PROTEZ PHARMACEUTICALS CLOSES $15 MILLION FINANCING TO PROGRESS LEAD ANTIBIOTIC COMPOUND

Protez Pharmaceuticals, a developer of innovative antibiotics to combat drug-resistant and life-threatening infections, today announced the closing of a $15 million Series B financing. Protez intends to use the proceeds from the financing to accelerate development of its lead compound SMP-601, a potent injectable antibiotic with a uniquely broad spectrum of activity against both drug resistant gram-positive and many gram negative pathogens. These organisms cause millions of infections in hospitalized patients in the U.S. each year and are a major source of mortality and expense. Protez intends to initiate clinical trials with SMP-601 during 2006.

PR Newswire (http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/08-24-2005/0004093332&EDATE=)