AGY THERAPEUTICS ESTABLISHES SCIENTIFIC ADVISORY BOARD OF NEUROSCIENCE LEADERS

SOUTH SAN FRANCISCO, Calif. – Oct. 31, 2001 – AGY Therapeutics, a privately-held biotechnology company, announced today that it has established a Scientific Advisory Board (SAB) comprising some of the world's leading neuroscience and molecular biology experts, including a Nobel Prize recipient. The SAB will provide guidance on AGY's diverse programs to discover novel treatments for central nervous system diseases, such as stroke, depression and Alzheimer's disease.

"We are very pleased that these prominent researchers have accepted our invitation to join our scientific advisory board," said Dr. Karoly Nikolich, Founder and Chief Executive Officer of AGY Therapeutics. "Their combined knowledge and experience will facilitate and accelerate our target and drug discovery efforts and help increase our probability of success in the CNS therapeutics market."

The new SAB members are:
Paul Greengard, Ph.D. - (Chairman) Vincent Astor Professor and Head of the Laboratory of Molecular and Cellular Neuroscience at The Rockefeller University, Director of the Zachary and Elizabeth M. Fisher Center for Research on Alzheimer's Disease at Rockefeller, 2000 Nobel Laureate in Physiology or Medicine, and author of over 1,000 scientific publications.

Tamas Bartfai, Ph.D. - Director of the Harold L. Dorris Neurological Research Center and Professor of Neuropharmacology at The Scripps Research Institute; Chairman of the Department of Neuropharmacology at the Karolinska Institute in Stockholm, Sweden; Senior Fullbright Fellow; and former head of central nervous system research at Hoffman-La Roche.

Donald L. Price, M.D. - Professor of Pathology, Neurology, and Neuroscience, Director of the Division of Neuropathology, Director of Alzheimer's Disease Research Center at The Johns Hopkins University School of Medicine; current President of the Society of Neuroscience; and a recipient of numerous awards for his pioneering work in the use of gene targeting approaches to the study of neurodegenerative diseases.

Peter Seeburg, Ph.D. - Director of the Department for Molecular Neurobiology at the Max Planck Institute for Medical Research, Professor of Molecular Biology at the University of Heidelberg in Germany, an early pioneer in biotechnology at Genentech, and one of the most cited authors in neurosciences and recipient of numerous awards for his work in molecular properties of neurotransmitter receptors.

"We are rapidly gaining new understanding and insight into the brain, which should translate into new treatments for neurological and psychiatric disorders, to improve and extend life," said Dr. Greengard, Chairman of AGY's SAB. "The other Board members and I look forward to working with AGY, a company at the forefront of this field at the most exciting time in years. The unique approach of characterizing the development and progression of disease pathology at the cellular and molecular levels should lead to effective new therapies for neurological and psychiatric disorders, many of which are not being treated optimally today."

ABOUT AGY THERAPEUTICS, INC.
AGY Therapeutics, Inc. is a privately held biopharmaceutical company focused on developing therapeutic products for the treatment of diseases of the central nervous system. With its proprietary imAGYne, imArrays and imFormatics platforms, AGY has built a unique knowledge base of the neuroprotective capacities and vulnerabilities of the nervous system.

This news release contains forward-looking statements about future research and development efforts. These statements represent our judgment as of the date of this news release and are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed in such forward-looking statements. In particular, we face risks and uncertainties that further research into these genes may not go forward as planned or that future scientific data on these genes may not provide supportive data for the diseases we are targeting.

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