Proposed Placing & Open Offer at 45p per Share

Proteome Sciences PLC
28 March 2000


Not for release, publication or distribution in or into the United States


                      Proteome Sciences plc

                       Proposed placing of
         3,777,775 New Ordinary Shares at 45p per share
              to raise approximately £1.7 million
                              and
                      Proposed Open Offer
                               by
                        WestLB Panmure
                               of
         10,199,636 New Ordinary Shares at 45p per share
          to raise up to £4.4 million, net of expenses

Summary

- Proteome Sciences plc ('Proteome' or the 'Company') is raising approximately
£6.1 million net of expenses by way of a Placing and an Open Offer on the basis
of 1 for 8 at 45p.  The Company is raising approximately £1.7 million through a
Placing and up to a further £4.6 million through an Open Offer.  WestLB Panmure,
are brokers to the Open Offer.

- Under the Placing 3,777,775 New Ordinary Shares are being conditionally placed
subject to shareholder approval, with certain existing shareholders at a price
of 45p per share.

  -  Funds raised pursuant to the Placing will be used to:-

     - continue and extend certain of the Company's proteomic research 
       programmes.

     - to take the Company's research through to commercialisation.

- Under the Open Offer 10,199,636 New Ordinary Shares are being offered to
qualifying shareholders on a 1 for 8 basis at a price of 45p per share.

  - Funds raised under the Open Offer in excess of £1.5 million will be 
  used to establish a small core proteomics facility in the UK.

The Record Date for the Open Offer is 20 March 2000 and the last time and date
for receipt of Application Forms is 3.00p.m. on 18 April 2000.  Application
Forms are personal to shareholders and may not be transferred expect to satisfy
bona fide market claims.

As approximately 20 per cent of the issued ordinary share capital of Proteome
Sciences plc is held in the US, Qualifying Shareholders should note that they
are entitled to apply for New Ordinary Shares in excess of their maximum initial
pro rata entitlements.

For further information, please contact:

Proteome Sciences PLC     Tel: [phone]
Christopher Pearce, Chief Executive Officer