Proteo, Inc./Proteo Biotech AG - Minapharm/Rhein Minapharm Biogenetics SAE: Proteo Biotech, Germany and Minapharm, Egypt enter i

Proteo, Inc. (OTCBB: PTEO; Frankfurt Freiverkehr: WKN: 925981) and
its wholly-owned subsidiary Proteo Biotech AG together with Minapharm
Pharmaceuticals SAE (Cairo and Alexandria Stock Exchange: MIPH) and
its subsidiary Rhein Minapharm Biogenetics SAE announced today:

   Proteo and Rhein Minapharm have entered into a license agreement
for clinical development, production and marketing of Elafin. Rhein
Minapharm will exclusively market Elafin in Egypt, Middle Eastern and
African countries. Proteo will receive an upfront payment,
milestone-payments and royalties on net product sales. In addition,
Minapharm will take over the funding of clinical research activities
for the designated region. The agreement schedules the transfer of the
biotechnological production process of Elafin to Cairo. This process
is based on Hansenula polymorpha, a yeast technology licensed by ARTES
Biotechnology GmbH, Germany.

   Elafin is a protein that is produced naturally in the skin, lung
and breast, protecting the respective tissue from destruction by the
immune system. Elafin's ability to block the activity of destructive
enzymes that are involved in inflammatory reactions makes it a highly
promising active compound for the treatment of inflammatory lung
diseases or severe reperfusion injuries occurring after heart attacks,
serious injuries and organ transplantation. The excellent tolerability
of Elafin in human subjects was demonstrated in a Phase I clinical
single dose escalating study.

   Birge Bargmann, CEO of Proteo: "This license agreement is an
important step to make our innovative drug development available to
patients in the near future. With Minapharm, we have won a renowned
company to market Elafin in the MENA region."

   Wafik Bardissi, M.D., Chairman & CEO of Minapharm: "Adding up
Elafin to our pipeline is a significant boost to our clinical
development and R&Dprogramme with a promising new molecular entity.
The success of Minapharm's currently marketed, novel but still
affordable, recombinant DNA products has impressed the medical and
business community at large while refuting the perceived dichotomy of
financial gains versus moral obligations. We pledge to bridge the gap
between innovative therapeutic proteins and needy patients in our part
of the world."

   About Proteo PROTEO Biotech AG, based in Kiel, Germany was founded
in April 2000 and in the same year was taken over by the US-American
holding company PROTEO Inc. The company researches, develops and
markets compounds for biological and medical research as well as for
use as pharmaceuticals. PROTEO holds the production and utilization
rights for recombinant human Elafin. 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. On recommendation of the European Medicines Agency (EMEA),
Proteo Biotech AG received orphan drug status from the EU commission
for its candidate drug Elafin for the treatment of pulmonary arterial
hypertension (PAH) and chronic thromboembolic pulmonary hypertension
early in 2007. This will safeguard the company's exclusive marketing
rights within the EU for a period of 10 years after acquiring
approval. 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).

   About Minapharm Minapharm, headquartered in Cairo with its
production facilities in the tenth of Ramadan, is among the leading
prescription medicine companies in Egypt and the Middle East. The
company is specialized in the manufacture and marketing of innovative
pharmaceuticals and through its subsidiary
Rhein-Minapharm-Biogenetics, in the research, development and
manufacturing of biopharmaceuticals. Its biotech subsidiary is
focussing on the core therapeutic areas of liver disease and
thrombosis & haemostasis. With three therapeutic proteins already
marketed and several in the pipeline, Minapharm's competence lies in
decreasing time to market without compromising ethical and safety
standards. By combining its expertise in pharmaceuticals and
leadership in biopharmaceuticals Minapharm, along with its worldwide
strategic alliances, contributes significantly to the quality of life
of many people in the region. Minapharm employs a collective workforce
of over 700 and is listed on the Cairo and Alexandria stock exchange
(www.minapharm.com)

   Forward-Looking Statements Certain statements in this news release
may contain forward-looking information within the meaning of Rule 175
under the Securities Act of 1933 and Rule 3b-6 under the Securities
Exchange Act of 1934, and are subject to the safe harbor created by
those rules. All statements, other than statements of fact included in
this release, including, without limitation, statements regarding
potential future plans and objectives of the company, are
forward-looking statements that involve risks and uncertainties. There
can be no assurance that such statements will prove to be accurate and
actual results and future events could differ materially from those
anticipated in such statements. Technical complications that may arise
could prevent the prompt implementation of any strategically
significant plan(s) outlined above. The company cautions that these
forward looking statements and risks and uncertainties involved are
further qualified by other factors including, but not limited to those
set forth in the company's Form 10-KSB filing and other filings with
the United States Securities and Exchange Commission. The company
undertakes no obligation to publicly update or revise any statements
in this release, whether as a result of new information, future events
or otherwise.

