Based in Kiel, Germany, Proteo was founded in April 2000 and in the same year was taken over by the US-American holding company PROTEO Inc. PROTEO holds the production and utilization rights for recombinant human Elafin.

On March 29,07, the firm announced that it has received orphan drug status from the European Commission for its drug candidate Elafin for the treatment of pulmonary arterial hypertension and chronic thromboembolic pulmonary hyper-tension. This assures the company exclusive marketing rights within the EU for a period of up to ten years after receiving approval. In addition, its designation as an orphan drug will allow access to a centralized approval procedure which will accelerate the process of approval in all EU states.

Birge Bargmann, CEO of Proteo Biotech AG believes that Elafin will be available within a few years as a new therapeutic option for the treatment of pulmonary arterial hypertension. In her estimation, the orphan drug designation of Elafin has not only increased awareness of this drug, but has also strengthened the company's expertise in drug regulatory affairs.

PROTEO intends to out-license selected indications and to establish international strategic alliances in order to open up new fields of application and for marketing. The federal state of Schleswig-Holstein funds the innovative development venture of PROTEO Biotech AG with money from the European Fund for Regional Development (EFRE).

FORWARD-LOOKING STATEMENT

All we have heard in the past months, and especially the past week, about Amgen and Genentech has left us with only one impression – these two biotech firms are great. They are worthy of shareholders’ trust, physicians’ trust and patients’ trust. Amgen reported the finding that the off-label use of Aranesp in cancer patients does not improve anemia caused by the cancer (as opposed to anemia resulting from chemotherapy). All the market analyses of this news and statements suggesting that, without the additional Aranesp sales, Amgen’s revenues will suffer and, consequently, its income will tumble, we believe, are total nonsense and merely an attempt to paralyze the stock of a great firm. Similarly, the market is sounding the alarm with Genentech’s letter to ophthalmologists alerting them about the risks associated with the use of Lucentis in high doses in patients susceptible to developing strokes. On the contrary, the moves by these two firms has set an example of honesty and integrity in a domain where human beings health is at stake and lives must be protected. http://www.sec.gov/consumer/cyberfr.htm.