Pieris enters into a collaborative research and option agreement with GE Healthcare

Freising-Weihenstephan, Germany (ots) - Pieris Proteolab AG and GE
Healthcare today announced that they have entered into a research
collaboration for the discovery of novel targeted in vivo diagnostic
and medical imaging compounds, a technology that could enable earlier
detection and diagnosis of major diseases such as cancer.

Pieris' proprietary ANTICALIN technology allows the rapid
generation of high affinity human protein product candidates for
defined disease targets. Due to their favorable biodistribution, high
target specificity and acceptability to protein engineering
approaches, ANTICALINS are considered suitable candidates for
targeted in vivo imaging applications. After an initial feasibility
study the parties decided to enter into a research collaboration,
aimed at testing the ANTICALIN technology for targeted imaging.
Pieris will use the ANTICALIN technology to select protein ligands to
two disease relevant targets selected by GE Healthcare. GE Healthcare
will then have an option to advance clinical development of any
imaging agent resulting from the collaboration under an exclusive
license. The rights for therapeutic use of the ANTICALINS will remain
with Pieris.

The collaboration will be supervised by a steering committee
consisting of representatives from both companies.

"Based on our knowledge and data we always considered targeted
imaging as a very attractive application for ANTICALINS," said Dr.
Volker Lang, VP Business Development of Pieris. "This has been
underlined by entering into the research collaboration with a market
leader such as GE Healthcare, and thereby validates the basic
characteristics of ANTICALINS as beneficial for targeted imaging," he
continued.

GE Healthcare is committed to personalized healthcare and actively
collaborates with innovative research-oriented biopharmaceutical
companies and leading academic centres. "Pieris' proprietary
technology may prove useful in our search for novel imaging agents in
a range of disease areas. Our aim is to allow diagnosis of diseases
as early as possible, thereby allowing physicians to optimize therapy
on a personalized basis" said Dr. Marivi Mendizabal, Head of Research
in GE Healthcare, Medical Diagnostics.

The parties have agreed not to disclose any further details of the
R&D agreement.

Originaltext: Pieris ProteoLab AG
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Contact details:

PIERIS Proteolab AG
Dr. Volker Lang
VP Business Development
Tel: +49 (0) 8161 1411400
Fax: +49 (0) 8161 1411444
E-mail: info@pieris.biz
http://www.pieris.biz

GE Healthcare
Shaun Wootton
PR Manager
Tel: +44 (0)1494 498068
E-mail: shaun.wootton@ge.com

Notes to editors

About Pieris

PIERIS Proteolab AG is a biopharmaceutical company that focuses on
the development and commercialization of novel and improved protein
therapeutics on the basis of its proprietary ANTICALIN technology.
The ANTICALINS® are engineered receptor proteins with antibody-like
functions derived from natural lipocalins as a scaffold. The company
exploits the proprietary ANTICALIN technology for the development of
superior human biotherapeutic products, especially in the area of
oncology and inflammation/autoimmune diseases. Currently, PIERIS has
four preclinical product development programmes and intends to
prepare the filing for its first INDs during 2007.
ANTICALIN, ANTICALINS, PIERIS Proteolab®, and the company's logo are
registered trademarks or service marks of PIERIS Proteolab AG.

About GE Healthcare

GE Healthcare provides transformational medical technologies that
are shaping a new age of patient care. Our expertise in medical
imaging and information technologies, medical diagnostics, patient
monitoring systems, drug discovery, and biopharmaceutical
manufacturing technologies is helping clinicians around the world
re-imagine new ways to predict, diagnose, inform and treat disease,
so their patients can live their lives to the fullest.

GE Healthcare's broad range of products and services enable
healthcare providers to better diagnose and treat cancer, heart
disease, neurological diseases, and other conditions earlier. Our
vision for the future is to enable a new "early health" model of care
focused on earlier diagnosis, pre-symptomatic disease detection and
disease prevention. Headquartered in the United Kingdom, GE
Healthcare is a $15 billion unit of General Electric Company (NYSE:
GE). Worldwide, GE Healthcare employs more than 43,000 people
committed to serving healthcare professionals and their patients in
more than 100 countries. For more information about GE Healthcare,
visit www.gehealthcare.com

Contact:
Dr. Volker Lang
VP Business Development
Tel: +49 (0) 8161 1411400
Fax: +49 (0) 8161 1411444
E-mail: info@pieris.biz
http://www.pieris.biz