Progenitor Cell Therapy To Provide The Platform For Cell Processing For Proneuron's Clinical Trials with ProCord™ In New York and New Jersey
June 25, 2003

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Hackensack, N.J. and Los Angeles, CA (June 25, 2003)
Progenitor Cell Therapy, L.L.C. (PCT) and Proneuron Biotechnologies, Inc (Proneuron) today announced that they have signed a two-year agreement to provide for the processing of human cells for Proneuron's clinical trials in New York and New Jersey. Upon receipt of the requisite approval of the United States Food and Drug Administration, the center will also provide for the commercial manufacturing of products.

According to terms of the agreement, PCT will manufacture autologous cells at its East Coast facility for evaluating therapeutic efficacy in patients with recent spinal cord damage, using Proneuron's proprietary technology (ProCord™).

"We are happy to embark on this collaboration. Our initial clinical results have been encouraging and our arrangement with PCT significantly adds to our other cell processing operations in Denver, CO. These two sites together will set the basis for our next stages in the development of ProCord™. PCT has built a strong track record in the performance of cell manufacturing for clinical trials and will provide a solid base of operations for the launching of our clinical trial and ultimately commercial activity in the east coast", said Nir Nimrodi, Proneuron's chief executive officer.

"We are very enthusiastic about the relationship with Proneuron, and view the opportunity to expand our client base as an important milestone in the development of our Company," said Dr. Andrew L. Pecora, PCT's chairman and chief executive officer.

"We very much look forward to doing our part to ensure that the highest quality cellular therapeutics reach this important and needy patient population," said Dr. Robert A. Preti, president and chief scientific officer of PCT. "Proneuron's cutting edge and innovative technology expands the list of cellular medicines manufactured by Progenitor and provides us with an exciting foray into the field of spinal cord repair."

About Proneuron Biotechnologies
Proneuron Biotechnologies Inc. 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. Proneuron has recently entered in to a strategic agreement with Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA) to jointly develop a therapeutic vaccination for a number of neurological diseases including spinal cord injury. For more information about Proneuron and ProCord™, visit www.proneuron.com.

About Progenitor Cell Therapy, L.L.C.
Progenitor Cell Therapy is a commercial cell engineering company that provides for the collection, manufacture, storage and redistribution of human cells for therapeutic purposes through a nationwide network, operated in compliance with current Good Manufacturing Practices. For more information, visit www.progenitorcelltherapy.com.