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Protemix Adds Two to Board of Directors

( BW)(CA-PROTEMIX) Protemix Adds Two to Board of Directors,
Strengthening Its Scientific and Business Expertise

Business Editors/Health/Medical Writers

SAN DIEGO & AUCKLAND, New Zealand--(BUSINESS WIRE)--April 5, 2006--Protemix, a privately held biopharmaceutical company, today announced the election of two new members to its board of directors.

The additions, which further strengthen the board in terms of scientific and business expertise, include noted diabetes researcher, Alan Cherrington, Ph.D., and Daniel H. Petree of P2 Partners, LLC, an experienced biotechnology industry executive.

"We are very pleased to welcome Alan and Dan to the Protemix board," said Larry Ellingson, chief executive officer of Protemix.

"Alan Cherrington is well recognized as a leading expert on carbohydrate metabolism and diabetes, whose clinical expertise in this area will be invaluable to our development programs. Dan Petree brings many years of experience in the area of business development, as well as the financial aspects of growing a successful biopharmaceutical company. His guidance will be valuable to Protemix as we seek to partner products and consider the next stage of our company's business strategy and growth."

Alan Cherrington is professor and chair of the department of Molecular Physiology and Biophysics, and professor of Medicine at Vanderbilt University in Nashville, TN. He is also the associate director of the Vanderbilt Diabetes Research and Training Center and the Charles H. Best Professor of Diabetes Research. Dr. Cherrington received the Banting Award from the American Diabetes Association (ADA) in 1997 for his work on the hormonal control of glucose production. The Banting Medal for Scientific Achievement is the ADA's highest honor for scientific achievement. Named after Frederick G.

Banting, the co-discoverer of insulin, this award recognizes highly meritorious career achievement in the field of diabetes research. Dr.

Cherrington is also the immediate past president of the ADA, the author of over 300 scientific articles, and a member of a number of editorial boards for a variety of scientific journals.

Daniel H. Petree is a partner at P2 Partners, LLC, a company he co-founded in 2000 to provide strategic advice to life science companies regarding corporate partnering, mergers and acquisitions, and private financings. Prior to that, Mr. Petree was employed at Axys Pharmaceuticals (and its predecessor Arris Pharmaceutical Corporation), most recently as president and chief operating officer and prior to that as executive vice president, business development (1997 - 1998) and chief financial officer (1993 - 1997). Prior to joining the biotechnology industry, Mr. Petree was employed by Montgomery Securities from 1987 - 1992, where he was vice president, Health Care Group, Corporate Finance and completed numerous public financings for health care companies. Mr. Petree holds a JD degree from the University of Michigan Law School.

About Protemix

Protemix is a privately held biopharmaceutical company that
discovers, develops and commercializes novel drug therapies for the
prevention and treatment of cardiovascular disease, diabetes and other
metabolic disorders, and their complications. Through cost-effective
research in New Zealand, the company has assembled a pipeline of
innovative compounds, the most advanced of which will enter Phase III
clinical trials during late 2006 or early 2007 for the treatment of
diabetic and non-diabetic heart failure.


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