Nir Nimrodi appointed as CEO of Proneuron Biotechnologies, Inc.
March 10, 2002

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NESS ZIONA,

Proneuron Biotechnologies Inc. announced today the appointment of Nir Nimrodi as its CEO. Nimrodi will also join Proneuron's Board of Directors.

Nir Nimrodi brings to Proneuron diversified global experience in the biotechnology and pharmaceutical sectors. During the nineties he held various senior management positions at Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA). During the past 3 years Nir was CEO at Mindsense Biosystems Ltd., a biotechnology company positioned at the crossroad between modern biology and psychiatry. During this term Nir completely transformed Mindsense vision, business and scientific strategies, led its global business and R&D activities, executed strategic deals and concluded several fund raising rounds with US, European and Israeli investors. Nir holds BA and MBA degrees from Tel Aviv University.

"Proneuron's mission - to utilize cutting-edge scientific breakthroughs to revolutionize the treatment of CNS disorders, has prompted my decision to join Proneuron in this adventure. Proneuron is undergoing an exciting period. It has recently achieved several important milestones and is set to develop and commercialize the first ever therapy to successfully treat patients that suffer from complete spinal cord injuries. In addition, its platform technology was recognized by Teva Pharmaceutical Industries through the execution of a multimillion dollar deal involving licensing of Proneuron's neuroprotective vaccination therapy", said Nir Nimrodi.

Dale S. Miller, Proneuron's Executive Chairman of the Board, welcomed Nimrodi's appointment. "We are delighted that Nir has come on board as CEO to lead the company through its expected global expansion. As an executive at Teva and CEO of an Israeli Biotechnology firm, Nir has gained valuable business and management experience. His background involves strategic planning, market analysis, business development, fund raising, licensing activities, P&L management and Investor relations on Wall-Street. Nir's background and his vast industry network will play a critical role in the execution of our strategic plan to develop and eventually deploy the first ever therapy for spinal cord injuries and also implement our joint program with Teva".

Editor's Note
Proneuron Biotechnologies Inc., based in Ness-Ziona, Israel, is a privately held biopharmaceutical company developing products for the treatment of spinal cord injuries and other acute and chronic disorders of the central nervous system based on proprietary technology for modulating the interaction between the nervous and the immune systems. See http://www.proneuron.com for more information.

Contact: Nir Nimrodi, CEO
Tel. +972-8-9409550
Email: nir.nimrodi@proneuron.com