Protein Sciences Announces Closing Of $6 Million Financing and Partnership In Diabetes Vaccine

Meriden, CT – Wednesday, January 4. Protein Sciences Corporation announced today that it closed a $6 million financing with three investors, Diamyd Medical AB (OMX: DIAMB) of Sweden (“Diamyd”), Pacific Rim Ventures Co., Ltd. of Japan and a family fund. This brings the total amount raised in 18 months to approximately $9 million, all of which is now represented by Series F Notes that will become equity not later than the end of 2006.

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