Proteologics and GlaxoSmithKline (GSK) Extend Their Research Collaboration for an Additional Year

REHOVOT, Israel, March 18, 2013 /PRNewswire/ --

Proteologics Ltd. (TASE: PRTL), a leading drug developer based on the ubiquitin system, announced today that, under the terms of the 3- year original collaboration agreement signed with GSK in March 2010, the parties have agreed to extend the collaboration for an additional year.

Josh Levine, the CEO of Proteologics commented: "We are appreciative of the excellent working relationship and confidence that GSK has in Proteologics to allow GSK to extend the collaboration.  Proteologics is hopeful that by the end of the collaboration we will be able to deliver to GSK a selective inhibitor of an E3 Ligase, the most selective intervention point in the ubiquitin system."

About Proteologics:

Proteologics is a leading drug discovery company focusing on small molecule inhibitors of the ubiquitin system.  Professors Avram Hershko and Aaron Ciechanover, the 2004 Nobel Laureates for the discovery of the ubiquitin system, are actively involved with the company and lead the company's Scientific Advisory Board. Proteologics has entered into a number of collaborations including with GSK as well as leading labs around the world.  Proteologics is a public company, traded on the Tel Aviv Stock Exchange and has leading investors including GSK and leading Israeli biotech companies and venture funds.

For more information, contact Avishai Levy, avishai@proteologics.com or +972-8-9475666

SOURCE Proteologics Ltd