TORONTO & SAN JOSE, Calif.--(BUSINESS WIRE)--May 9, 2002--MDS Proteomics, a proteomics-based drug discovery company, and Thermo Finnigan, a Thermo Electron business (NYSE:TMO - news) and leading manufacturer of mass spectrometry instruments, today announced that they will collaborate on the design of new technology that will greatly accelerate the analysis of low-abundant proteins -- proteins that are most often associated with human disease. MDS Proteomics' experts in proteomics-based analyses will work with Thermo Finnigan's world-class engineering team to customize Thermo Finnigan FTMS instruments for MDS Proteomics' unique applications. This new technology, which is based on Fourier transform ion cyclotron resonance mass spectrometry (FTMS), significantly enhances analytical sensitivity, providing a several-thousand-fold boost in mass spectrometric resolution, a 50-fold improvement in mass measurement accuracy, and 100-fold improvement in the dynamic range detection of these trace proteins. MDS Proteomics will deploy the customized FTMS systems to dramatically reduce the time and effort required for drug-target discovery and therapeutic validation.

MDS Proteomics will contribute technical specifications pertaining to FTMS technology requirements for proteomic applications and receive exclusive access to beta versions of Thermo Finnigan's FTMS instruments. MDS Proteomics' evaluation and feedback during the early assessment period will provide Thermo Finnigan with important input as it develops a commercial FTMS product. The Thermo Finnigan FTMS proteomics platform will provide high dynamic range, accurate mass measurement, high mass resolution, and ultra-high sensitivity together with peptide sequencing capability, allowing unsurpassed low-level protein identification and a reduction in the overall analysis time. The combination of these breakthrough performance attributes will enable MDS Proteomics to more rapidly identify disease-specific proteins that are often present at trace quantities in human tissues.

"We are very excited by the opportunity to add Thermo Finnigan's proprietary technology to our already unique network of mass spectrometry systems supplied by Applied Biosystems/MDS Sciex Instruments," said Frank Gleeson, CEO and president of MDS Proteomics. "Together with these key partners, MDSP has developed mass spectrometry systems that are 10,000-times more sensitive and 100-times faster at identifying proteins and their interacting partners, representing a two-year lead time advantage over competing systems. This means we can now apply proteomics directly to accelerating the drug-discovery process in multiple ways. We plan to leverage the capabilities and expertise of both mass spectrometry technology platforms with our in-house biological and supercomputing capabilities to improve the productivity of the pharmaceutical industry in discovering and developing new medicines for the treatment of disease."

"We have a strong interest in working with MDS Proteomics, who are visionary leaders in developing novel applications for proteomics in drug discovery," said Ian Jardine, president of Thermo Finnigan. "Our ion trap mass spectrometers, many of which are currently used by MDS Proteomics for high-throughput analysis, are recognized as workhorse instruments in the field of proteomics. FTMS technology will give us another strong platform to serve researchers in protein science and proteomics. MDS Proteomics will provide us with valuable insights into market needs and applications as we develop FTMS."

About Thermo Finnigan

Thermo Finnigan is a leading supplier of total laboratory solutions for the analytical and life sciences industries. Product offerings include mass spectrometers, liquid chromatography equipment, gas chromatography equipment and multi-instrument combinations of these products, as well as a complete range of advanced software solutions. More information is available at www.thermo.com/thermofinnigan.

About Thermo Electron

Thermo Electron Corporation is a global leader in providing technology-based instruments, components, and systems that offer total solutions for markets ranging from life sciences to telecommunications to food, drug, and beverage production. The company's powerful technologies help researchers sift through data to make discoveries that will fight disease or prolong life. They allow manufacturers to fabricate critical components required to increase the speed and quality of communications. And they automatically monitor and control online production to ensure that quality standards are met safely and efficiently. Thermo Electron, based in Waltham, Mass., reported $2.2 billion in revenues in 2001 and employs approximately 12,000 people worldwide. For more information on Thermo Electron, visit www.Thermo.com.

About MDS Proteomics

A pioneer in the field of proteomic-enabled drug discovery, MDS Proteomics' goal is to transform the productivity of the pharmaceutical industry in discovering and developing new medicines for the treatment of disease. The company has developed exceptional capabilities in proteomics systems, technology, supercomputing, drug design, screening and biology and is uniquely positioned to build an effective bridge between gene discovery and therapeutic development. This distinctive capability is being used in collaborations with pharmaceutical and biotechnology companies as well as for the development of the company's own product pipeline. In its proteomics facilities in Europe and North America, the company focuses on drug target discovery and validation for both antibody and small molecule therapeutics. MDS Proteomics is a majority-owned subsidiary of MDS Inc. For more information on MDS Proteomics, visit the company's Website at www.mdsp.com.

About MDS Inc.

MDS Inc. (NYSE:MDZ - news; TSE:MDS - news) is an international health and life sciences company. Its products and services include: laboratory testing, imaging agents for nuclear medicine testing, sterilization systems for medical and consumer products, research and clinical development services for planning and delivery of cancer treatment, analytical instruments to assist in the development of new drugs, and medical/surgical supplies. MDS employs more than 10,000 highly skilled people at its global operations on four continents. Detailed information about the company is available at the MDS Website at www.mdsintl.com.

The following constitutes a "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth under the heading "Forward-Looking Statements" in Thermo Electron's Annual Report on Form 10-K for the fiscal year ended December 29, 2001. These include risks and uncertainties relating to: integration of the company's instrument businesses, implementation of the company's strategies for improving internal growth, the company's guarantee of obligations of a subsidiary that was spun off, the effect of exchange rate fluctuations on international operations, potential impairment of goodwill, the need to develop new products and adapt to significant technological change, dependence on customers that operate in cyclical industries, the effect of changes in governmental regulations, and dependence on customers' capital spending policies and government funding policies. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

     MDS Proteomics
     Debora Smith, 416/646-6349
     dsmith@mdsp.com
        or
     Thermo Finnigan
     Wendy Weise, 408/965-6577
     wweise@thermofinnigan.com