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SGX Pharmaceuticals Provides Update on SGX523 Clinical Trials
Date:3/27/2008

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Mr. Grey will be updating the investor community at 9:00 A.M. Eastern Daylight Time today at the BioCentury Future Leaders in the Biotech Industry Conference at the Millennium Broadway Hotel and Conference Center in New York City. A live webcast of the presentation will be available under the investor relations section of the Company's website at http://www.sgxpharma.com.

The Company filed its Form 10-K today and a copy can be found at http://www.sec.gov.

About SGX Pharmaceuticals

SGX Pharmaceuticals is a biotechnology company focused on the discovery, development and commercialization of innovative cancer therapeutics. The SGX oncology pipeline includes drug candidates from its FAST(TM) drug discovery platform, such as SGX523, a MET kinase inhibitor currently in Phase 1 clinical studies, next generation BCR-ABL inhibitors being developed by SGX and in partnership with Novartis and a portfolio of inhibitors of various oncology targets. More information on the pipeline and drug discovery platform can be found at http://www.sgxpharma.com and in the Company's various filings with the Securities and Exchange Commission.

Forward Looking Statements

Statements in this press release that are not strictly historical in nature are forward-looking statements. These statements include, but are not limited to, statements related to the Company's MET program, including the safety and efficacy profile and status of the clinical trials of SGX523, the advancement of the Company's drug development and discovery pipeline, the Company's ability to identify development candidates from its drug discovery programs and the potential of the Company's inhibitors as treatments for certain cancers. These statements are only predictions based on current information and expectations and involve
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