Toronto, October 25, 2005 — Protana Inc. ("Protana") brought an application (the "Application"), to be heard at the Ontario Superior Court of Justice (Commercial List) on November 1, 2005, for the appointment of Deloitte & Touche Inc. as interim receiver and receiver and manager of Protana and to approve the sale of substantially all of the assets of Protana to Transition Therapeutics Inc. The Notice of Application and other materials relating to the Application are available below.

October 28, 2005 — Protana filed a Notice of Intention to Make a Proposal on October 28, 2005.  Documents relating to the proposal are available below.

November 1, 2005 — By Order of the Ontario Superior Court of Justice, Deloitte & Touche Inc. was appointed as interim receiver and receiver and manager ("Receiver") of Protana. Concurrent with the appointment of the Receiver, the Court approved the sale of substantially all of the assets to Transition Therapeutics Inc. and Protana ceased operations. January 6, 2006 – Protana Inc. filed a proposal with the Official Receiver.

January 26, 2006 – At the meeting of creditors to consider the proposal, an amended proposal was approved by the required majority of creditors.

February 10, 2006 – By Order of the Ontario Superior Court of Justice, the amended proposal was approved.

February 10, 2006 – By Order of the Ontario Superior Court of Justice, the sale by auction of the remaining assets of Protana was authorized and approved.

April 5, 2007 – By Order of the Ontario Superior Court of Justice, Deloitte & Touche Inc. was discharged as Receiver of Protana.  The Receiver has completed its administration of the receivership estate and pursuant to the terms of the Amended Proposal, after payment of secured claims and receivership costs, the remaining net proceeds of realization were transferred to the Proposal Trustee for distribution to the unsecured creditors.

For further information, please contact Huey Lee at (416) 601-4496 or Brenda Wong at (416) 601-5920.

Court Documents:
Notice of Application - October 21, 2005
Order - October 25, 2005
Affidavit of Dr. Mark L. Pearson
Exhibit A to Pearson Affidavit
Exhibit B to Pearson Affidavit Part 1
Exhibit B to Pearson Affidavit Part 2
Exhibit C to Pearson Affidavit
Book of Authorities
Factum
Interim Receiver Consent - October 31, 2005
Supplementary Record - Part 1 - p1-49
Supplementary Record - Part 2a - p50-59
Supplementary Record - Part 2b - p60-69
Supplementary Record - Part 2c - p70-104
Supplementary Record - Part 3 - p105-162
Supplementary Record - Part 4 - p163-189
Appointment of Interim Receiver - November 1, 2005
Sales Approval and Vesting Order - November 1, 2005
Order - November 25, 2005
Order (NOI Extension) - November 24, 2005
Order (Approving Auction) - February 10, 2006
Order (Discharging Receiver) - April 5, 2007

Proposal Documents:
Notice of Intention to Make a Proposal - October, 28, 2005
Projected Statement of Cash flow - January 6, 2006
Statement of Financial Position - January 6, 2006
Notice of Hearing - January 26
Proposal - January 6, 2006
Amended Proposal
Trustee's Report on Proposal
Notice of Proposal to Creditors
Voting Letter
Proof of Claim
Proxy
Form 40 Report of Trustee
Order (Approving Proposal) - February 10, 2006

Reports:
First Report of Proposed Interim Receiver
Notice and Statement of Receiver - November 11, 2005
Second Report to the Receiver - November 22, 2005
Third Report of the Receiver - November 22, 2005
Fourth Report of the Receiver - February 3, 2006
Fifth Report of the Receiver - March 21, 2007
Final Statement of Receiver - May 3, 2007