07-21-2003

Crimson Announces Licensing Agreement with Octamer Inc to Develop Novel Cancer and AIDS Drug Candidates in Asia

FOR IMMEDIATE RELEASE

FORT LEE, N.J.--(BUSINESS WIRE)--July 21, 2003--Crimson Pharmaceutical (Hong Kong) Ltd, the parent company of Crimson Pharmatech USA, today announced an agreement to license three drug candidates from a California based company, Octamer Inc.

The three licensed compounds are being investigated to treat a variety of diseases including cancer, AIDS, and acute inflammatory conditions such as stroke. Through this agreement, Crimson has obtained exclusive rights to develop and market the licensed compounds in China, Korea, Hong Kong, Taiwan, Singapore, and other countries and regions in Southeast Asia.

In addition to its two anti-cancer compounds, which have been highly active against tumor cells both in vitro and in vivo, Octamer has also developed a compound that represents a new class of therapeutic agents directed against AIDS. Octamer has completed pre-clinical studies on this anti-AIDS therapeutic and received Investigative New Drug (IND) approval from the U.S. FDA for oral administration of the compound in initial human trials. Jeffrey Price, Chairman and CEO of Octamer, stated today, "We believe this deal is a good match between Octamer and Crimson. The alliance can help us gain proof-of-concept and early market access through a regional player like Crimson in an efficient and economical fashion."

"This is the first in a series of licensing opportunities we have been engaged in," said Crimson's COO Sam Lou. "We are quickly building up our development pipeline through licensing and co-development collaborations worldwide. Our team in Shanghai is excited to take on these projects to address the needs in many areas in Asia, such as liver disease, diabetes, infectious diseases, cancers and aging." Yuanyi Lao, Crimson's CEO, remarked, "Crimson's global strategy creates partnership synergies for both regional and global pharmaceutical businesses. We can address the rising demand for novel therapeutics in high-growth Asian countries and at the same time provide our global partners access to an immense market potential."

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