first of our new compounds. Within eighteen months we will have Laszarin(TM) in Phase 3 and have two more potential new medicines in human trials, which is pretty remarkable for any one company.

"We are opening a portal to the world, not just the US, but to Europe and the rest of Asia Pacific. New Zealand science is getting out there in the global marketplace. I am passionate about the science and medicine of this business and when the opportunity came to work towards addressing those metabolic syndrome disorders responsible for two thirds of global medical needs, more than 60 per cent of health care expenditure, it was irresistible."

ABOUT LARRY ELLINGSON AND THE AMERICAN DIABETES ASSOCIATION

Until 2001 Mr Ellingson was Executive Director for Endocrine Professional Relations and Advocacy at US pharmaceutical company Eli Lilly. Prior to that he held several positions in diabetes at Lilly, including leading the team for the successful registration of the diabetes treatment, Actos, leader of the insulins product team and director of new product planning, which included responsibilities for global planning for gastrointestinal, skeletal, infectious diseases, cardiovascular and endocrine diseases. Mr Ellingson will continue to serve as a Director with the American Diabetes Association beyond completing his year as Chairman of the Board, which ends in June at the association's annual meeting in San Diego.

The American Diabetes Association is one of the US's leading non-profit health organisations providing diabetes research, information and advocacy for both the 18.2 million Americans with diabetes and healthcare professionals. The moving force behind the ADA's work is a network of more than 1 million volunteers, including a membership of 430,000 diabetes patients and their families and a professional society of more than 18,000 physicians, scientists, nurses, dieticians, pharmacists, social workers and educators.

Over the last year, more than 350,000 people contacted the Association with questions and concerns, or to seek support or direction regarding diabetes and its management.

ABOUT LASZARIN(TM)

Protemix's lead product candidate, Laszarin(TM) is a therapeutic copper binding molecule due to enter Phase 3 clinical trials for the treatment of heart failure in people with diabetes. Laszarin(TM) has been shown in experimental models to significantly alleviate heart failure following seven weeks of treatment, without lowering blood glucose. It was also shown to substantially improve the structure of cardiac muscle cells, and to reverse scarring of the heart. Oral treatment with Laszarin(TM) has been demonstrated to result in elevated copper excretion in humans with type 2 diabetes and, following six months of treatment, caused elevated left ventricular mass to decline significantly toward normal. Laszarin(TM) has been shown to be well tolerated by patients in clinical trials to date.

ABOUT PROTEMIX CORPORATION

Protemix is a New Zealand-based biopharmaceutical company established over ten years ago, with its research facilities located within The University of Auckland. It develops novel therapies for cardiovascular disease, diabetes mellitus and other metabolic disorders. Professor Cooper, Protemix's President and Chief Technical Officer, previously discovered the peptide hormone amylin, invented amylin replacement therapy for diabetes, and founded Amylin Pharmaceuticals, a NASDAQ-listed biopharmaceutical company. Professor Keith Mansford, former Chairman, Research and Development at SmithKline Beecham, is Chairman of the Board of Directors of Protemix.

Further information: David Pool Larry Ellingson Peter Boyes Protemix Corporation Protemix Corporation Senate Communications Ph: +64-9-303-5351 Ph: +1-480-816-6411 Mob: +64-275-540-500 Mob: +64-21-978-224 Mob: +1-480-577-0437

Protemix Corporation

CONTACT: David Pool, Protemix Corporation, Ph: +64-9-303-5351, Mob:+64-21-978-224. Larry Ellingson, Protemix Corporation, Ph:+1-480-816-6411, Mob: +1-480-577-0437. Peter Boyes, SenateCommunications, Mob: +64-275-540-500

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