Proteus Int PLC - Merger Timetable, etc.

RNS No 2614d
PROTEUS INTERNATIONAL PLC
19 August 1999


Proteus International plc ("Proteus")
Therapeutic Antibodies Inc ("Therapeutic Antibodies")

Completion timetable for the Merger & the Placing
Proposed change of name to Protherics PLC

The boards of directors of Proteus and Therapeutic Antibodies have pleasure in
announcing the expected timetable for completion of the merger of the
companies announced on 20 May 1999 (the "Merger"), as described below.

The boards of Proteus and Therapeutic Antibodies announce that it is proposed
to rename the enlarged group Protherics PLC on completion.

*    Proteus will today issue a circular, comprising listing particulars, to
its shareholders which will convene an extraordinary general meeting to be
held on 13 September 1999.

*    Therapeutic Antibodies expects today to send a proxy statement/prospectus
to its stockholders convening a special stockholders meeting to be held on 13
September 1999.

*    Following approval of the Merger at both Proteus' and Therapeutic
Antibodies' shareholders meetings on 13 September 1999, Therapeutic Antibodies
will make an application for the cancellation of the listing of its
common stock on the London Stock Exchange following the close of business on
14 September 1999.

*    It is expected that completion of the Merger will occur at 9am on 15
September 1999 and that dealings in the new Protherics ordinary shares will
commence at that time.

Application has been made for the admission of up to 88,035,551 new ordinary
shares of 2p each of Proteus ("Shares") to be admitted to the  Official List
of the London Stock Exchange.  These Shares comprise: 23,325,000 Shares issued
in connection with a non pre-emptive placing at 40p (the "Placing"), to raise
approximately #7 million net of expenses; up to 60,542,545 Shares to be
issued as consideration for the entire current issued share capital of
Therapeutic Antibodies; and up to a further 4,168,006 shares which may be
issued in the event of the exercise of options and warrants to acquire shares
of common stock of Therapeutic Antibodies.

19 August 1999

Enquiries:

David Gration                                Andrew Heath
Chairman                          Chief Executive Officer
Proteus International plc      Therapeutic Antibodies Inc
01625 500555                                0171 606 8637
                                                         
   
Lisa Baderoon                         William Clutterbuck             
Buchanan Communications          The Maitland Consultancy
0171 466 5000                               0171 379 5151
                                                         
Christopher Collins/Ronald                     Tony Brown
Openshaw                           The British Linen Bank
WestLB Panmure Limited                            Limited
0171 860 3670                               0171 710 8800

Robin Binks / Tim Cofman                                 
Deloitte & Touche Corporate
Finance
0171 303 6720 / 0121 695
5742


END

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