Biotechnology Company Procognia Israel Raised NIS 43 million in the Tel-Aviv Stock Exchange

Jerusalem and Ashdod, Israel, March 7, 2007 – Today Procognia (Israel) successfully completed an initial public offering on the Tel-Aviv stock exchange, which raised NIS 43 million (approximately $10 million). The float was lead by Clal Finance Underwriting, Discount Underwriting, Menorah-Mivtahim Underwriting, and Africa-Israel Underwriting.

The Company floated 7.2 million shares at the price of NIS 6 per share, and 7.2 million options at an execution price of NIS 7.8 per option until 2011. Upon execution of the options the company could raise additional NIS 56 million.

Procognia (Israel) is a subsidiary of the U.K. company Procognia, founded in 2002. Procognia (Israel) develops products which are used for the analysis of carbohydrates present on various proteins, including biopharmaceuticals. Operating out of its offices in Ashdod, Procognia (Israel) employs about 25 employees. Its CEO and co-founder, Dr.Yeshayahu (Shaike) Yakir, previously served as CEO of Healthcare Technologies and Savyon Diagnostics. The main shareholders in Procognia U.K. include Apax Partners investment fund, Evergreen venture capital group, Koor, Vitalife, and Star Ventures capital funds.

Procognia has completed the development of two products and has commenced with their marketing. These products include its flagship product, the GlycoScope, which serves in the development and manufacturing of biopharmaceuticals, and the Qproteome GlycoArray, which is intended for the life sciences market. Procognia’s products are based on biological chips that allow for a quick and automatic assay of the carbohydrate chains linked to the proteins.

The Company entered into two agreements with Teva Pharmaceuticals and Bristol-Myers Squibb. The first agreement was signed in June 2006 with Bristol-Myers Squibb, its Irish subsidiary Swords Laboratories, Dublin City University, and National University of Ireland, Galway (NUIG) to use Procognia’s GlycoScope technology for rapid glycoanalysis at the Centre for Bioanalytical Sciences.

The second agreement was singed in September 2006 with Teva pharmaceuticals. This agreement includes collaboration for the development of two biopharmaceutical products, where Teva would pay Procognia the development costs, milestone payments and royalties from sales. The agreement provides recognition in the importance of Procognia’s technology for the development of biopharmaceutical drugs.

For details contact: Eisenberg-Eliash Tel: +972-52-8260285, +972-3-7538828