Mr. Allenstein has more than 15 years experience in finance management and has held senior management positions with several successful companies.  Most recently, Mr. Allenstein was the CFO at Proficiency Ltd, a Jerusalem-based company with 95 employees. Previously, Mr. Allenstein was one of the original employees at Cellcom, the leading Israeli cellular telephone company, where he was the Financial Comptroller responsible for the internal control and financial reporting as the company grew from a startup to over $1 billion in turnover in 5 years. Mr. Allenstein is experienced in US and Israeli corporate accounting. He obtained his degree in economics, specializing in computing from the London School of Economics in 1980.

"We welcome Mr. Allenstein as a valuable addition to our team. We are confident in Mr. Allenstein's capabilities to lead the financial management of this fast evolving biopharmaceutical company" said Dr. Daniel Chain, Mindset's President and Chief Executive Officer. "The company aims to have its lead product, OXIGON®, in human clinical trials early 2003”, added Dr. Chain.

About Mindset BioPharmaceuticals

Mindset is emerging as an innovative leader, developing new therapeutic products for the treatment of Alzheimer's disease and other neurodegenerative diseases.  The company has three major therapeutic programs: a unique small molecule OXIGON®, which targets two key mechanisms, oxidative damage and amyloid fibrillogenis that underlie the pathogenesis of Alzheimer's disease, therapeutic monoclonal antibodies and a vaccine to immunize patients against the harmful affects of Alzheimer’s toxin for so-called amyloid protein.  In addition to its drug discovery programs, Mindset has developed a unique platform for lead drug candidate selection and optimization using transgenic mouse models to study drugs effects in Alzheimer's disease and other neurodegenerative disorders including cognitive impairment.  Thus, Mindset has two business units, Mindset BioPharmaceuticals which manages the company’s research and development activities from discovery through clinical proof of concept, and MindGenix, which offers contract research in the transgenic models.  Mindset is lead by a world-class team and is backed by two leading investment groups, MPM Capital and Clal Biotechnology Industries. Mindset's proprietary approach is also supported financially by prominent opinion leaders in the United States. For more information on Mindset please visit www.mindset.co.il.

About Alzheimer's Disease

Alzheimer’s disease is a  neurodegenerative disorder affecting approximately 8 million Europeans and Americans and the number is expected to rise dramatically with an increasing elderly population. With symptoms ranging from forgetfulness to language difficulties, from changes in mood and personality to loss of insight culminating in the destruction of brain cells, this devastating condition is one of the leading causes of death in the western world.

Until now, no cure or disease-modifying therapy has been developed for Alzheimer’s disease. Drugs currently available for the treatment of the disease appear to affect symptoms of the disease, rather than the underlying pathogenesis. There is an urgent need to rethink the goals of Alzheimer’s disease treatment and to create drugs that will not only alleviate cognitive problems associated with the malady’s early stages, but more importantly, slow progression and even prevent the disease altogether. Mindset is poised to meet the therapeutic challenge created by the steadily rising prevalence of Alzheimer’s disease and other neurological disorders.