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Pharmacopeia Announces Upcoming Late-Breaker Presentation of Phase 2a Results for Its First-in-Class Investigational DARA Compound, PS433540
Date:4/15/2008

PRINCETON, N.J., April 15 /PRNewswire-FirstCall/ -- Pharmacopeia (Nasdaq: PCOP), an innovator in the discovery and development of novel small molecule therapeutics, announced today that results from the company's Phase 2a clinical trial evaluating PS433540, its first-in-class Dual Acting Receptor Antagonist (DARA), will be presented as a late-breaking clinical trial at the American Society of Hypertension (ASH) Twenty-Third Annual Scientific Meeting and Exposition in New Orleans, May 14-17, 2008.

PS433540 is being developed as a potential treatment for both hypertension and diabetic nephropathy and is the first and only blood pressure product candidate in development that possesses two validated mechanisms of action in a single compound.

Joel Neutel, MD, lead investigator and Director of Research, Orange County Research Center, Tustin, Calif., will present results of the Phase 2a clinical trial. In addition to the late-breaker, Pharmacopeia will also present data from its Phase 1 Multiple Ascending Dose (MAD) Study of PS433540.

Late-breaker presentation:

-- "A Double Blind, Placebo Controlled Study to Evaluate the Safety and

Efficacy of a Novel New Dual Acting Receptor Antagonist (DARA

Compound) in Human Subjects with Hypertension"

-- Friday, May 16, 2008, 5:38 - 5:55 p.m. CDT (6:38 - 6:55 p.m. EDT)

-- New Orleans Marriott, Acadia Ballroom, 3rd Floor

Poster presentation:

-- "PS433540 a Novel Dual Acting Receptor Antagonist Dose Dependently

Increases Plasma Renin Activity in Healthy Volunteers"

-- Abstract # P-14

-- Wednesday, May 14, 2008, Posters on Display: 3:00 - 7:00 p.m. CDT

(4:00 - 8:00 p.m. EDT), Poster Discussion: 5:15 - 6:15 p.m. CDT

(6:15 - 7:15 p.m. EDT)

-- New Orleans Marriott, Le Galerie Ballroom, 2nd Floor

About Pharmacopeia

Pharmacopeia is a clinical development stage biopharmaceutical company dedicated to discovering and developing novel small molecule therapeutics to address significant medical needs. The company has a broad portfolio of clinical and preclinical candidates under development internally or by partners including eight clinical compounds in Phase 2 or Phase 1 development addressing multiple indications including hypertension, diabetic nephropathy, muscle wasting, inflammation and respiratory disease. The company is leveraging its fully integrated drug discovery platform to sustain the growth of its development pipeline. Pharmacopeia has established strategic alliances with major pharmaceutical and biotechnology companies, including Bristol-Myers Squibb, Celgene, Cephalon, GlaxoSmithKline, Schering-Plough, and Wyeth Pharmaceuticals. For more information please visit the company's website at http://www.pharmacopeia.com.

Pharmacopeia Contact:

Amy P. Sharpless

Corporate Communications

609-452-3643

ir_pr@pcop.com

This press release, and oral statements made with respect to information contained in this press release, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those which express plan, anticipation, intent, goal, contingency or future development and/or otherwise are not statements of historical fact. These statements are based upon management's current expectations and are subject to risks and uncertainties, known and unknown, which could cause actual results and developments to differ materially from those expressed or implied in such statements. These forward-looking statements include, but are not limited to, statements about the successful implementation of Pharmacopeia's strategic plans, Pharmacopeia's plans to develop PS433540, a product candidate from its DARA program, Pharmacopeia's Phase 2 and Phase 1 clinical studies with respect to PS433540, including timing and expected outcomes of such studies, Pharmacopeia's plans to develop PS178990, a product candidate from its SARM program, Pharmacopeia's Phase 1 clinical studies with respect to PS178990, including timing and expected outcomes of such studies, Pharmacopeia's plans to develop PS031291, a product candidate from its chemokine receptor CCR1 program, Pharmacopeia's estimates of the market opportunities for its product candidates, including PS433540, PS178990 and PS031291, Pharmacopeia's ability to raise additional capital, Pharmacopeia's anticipated operating results, financial condition, liquidity and capital resources, Pharmacopeia's ability to successfully perform under its collaborations with Bristol-Myers Squibb, Cephalon, GlaxoSmithKline, Schering-Plough and Wyeth, Pharmacopeia's ability to build its pipeline of novel drug candidates through its own internally-funded drug discovery programs, third party collaborations and in-licensing, Pharmacopeia's expectations concerning the development priorities of its collaborators, their ability to successfully develop compounds and its receipt of milestones and royalties from the collaborations, Pharmacopeia's expectations concerning the legal protections afforded by U.S. and international patent law, Pharmacopeia's ability to pursue the development of new compounds and other business matters without infringing the patent rights of others, additional competition, and changes in economic conditions.

Further information about these and other relevant risks and uncertainties may be found in Pharmacopeia's Reports on Form 8-K, 10-Q and 10-K filed with the U.S. Securities and Exchange Commission. Pharmacopeia urges you to carefully review and consider the disclosures found in its filings which are available in the SEC EDGAR database at http://www.sec.gov and from Pharmacopeia at http://www.pharmacopeia.com. All forward-looking statements in this press release and oral statements made with respect to information contained in this press release are qualified entirely by the cautionary statements included in this press release and such filings. These risks and uncertainties could cause actual results to differ materially from results expressed or implied by such forward-looking statements. These forward-looking statements speak only as of the date of this press release. Pharmacopeia undertakes no obligation to (and expressly disclaims any such obligation to) publicly update or revise the statements made herein or the risk factors that may relate thereto whether as a result of new information, future events, or otherwise.


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