FURTHER LOAN AGREEMENT

3rd July 2008

Cobham, (July 3, 2008) – The Board of Proteome Sciences plc is aware of no reason that would account for the recent share price fall following the publication of the Preliminary Statement and the Annual Report and Accounts for 2007.

As noted in the 2007 Report and Accounts, the company recently concluded an outstanding license deal with Thermo-Fisher Scientific for its TMT® isobaric mass tags in April. This agreement provides strong cash flow, which transforms the prospects for the company with sustainable, rising revenue from all areas of our activities and the broad TMT® workflows will in addition accelerate the utility and application of biomarkers in drug development and diagnostics.

The Board strongly endorses its comments from last week that this will provide the pharmaceutical and life sciences industry with a much needed solution to the challenges in biomarker validation and against this background the prospects for the business look most encouraging.

In order to allay any shareholder concern over the potential dilution that might theoretically arise from the conversion of the loan from C.D.J. Pearce, the company’s Chief Executive, it has today been agreed that, were such conversion to take place, the company would use its best endeavours to enable other shareholders to participate by way of equity subscription on similar terms.