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Pharmacopeia Nominates Novel Chemokine Receptor Antagonist for Development
Date:2/11/2008

Company Also Provides Update on DARA Program's Ongoing Phase 2a

Hypertension Study

PRINCETON, N.J., Feb. 11 /PRNewswire-FirstCall/ -- Pharmacopeia (Nasdaq: PCOP), an innovator in the discovery and development of novel small molecule therapeutics, today announced the nomination of PS031291 as a preclinical development compound from its internal CCR1 discovery program. PS031291 is a potent and highly selective antagonist at the chemokine receptor CCR1, which has been implicated to play a significant role in multiple inflammatory and autoimmune disease processes. Pharmacopeia believes PS031291 may possess significant potential in the oral treatment of multiple myeloma and various inflammatory diseases including rheumatoid arthritis. The company intends to initiate GLP toxicology studies on the compound in the current quarter.

"PS031291 strengthens Pharmacopeia's internal pipeline with a wholly-owned development candidate with the potential to address significant therapeutic needs," said Les Browne, Ph.D., President and Chief Executive Officer of Pharmacopeia. "We believe this nomination is a testament to our drug discovery expertise which has already generated a number of clinical compounds for our strategic partners."

While a number of compounds discovered by Pharmacopeia are being developed by its various collaborators, PS031291 is the first compound to emerge from Pharmacopeia's internal drug discovery efforts into its internal development portfolio. Pharmacopeia's internal clinical pipeline consists of PS433540 (DARA) for hypertension and diabetic nephropathy and PS178990 (SARM) for muscle wasting associated with a number of serious medical conditions including end-stage renal disease.

In addition, Pharmacopeia announced that enrollment in its ongoing Phase 2a PS433540 (DARA) clinical trial in subjects with Stage I and Stage II hypertension is progressing well. The trial remains on schedule with results expected in the second quarter of 2008.

PS433540 is a dual-acting angiotensin (AII) and endothelin (ET1) receptor antagonist (DARA) that is being developed as a potential treatment for hypertension and diabetic nephropathy. PS433540, the first and only DARA compound in development, possesses two clinically validated mechanisms of action in a single compound. There is considerable preclinical and initial clinical data suggesting that compared to either agent alone, simultaneously blocking the actions of both AII and ET1 may provide significantly improved treatment options for several cardiovascular diseases.

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 seven 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 agreements 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.

Contact:

Amy P. Sharpless

Corporate Communications

Pharmacopeia, Inc.

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 PS031291, a product candidate from its chemokine receptor CCR1 program, 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 estimates of the market opportunities for its product candidates, including PS433540, PS178990 and PS031291, 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 ability to raise additional capital, 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 anticipated operating results, financial condition, liquidity and capital resources, 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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SOURCE Pharmacopeia
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