PRESS RELEASE - MAY 17, 2007 - PROTOKINETIX INC.

ProtoKinetix Inc. (OTCBB:PKTX) is pleased to announce that Dr. Ray V. Rajotte at the University of Alberta has completed preliminary trials in which islet cells were preserved for 24 and 48 hours before being transplanted into diabetic mice. The results show that mouse islet cells preserved for 24 hours in the presence of 3 amino acid AAGPTM have improved function post-transplant in that diabetes was corrected more quickly in these animals as compared to the controls. This confirms a similar study carried out by Dr. Rajotte using 3 amino acid AAGPTM.

The initial study involved the transplantation of 250 islet cells into each of the diabetic mice, with 4 mice in each group. Results from this trial were very encouraging, with the islet cells treated with the 3 amino acid AAGPTM surviving better in vitro during 24 hour culture than the control or the 2 amino acid AAGPTM treated islet cells. A second trial was performed to confirm the results of the first trial. This trial had 10 mice in each group with only 100 islet cells transplanted into diabetic mice (250 islet cells are usually needed to correct diabetes in this mouse model).
The data on the mice receiving islet cells preserved for 24 hours demonstrated:

Blood glucose levels in the 3 amino acid AAGPTM treated group were lower post-transplant than were the control group's.
When the transplanted islet cells were surgically removed from the transplanted mice after 45 days of monitoring, all mice became diabetic once again, confirming the effect was due to the transplanted islet cells.
Microscopic examination of the tissue showed well preserved islet cells with insulin staining, which is consistent with the normal blood glucose in these animals.

The results from this study can be seen in the graph associated with this press release.
Full details and results are available on the company website at www.protokinetix.com.
Dr. Rajotte is Professor of Surgery and Medicine, Director of the Surgical-Medical Research Institute, and Director of the Islet Transplantation Group at the University of Alberta. Dr. Rajotte is a pioneer in the field of islet transplantation. The Islet Transplantation Group at the University of Alberta developed the Edmonton protocol which has set the standard worldwide for clinical islet transplantation.
The data from the two animal experiments shows that the 3 amino acid AAGPTM improves survival during 24 hour tissue culture in that these islet cells normalize the blood glucose more quickly than non-treated control islet cells.
These encouraging results will enable the University of Alberta and ProtoKinetix Inc. to move forward with a more extensive research program to test the effectiveness of AAGPTM during organ storage and cryopreservation for low temperature banking of islets. Improved islet cell survival during organ preservation, culture, and cryopreservation would greatly help the field of islet transplantation and allow more patients to be transplanted.

ProtoKinetix Inc is a Biotechnical Company dedicated to the development of a family of synthetic antifreeze glycoproteins (AAGP™) for human and veterinary medicine, the bio technology and cosmetic industries. Using previously published research on native antifreeze proteins and antifreeze glycoproteins as a guide, and coordinating a vast pool of world recognized intellectual talent in a networked environment, PKTX is conducting rapid and meaningful research with a view to developing markets for this very useful family of molecules. Sign up for free automatic email news alerts at our new website at: www.protokinetix.com

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Some information included in this press release contains statements that are forward-looking. Such forward-looking information involves significant risks and uncertainties that could affect anticipated results in the future and, accordingly, these results may differ materially from those expressed in any forward-looking statements made by or on behalf of the Company. For a description of additional risks and uncertainties, please refer to the Company’s filings with the Securities and Exchange Commission.