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Protein Sciences Announces Signing of a Forbearance Agreement With Emergent BioSolutions

Posted on: Thursday, 30 April 2009, 14:55 CDT

MERIDEN, Conn., April 30 /PRNewswire/ -- Protein Sciences Corporation ("PSC"), a privately owned company based in Meriden, CT, announced today that it had signed an agreement with Emergent BioSolutions, Inc. ("EBS"), a publicly traded company (NYSE: EBS), headquartered in Rockville, MD, establishing the terms for the repayment of the loan that Emergent made to PSC in 2008, terminating the 2008 Asset Purchase Agreement between the parties and resolving the outstanding litigation.

Daniel D. Adams, President and CEO of Protein Sciences said, "We are pleased to have an agreement in place with Emergent covering repayment of the loan and resolution of the litigation. The agreement provides for a reasonable amount of time to secure the funds needed to repay Emergent and the ability to retain a level of funds necessary to sustain our operations prior to repayment. We believe that with this agreement in place we will be able to secure funding from investors, strategic partners or through major contracts."

About PSC. PSC is a biopharmaceutical company, whose mission it is to save lives and improve health by effectively responding to our changing world with innovative vaccines and biopharmaceuticals. PSC uses recombinant DNA technology to make novel human and veterinary prophylactic and therapeutic vaccines and diagnostics. The active ingredients in all of the firm's products are recombinant proteins that are manufactured, using its patented protein expression technology, based upon baculovirus and insect cell technology.

In response to the current health emergency declared by the Department of Health and Human Services, PSC is developing a vaccine for the potential pandemic swine flu (PanBlok(R)) and expects to be manufacturing the vaccine within six weeks and to be able to produce 20,000 to 30,000 doses per week.

The Company's lead product is FluBlok(R), a seasonal recombinant trivalent influenza vaccine, consisting of influenza hemagglutin (HA) proteins. FluBlok is manufactured without the use of eggs, is highly purified and therefore does not require the use of thimerosal or antibiotics and is low in endotoxins. PSC filed a Biologics License Application for FluBlok with the FDA in April 2008 that was accepted for filing in June 2008 and received "Fast Track" designation in July, 2008. PSC anticipates that FluBlok will be approved in time for the 2009/2010 influenza season.

Our web site is (www.proteinsciences.com)

SOURCE Protein Sciences Corporation

Source: PR Newswire

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