Interim Results

Proteome Sciences PLC
28 September 2001


                            Proteome Sciences plc

                                PRESS RELEASE

For immediate release                              28 September 2001


              INTERIM STATEMENT FOR THE 6 MONTHS TO 30 JUNE 2001

Proteome Sciences plc (Proteome Sciences), the AIM listed proteomics and
modification of gene expression company, announces its interim results for the
6 months ended 30 June 2001.

                                  HIGHLIGHTS

Corporate

  * $7m fund raising for Intronn expected to complete later today, against
    difficult market conditions.
  * Europroteome, a company in which Proteome Sciences converted IP into an
    equity investment, closed a Euro 9.5m funding.

Proteomics

  * Laboratory at King's College, London now operational.
  * CJD/nvCJD blood assay now in B testing.
  * New biomarkers identified for BSE infected cattle and for acute
    rejection.

Gene Expression

  * Full length repair of Factor VIII (Haemophilia) mRNA in a mouse model
    system demonstrated and patent application filed.
  * SMaRT technology utilised in a therapeutic capacity in the tissue of
    cystic fibrosis patients, bringing this research a step closer to the
    pre-clinical stage.
  * Third patent application filed relating to synthetic oligonucleotides
    for monitoring levels of impurity and length on DNA chips.

Financial

  * Cash balance at 30 June 2001 at £2.3million, in line with budget.

Commenting on the Company's progress and prospects, Christopher Pearce, Chief
Executive of Proteome Sciences said:-

'We continue to make excellent progress on all fronts across both the
proteomics and gene expression areas of our business with a number of
significant and strategically important developments having taken place in the
first half of the year; the outlook for the second half is equally exciting.

'The fact that Intronn Inc is raising $7m in these very tough market
conditions, a larger amount than was planned, is a reflection of the quality
of this business and of the value of the technologies it has developed. The
funding that Intronn is concluding and Europroteome has concluded allow them
to exploit their leading technology capabilities to a wide range of disease
applications in areas of unmet need at an early stage.

'We remain focussed on progressing opportunities to commercialise the platform
technologies that underpin Proteome Sciences and are committed to ensuring
that value for our shareholders will be fully optimised.'


                                         ENDS



Enquiries:-

Proteome Sciences plc               Tel: [phone]

Christopher Pearce, Chief Executive

Public Relations

Ikon Associates                     Tel: [phone]

Adrian Shaw                         Mobile: [phone]

                                    E-mail: [e-mail]

Set out below is the full text of the Chairman's statement.





                              INTERIM STATEMENT

                              Dear Shareholder,

The six months to 30th June, 2001 have seen the transformation of Proteome
Sciences Plc from being a virtual company into becoming a leading edge
proteomics company through the opening of its own research facility in London.
Over the same period, the announcement in February that the human genome
sequence contained 30,000 genes has created unprecedented interest and
activity in both genomics and proteomics from commercial and academic
quarters, in particular in the USA and Europe. Proteomics technology is now
more readily appreciated as a robust technology which has high application
potential.

This has provided a most appropriate platform for the research projects and
results generated from the two principal research activities at Proteome
Sciences; proteomics and modification of gene expression.

In spite of the most difficult market conditions for raising funds and against
the sharp declines in global stock markets in particular in the technology
sector, we are delighted to announce that Proteome Sciences is expected to
complete later today a $7m funding for Intronn Inc in the USA. At the same
time, Europroteome AG, in which Proteome Sciences converted an interest in
some intellectual property into an equity stake earlier this year, has also
closed a Euro 9.5m funding. This provides both entities with a strong
financial position to exploit and implement an expanded business strategy
based on the exciting technology platforms that they have developed.

The main events of the year to date can be summarised as follows :

Proteomics

  * The CJD/nvCJD blood assay successfully completed testing on 24 samples
    and currently B testing is in progress. Data from the programme
    will be collated and further results will be available in the fourth
    quarter of the year.
  * Applying similar proteomic methodologies, Proteome Sciences has
    identified new biomarkers in cerebrospinal fluid (CSF) and blood of BSE
    infected cattle. Further patents have been filed and alpha testing is
    underway using bovine blood samples.
  * A new series of protein markers have been discovered in blood for acute
    rejection. This follows on from the research programme in solid organ
    transplant rejection where chronic rejection markers have already been
    identified. Further patent applications have been filed.
  * The building works at the company's laboratory at King's College, London
    were completed in July and research commenced at the advanced proteomics
    facility at the end of the month. The high quality data generated has
    already resulted in a patent application.
  * Key recruitment for the King's laboratory has been completed and the
    facility and equipment will be fully functional in the fourth quarter of
    the year. A range of grant applications and strategic research
    partnerships are being actively pursued. The objective for 2002 is to
    obtain sufficient research grant contributions and third party processing
    income to make the cost of the KCL facility cash flow neutral.
  * Commercialisation of the biomarkers for CJD/nvCJD, stroke and transplant
    rejection are the primary targets as are the projects in diabetes/obesity
    and cancer. Suitable partners are now being sought to develop the BSE
    assay.
  * Proteome Sciences was awarded a £450,000 grant with Mindset
    BioPharmaceuticals Ltd. to discover new therapeutic targets and diagnostic
    markers for Alzheimer's Disease.

