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CombinatoRx and Neuromed Sign Merger Agreement
Date:7/2/2009

ckholders representing in excess of 60% of the voting shares of Neuromed have committed to vote in favor of the transaction. Upon closing of the merger, the combined company will have the CombinatoRx name and is expected to trade under the stock symbol (CRXX) on the NASDAQ Global Market. Wedbush Morgan Securities Inc. acted as financial advisor to CombinatoRx in this transaction and JMP Securities acted as exclusive financial advisor to Neuromed. Goodwin Procter served as legal advisors to CombinatoRx and WilmerHale served as legal advisors to Neuromed.

About the Combined Company

The combined company will have substantial opportunity for building value going forward, including:

    -   Exalgo(TM), a significant late-stage product opportunity which was
        recently acquired by Mallinckrodt Inc., a subsidiary of Covidien plc,
        as a key asset in their emerging branded pain management franchise.
        The key terms of the deal are $15 million in upfront payments,
        additional development funding of up to $16 million to cover internal
        and external costs associated with Exalgo, an approval milestone of
        $30 million, which could potentially increase up to $40 million, and
        tiered royalties on Exalgo(TM) net sales after approval.
    -   Complimentary product pipelines, spanning from discovery through NDA.
    -   Experienced leadership team with substantial product development
        expertise and many drug approvals.
    -   Validated drug discovery technology as illustrated by the
        CombinatoRx-Novartis oncology collaboration which has the potential
        to generate future product opportunities and milestone payments for
        CombinatoRx.
    -   Multiple clinically-validated product assets including mid-stage
        pipeline programs such as Synavive(TM) and CRx-401, Prednisporin(TM)
        (which is licensed to Fovea), and early stage assets s
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SOURCE  Neuromed Pharmaceuticals Ltd.
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