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*T
Contact:
Nils Wichmann, PhD
Proteo Biotech AG
Am Kiel-Kanal 44
D-24106 Kiel
Email : [e-mail]
Telefon: [phone]
Fax : [phone]
or
Frank Muller
R&D Manager
Minapharm Pharmaceuticals
Email : [e-mail]
*T
  
    
  
  
    
      Proteo, Inc. (OTCBB: PTEO; Frankfurt Freiverkehr: WKN: 925981) and its 
      wholly-owned subsidiary Proteo Biotech AG together with Minapharm 
      Pharmaceuticals SAE (Cairo and Alexandria Stock Exchange: MIPH) and its 
      subsidiary Rhein Minapharm Biogenetics SAE announced today:
    
    
      Proteo and Rhein Minapharm have entered into a license agreement for 
      clinical development, production and marketing of Elafin. Rhein 
      Minapharm will exclusively market Elafin in Egypt, Middle Eastern and 
      African countries. Proteo will receive an upfront payment, 
      milestone-payments and royalties on net product sales. In addition, 
      Minapharm will take over the funding of clinical research activities for 
      the designated region. The agreement schedules the transfer of the 
      biotechnological production process of Elafin to Cairo. This process is 
      based on Hansenula polymorpha, a yeast technology licensed by ARTES 
      Biotechnology GmbH, Germany.
    
    
      Elafin is a protein that is produced naturally in the skin, lung and 
      breast, protecting the respective tissue from destruction by the immune 
      system. Elafin's ability to block the activity of destructive enzymes 
      that are involved in inflammatory reactions makes it a highly promising 
      active compound for the treatment of inflammatory lung diseases or 
      severe reperfusion injuries occurring after heart attacks, serious 
      injuries and organ transplantation. The excellent tolerability of Elafin 
      in human subjects was demonstrated in a Phase I clinical single dose 
      escalating study.
    
    
      Birge Bargmann, CEO of Proteo: "This license agreement is an important 
      step to make our innovative drug development available to patients in 
      the near future. With Minapharm, we have won a renowned company to 
      market Elafin in the MENA region."
    
    
      Wafik Bardissi, M.D., Chairman & CEO of Minapharm: "Adding up Elafin to 
      our pipeline is a significant boost to our clinical development and 
      R&Dprogramme with a promising new molecular entity. The success of 
      Minapharm's currently marketed, novel but still affordable, recombinant 
      DNA products has impressed the medical and business community at large 
      while refuting the perceived dichotomy of financial gains versus moral 
      obligations. We pledge to bridge the gap between innovative therapeutic 
      proteins and needy patients in our part of the world."
    
    
      About Proteo PROTEO Biotech AG, based in Kiel, Germany was founded in 
      April 2000 and in the same year was taken over by the US-American 
      holding company PROTEO Inc. The company researches, develops and markets 
      compounds for biological and medical research as well as for use as 
      pharmaceuticals. PROTEO holds the production and utilization rights for 
      recombinant human Elafin. 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. On 
      recommendation of the European Medicines Agency (EMEA), Proteo Biotech 
      AG received orphan drug status from the EU commission for its candidate 
      drug Elafin for the treatment of pulmonary arterial hypertension (PAH) 
      and chronic thromboembolic pulmonary hypertension early in 2007. This 
      will safeguard the company's exclusive marketing rights within the EU 
      for a period of 10 years after acquiring approval. 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).
    
    
      About Minapharm Minapharm, headquartered in Cairo with its production 
      facilities in the tenth of Ramadan, is among the leading prescription 
      medicine companies in Egypt and the Middle East. The company is 
      specialized in the manufacture and marketing of innovative 
      pharmaceuticals and through its subsidiary Rhein-Minapharm-Biogenetics, 
      in the research, development and manufacturing of biopharmaceuticals. 
      Its biotech subsidiary is focussing on the core therapeutic areas of 
      liver disease and thrombosis & haemostasis. With three therapeutic 
      proteins already marketed and several in the pipeline, Minapharm's 
      competence lies in decreasing time to market without compromising 
      ethical and safety standards. By combining its expertise in 
      pharmaceuticals and leadership in biopharmaceuticals Minapharm, along 
      with its worldwide strategic alliances, contributes significantly to the 
      quality of life of many people in the region. Minapharm employs a 
      collective workforce of over 700 and is listed on the Cairo and 
      Alexandria stock exchange (www.minapharm.com)
    
    
      Forward-Looking Statements Certain statements in this news release may 
      contain forward-looking information within the meaning of Rule 175 under 
      the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange 
      Act of 1934, and are subject to the safe harbor created by those rules. 
      All statements, other than statements of fact included in this release, 
      including, without limitation, statements regarding potential future 
      plans and objectives of the company, are forward-looking statements that 
      involve risks and uncertainties. There can be no assurance that such 
      statements will prove to be accurate and actual results and future 
      events could differ materially from those anticipated in such 
      statements. Technical complications that may arise could prevent the 
      prompt implementation of any strategically significant plan(s) outlined 
      above. The company cautions that these forward looking statements and 
      risks and uncertainties involved are further qualified by other factors 
      including, but not limited to those set forth in the company's Form 
      10-KSB filing and other filings with the United States Securities and 
      Exchange Commission. The company undertakes no obligation to publicly 
      update or revise any statements in this release, whether as a result of 
      new information, future events or otherwise.
    
    Contact:
Nils Wichmann, PhD
Proteo Biotech AG
Am Kiel-Kanal 44
D-24106 Kiel
Email : [e-mail]
Telefon: [phone]
Fax : [phone]
or
Frank Muller
R&D Manager
Minapharm Pharmaceuticals
Email : [e-mail]