Modification of Gene Expression

  * Chris Walsh, Intronn's collaborator for Factor VIII (haemophilia) at the
    University of North Carolina, presented results at the National
    Haemophilia foundation meeting in the US which demonstrated a full length
    repair of Factor VIII mRNA in a mouse model system. A paper has been
    submitted for publication and a US patent application was lodged in
    advance of public disclosure.
  * SMaRT was utilised by John Walsh at the University of Iowa to correct
    the endogenous defect in human bronchial xenographs from cystic fibrosis
    patients. This in vivo tissue model brings the cystic fibrosis research a
    step closer to the pre-clinical stage.
  * Intronn LLC confirmed a new event, double splicing of pre-mRNA using
    SMaRTTM at the Keystone Symposium USA in January. This has profound
    implications for gene delivery and demonstrates that the complexity of
    delivery through different vectors can now be achieved with simple
    chemistry using SMaRT.
  * Intronn signed a CRADA (co-operative research and development agreement)
    with the National Cancer Institute (NCI) in the USA to develop fast track
    therapeutics for human papillomavirus and cervical cancer.
  * A third patent application was filed at the end of June by Intronn LLC
    and Proteome Sciences relating to synthetic oligonucleotides and their
    utility for monitoring the levels of impurity and length on DNA chips.


        Corporate

  * Dr. Gunter Schmidt has been appointed as a non executive Director. He
    was founder and executive director of Brax Group Limited a company
    specialising in high throughput genomic/proteomic technology which was
    sold to Aventis Research and Technology GmbH last year. He was an
    associate director of biochemistry at Merck, Sharp and Dohme Inc., USA and
    prior to that Head of Mammalian Genetics at Glaxo Group Research Ltd., UK.
    He is also acting in a strategic business development capacity as a
    consultant to the Company.

Financial Results


    The financial results for the six months to 30th June, 2001 show a loss
    before taxation of £509,108 compared with £606,799 in the corresponding
    period in 2000. This includes a favourable movement in realised exchange
    gains of £225,778 (2000 : £238,044). Cash at the 30th June, 2001 stood at
    £2.3m

Future Outlook

Following the news earlier this year relating to the sequence information from
the human genome, Proteome Sciences is poised to play a key role in unlocking
value from functional genomics. This particularly applies to the two platform
technologies - proteomics and modification of gene expression, with
substantial funding obtained for Intronn Inc and Europroteome AG against the
most difficult market conditions. Innovative leading edge research projects
have been converted into fully funded corporate entities with outstanding
opportunities to exploit the multiple applications that the technologies
provide.

The opening of the proteomics facility in London gives us for the first time
the capability 'in house' to enter into high value strategic research
programmes and partnerships with major pharmaceutical and biotechnology
companies. Future prospects look most encouraging and the Directors are
confident that the results from across our research programmes will be
converted into significant commercial value.





 Unaudited consolidated profit and loss account for the six months ended 30th
                                  June, 2001

                         Six months ended  Six months ended    Year ended 31st
                           30th June 2001    30th June 2000      December 2000
                                        £                 £                  £

  Administrative                (574,118)         (652,392)        (1,149,995)
  Expenses (Note 4)                                                           
  Realised exchange               225,778           238,044            303,158
  gains                                                                       
  Research and                  (205,566)         (234,887)          (695,018)
  Development expenses                                                        
  Other operating                       -             (139)               (35)
  expenses                                                                    
  Operating Loss                (553,906)         (649,374)        (1,541,890)
  Interest receivable              62,260            47,923            158,135
  Interest payable and           (17,462)           (5,348)           (21,692)
  similar charges                                                             
  Loss on ordinary              (509,108)         (606,799)        (1,405,447)
  activities before                                                           
  taxation                                                                    
  Tax on loss on                        -                 -                  -
  ordinary activities                                                         
  Accumulated deficit           (509,108)         (606,799)        (1,405,447)
  for the period                                                              
  Loss per share/Basic             0.56p             0.71p              1.59p 
  and diluted                                                                 


                      Notes to the Financial information


1.     There has been no change to any of the accounting policies set
       out in the 2000 statutory accounts.

2. Following the loss of £509,108 incurred in the period, the Directors do not
   recommend the payment of a dividend.

3.
                a)      The calculation of the loss per share for the six
                months ended 30th June 2001 is based on the loss for the
                financial period of £509,108 and on 91,538,400 Ordinary
                Shares, being the number of shares in issue and ranking for
                dividend during the period (six months ended 30th June 2000 -
                loss £606,799, weighted average number of Ordinary Shares in
                issue and ranking for dividend, 85,533,704).

                b)     The calculation of the loss per share for the year
                ended 31st December 2000 is based on the loss for the year of
                £1,405,447 and on 88,552,458 Ordinary Shares, being the
                weighted average number of share in issue and ranking for
                dividend during the year.

4.     Administrative expenses for the six months ended 30th June
       2000, include £219,000 for costs associated with the Placing and Open
       Offer in March 2000.

5.     The preceding financial information does not constitute
       statutory accounts as defined in Section 240 of the Companies Act
       1985. The financial information for the year to 31st December 2000 is
       based on the statutory accounts for that year. These accounts, upon
       which the auditors issued an unqualified opinion, and which did not
       contain any statement under Section 237(2) or (3) of the Companies Act
       1985, have been delivered to the Registrar of Companies.