Press Releases

Utrecht, The Netherlands / Cambridge, UK - 30 November 2006 - PanGenetics B.V. announced today that the Company has successfully concluded a licensing agreement with Schering-Plough Corporation. Under the terms of the agreement, Schering-Plough has granted PanGenetics exclusive rights to an undisclosed therapeutic antibody from Schering-Plough’s preclinical portfolio.

PanGenetics will assume responsibility for the IND/CTA enabling preclinical program and will carry out initial clinical safety and efficacy evaluation. After a successful proof-of-concept clinical study, Schering-Plough has the option to either assume exclusive responsibility for further development of the antibody or enter into a co-development arrangement with PanGenetics. Both options will be subject to predefined commercial terms with a total potential value for PanGenetics in excess of 50 million US dollars in upfront and milestones payments. In addition, Schering-Plough has granted PanGenetics the option to license a second antibody from its portfolio.

As part of the agreement, Schering-Plough will become a shareholder in PanGenetics, joining current investors, Index Ventures, ABN-AMRO Life Sciences and Credit Agricole Private Equity, which co-invested in the Company during a successful Series B financing earlier this year (see PanGenetics press release, 27 March 2006).

“This is an important validation of the PanGenetics business model, which focuses on in-licensing preclinical stage antibodies which are then developed to clinical proof of concept.” said Kevin Johnson, CEO of PanGenetics. “We’re looking forward to a long and productive collaboration with Schering-Plough.”

Notes to Editors

About PanGenetics B.V.

PanGenetics is headquartered in Utrecht, The Netherlands with an office near Cambridge in the UK. The Company specialises in taking antibodies at the late research stage through to clinical proof of concept. The Company employs a lean business model with most development activities outsourced to specialist providers in Europe. The most advanced program is PG102, a CD40 antagonist that has already shown promise in an open-label Phase Ib/IIa Crohn’s study. The Company's management, board and advisors comprise many of the world’s leading antibody developers.

Source: PanGenetics B.V., November 30, 2006

For more information contact:

PanGenetics:                            Dr. Arnoud Dijkstra
                                                            Tel. +31 (0) 30 253 7911
                                                            info@pangenetics.com
                                                            www.pangenetics.com

            Northbank Communications:    Sue Charles, Gemma Bradley, Katie Odgaard
                                                            Tel. +44 (0)20 3008 7550
                                                            pangenetics@northbankcommunications.com