revenue up, cash burn down, international collabor

PROTEOME SYSTEMS ANNOUNCES HALF YEARLY RESULTS
REVENUE UP, CASH BURN DOWN, INTERNATIONAL COLLABORATIONS SIGNED

SYDNEY, [AUSTRALIA] MARCH 8, 2006 - Proteome Systems Limited [ASX:PXL] today announced its
financial results for the half year to December 31, 2005.
The key results from this half year as compared to the previous corresponding period to December 31,
2004 were:

Revenue and other income up 60.6 % from $2.3million to $3.7million.

Cash reserves up from $5.6million to $ 9.5million.

After tax net loss down 64.5% from $13.8million to $4.9million.

Net cash outflow down 50% from $10.7million to $5.3million.
Chairman Graham Bradley said “Our half-year result highlights the implementation of our decision in 2005
to outsource the commercialisation of the technology business and focus on the Company’s core strength
of discovery and diagnostics. As a result of this strategic shift, we grew our discovery, diagnostic and other income from $1.2 million to $2.4 million and cut our loss in this business from $1.3 million to $0.3 million.
We were able to reduce the net loss in the technology business to $0.4 million compared with a loss of
$5.6 million in the previous corresponding period”.
The Company has achieved a number of significant developments in the last six months, including some
events that occurred after balance date:

Raising $9.75 million net through a private placement to institutional and professional investors in
Australia, the United States and United Kingdom in October 2005.

Signing a formal agreement with the Foundation for Innovative New Diagnostics (FIND) for the
development of PXL’s novel Tuberculosis biomarkers for incorporation into a faster, more accurate
point-of-care active TB test. This formal agreement followed a letter of intent signed in April 2005.

Becoming a foundation member of a consortium which was awarded a US$20 million National
Institute of Allergy and Infectious Disease grant to develop therapies for the treatment of radiation
damage. PXL’s role is to provide its proprietary scavenger compounds to consortium members for
potential development for clinical application for radiation damage.

Identifying multiple biomarkers for Huntington’s Disease as part of a clinical collaboration with the
US based HighQ Foundation some three months ahead of milestone dates.

Commencing “Proof of Concept” studies for its scavenger compounds for topical application for
radiation damage in humans. Preliminary results should be available in the June quarter this year.
If successful, the Company anticipates progressing to clinical trials for treatment of Radiation
Dermatitis, a common side effect of radiation treatment for many cancers.

Entering into a collaboration agreement with the New York-based biotechnology company, Egenix
Inc to co-develop a semen-based diagnostic test for prostate cancer which would offer significant advantages over current testing methods. The initial project involves PXL and Egenix working
together to optimise detection of the Human Carcinoma Antigen (HCA) in the semen of prostate
cancer patients. This initial project will be fully funded by Egenix. PXL and Egenix will then share
equally the rights to develop and commercialise the HCA prostate cancer test.
Proteome Systems’ CEO Stephen Porges said that the past six months had been characterised by
entering into and delivering upon collaborative programmes with preeminent industry organisations and
research institutions, combined with an aggressive focus on cost reductions. “The company has met, and
at times exceeded, key milestones in all its core diagnostics and therapeutics programmes.”
“In relation to the technology business, the Company has continued its efforts to identify suitable
commercial partners”.
For further information contact:
Stephen Porges
Chief Executive Officer
(02) 8877 8947
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