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Proteonomix, Inc. : Proteonomix, Inc. Announces That Its Subsidiary, Proteoderm, Inc., Has Entered Into a Letter of Intent With

^{Published on 2008-12-15 13:07:35 - Market Wire}
 

MOUNTAINSIDE, NJ--(Marketwire - December 15, 2008) - Proteonomix, Inc. (PINKSHEETS: [ PROT ]) announces that its wholly-owned subsidiary, Proteoderm, Inc., and Sinoquest Investment Limited have signed a letter of intent (LOI), whereby, under a definitive agreement to be consummated, Sinoquest will gain exclusive rights in China, Taiwan, and Hong Kong to purchase for distribution of Proteoderm's revolutionary new stem cell-derived skin care products containing the bioactive protein matrix NC-138™. The products include Proteoderm's special high end formulation and an over-the-counter formulation, currently under development. Proteoderm intends to sell to Sinoquest the pre-mixed material in bulk and a license of its name and the right to use the material in Sinoquest's own containers. Both companies expect to begin distribution in the first quarter of 2009.

Peter Wang, President of Sinoquest, is a proven marketing expert in China. He founded and developed UTStarcom, Inc., which sold over 150 million personal handy phones in China, creating a multi-billion dollar business in eight years. Peter Wang is also Chief Executive Officer and Chairman of the Board of Directors of China Biopharma, Inc.

Michael Cohen, President of Proteonomix, commented, "After years of research and development, Proteoderm's products are now ready for commercialization. Proteoderm is pleased to enter this LOI with Sinoquest because of Sinoquest's ownership interests in several distribution networks including channels for pharmaceutical and cosmetic products in China. We are privileged to have Mr. Wang direct our sales and distribution in China, as well as Taiwan and Hong Kong. He has a proven track record of bringing new products to China and establishing them. Proteoderm is looking forward to a successful launch of its cosmoceutical products in China with Mr. Wang and Sinoquest."

Peter Wang, President of Sinoquest, stated, "We are very glad to sign an LOI with Proteoderm for distributing Proteoderm's unique skin care products. As the world's fastest growing economy, the Greater China region has demonstrated a huge market potential for high-end skin care products such as Proteoderm's cosmoceutical containing NC-138. We are very confident that these anti-aging products will become the leading stem cell-derived skin care products in the region."

About Proteonomix, Inc.

Proteonomix, Inc. is a biotechnology company focused on developing therapeutics based upon the use of human cells and their derivatives. It is developing an intellectual property portfolio in the areas of therapeutics and cosmetics. For more information, please visit [ www.proteonomix.com ] or [ www.proteoderm.com ] and [ www.pinksheets.com ].

"Safe Harbor Statement"

Under the Private Securities Litigation Reform Act of 1995, statements herein relating to the Company's expectations are forward-looking statements. The anticipated results, including the entering into an agreement reflecting the terms of the letter of intent and performance pursuance thereto may not occur.