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Pharmacopeia Earns Milestone Payment From Schering-Plough on Initiation of Phase 1 Clinical Trials of Novel Therapeutic Candidate
Date:9/25/2007

tary programs address primarily immunoregulation. Pharmacopeia's collaborative efforts have resulted in a portfolio that includes two partnered programs currently in Phase 2 clinical trials: a CXCR2 antagonist targeting chronic obstructive pulmonary disease (COPD) and a p38 MAP kinase inhibitor for inflammatory diseases. Three partnered programs in Phase 1 clinical trials target oncology, inflammatory and respiratory diseases. Three additional partnered compounds are in preclinical development. Pharmacopeia's current strategic alliances are with Cephalon, GlaxoSmithKline, Organon and Wyeth.

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 1 and Phase 2 clinical studies with respect to PS433540, including timing and expected outcomes of such studies, Pharmacopeia's estimates of the market opportunities for its product candidates, including PS433540, Pharmacopeia's ability to successfully perform under its collaborations with Cephalon, GlaxoSmithKline, Organon and Wyeth, Pharmacopeia's ability to build its pipeline of novel drug candidates through its own internally-funded drug discovery programs, third party collabo
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