Prototype AAGP™ Derivative Expands Protokinetix'
Intellectual Property and Cell Survival Applications

PROTOKINETIX INC. (PKTX: OTCBB)
VANCOUVER, BRITISH COLUMBIA, JULY 31, 2008

ProtoKinetix Inc. (PKTX) is pleased to announce that the TF Chem scientific team, on the behalf of ProtoKinetix, has synthesized a new AAGP™ derivative. TF Chem, headed up by ProtoKinetix’ Chief Scientist Dr. Geraldine Deliencourt, has successfully developed a prototype derivative of AAGP™. It is confidently expected that this prototype derivative will significantly enhance the already powerful preservative characteristics of AAGP™. Advanced Nuclear Magnetic Resonance (NMR) analysis has confirmed the successful structure of this prototype molecule. Dr. Deliencourt says, “This new structure has the potential to increase AAGP™ bioactivity by a factor of over one hundred times.”

The value of this new derivative will come from a substantial gain in the protective mechanism of AAGP™ which will lead to a sizable decrease in concentrations required by each application. The effectiveness and efficiency gains will be quantified in biological evaluations over the next few weeks. Highly sensitive cells (such as human embryonic stem cells) require the lowest possible concentrations in their preservation and treatment. Therapeutic applications are best served by low concentrations of biologically active components.

These low levels of concentration will be of vital importance to all segments of the pharmaceutical, cell therapy, blood preservation and skin care industries. Minimal concentration requirements of AAGP™ will also enable ProtoKinetix to enter into new therapeutic applications.

About ProtoKinetix

ProtoKinetix, Inc. is a biotechnology company that has developed and patented a family of synthetic anti-aging glycopeptides (AAGP™) for medicine and the biotechnology and cosmetic industries. PKTX is currently in dialogue with major corporations and institutions who have contacted the company about the broad range of applications for AAGP™ products.

For more detailed information, please visit our 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.

Ross L. Senior, President and CEO

ProtoKinetix Inc.
Investor Contact
Blair Henderson, 604-687-9887