FOR IMMEDIATE RELEASE

Crimson Pharma Granted Chinese Patent for Anti-Cancer Use of Thyroxine Analogues

Shanghai, China -- March 5, 2004 -- Crimson Pharmaceutical Ltd. today announced that it was issued Chinese Patent No. 97196979.5 entitled "Use of Thyroxine Analogues" by the State Intellectual Property Office of P. R. China (SIPO). The patent gives broad coverage to the methods for treating cancer, particularly malignant tumors, with thyroxine analogues that have no significant hormonal activity. Crimson is currently developing a drug candidate CPH-103, which uses a thyroxine analogue that has been demonstrated to cause depression and regression of malignant tumor growth in late stage of pre-clinical studies. The patent is wholly owned by Crimson and will provide protection until June 2016.

"The challenge of improving the cost and time of drug development is a global one, and we believe Crimson is uniquely positioned to answer this challenge.¡± said Mr. Sam Lou, COO of Crimson Pharma, "This patent will further enhance our anti-cancer IP portfolio, and we will continue to bring more innovative therapeutics into the region through licensing deals, co-development collaborations, and our accelerated development model."

Crimson is currently undertaking pre-clinical, clinical and regulatory development for drug candidates in the treatment of cancer, infectious diseases, and inflammatory diseases. The patent recently granted covers one of the compounds Crimson had licensed from a California based company, Octamer, Inc, in July 2003.

About Crimson Pharmaceutical Ltd.

Crimson is an emerging pharmaceutical company that acquires, develops and commercializes innovative therapeutics to address unmet medical and economic needs in the Asian market. Crimson focuses on acquiring the regional rights to pharmaceutical compounds and technologies with significant pre-clinical, clinical or market data, and adds value by accelerating their time-to-market through efficient clinical and regulatory development in China. For more information, please visit www.crimsonpharma.com.

Contact:
Please email info@crimsonpharma.com for more information.

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