Proteologics and Prof. Chiechanover awarded "Network of Excellence" grant from the European community FP6 program.

The FP6 program Awards 12 Million Euro to Fund European community Network of Excellence consortium dedicated to Ubiquitin research.

09/01/2006

Rehovot, Israel January 9th , 2006 - Proteologics Ltd. today announced that, as a member of the European community Network of Excellence consortium related to ubiquitin research, it has been awarded a grant by the European Community FP6 program. The Ubiquitin consortium or by its name the RUBICON brings together 20 leading research laboratories and companies in Europe for a collaborative effort to promote drug discovery in the ubiquitin system. Amongst are: Proteologics ltd. and two members of Proteologics' Scientific Advisory Board: Nobelist, Prof. Aharon Chiechanover from the Technion Institute of Technology, Haifa and Prof. Yinon Ben-Neria from the Hebrew University of Jerusalem. The grant will contribute to the ongoing efforts made by the consortium members in the field of ubiquitin research. The grant is available through fiscal years 2006 -2010.

"As we move towards lead development in three drug discovery programs in antiviral and cancer we appreciate the support from the FP6 program that will enable us to apply resources to Scientific research which we may build on. We hope that the grant and the work within the consortium will tighten our collaboration with Prof. Chiechanover and Prof. Ben Neriala as well as open new opportunities for strategic collaboration with distinguished European colleagues and sharing of knowledge with other leading researchers in the field", says CEO Avishai Levy.

Applications for grants from the FP6 are judged on various criteria including innovation, clinical and scientific importance and the credibility and prestige of the consortium members.

Proteologics is a leader in investigating and characterizing the ubiquitin ligase system for the discovery and development of potential new therapeutics, focusing mainly on ubiquitin ligases (E3's) target and drug discovery. Proteologics R&D capabilities includes: bio- and chem-informatics, target discovery, target validation, assay development and drug discovery. Drs. Avram Hershko and Aaron Ciechanover, who were awarded the 2004 Nobel Prize in chemistry for their discovery of the ubiquitin system, lead the company's scientific advisory board.

Proteologics already discovered three ubiquitin ligases as novel drug targets against HIV and one target for anti-cancer therapy. Proteologics continues to discover small-molecule inhibitors based on two of these HIV drug targets. Such inhibitors have the potential to become the first broad spectrum anti viral drugs. The company is also pursuing novel therapeutic approaches to other ubiquitin-mediated diseases and on March 2005 entered in to R&D collaboration with Teva Pharmaceutical Industries ltd, who also made a significant equity investment in Proteologics.. The collaboration with Teva combines Proteologics' capabilities in ubiquitin ligases with Teva's resources and downstream clinical Infrastructure. Together it allows the companies to explore this promising new class of drug targets. The collaboration between Teva & Proteologics is one of the largest dedicated efforts focused on ligases by a pharmaceutical or biotech enterprise and it is proving to be a highly productive collaboration exploring ligases and potential therapeutics in cancer.