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Phase 2 Clinical Studies Initiated for a Novel Therapeutic Candidate Identified Through Pharmacopeia Collaboration
Date:9/18/2007

ly conducting a Phase 1 trial in Canada with a second p38 kinase inhibitor resulting from the collaborative research program.

Under the terms of the companies' ongoing collaboration, Pharmacopeia will receive milestone payments for the p38 compounds in the program to the extent the program progresses through clinical development, and royalty payments for any product from the program that reaches the marketplace. Bristol-Myers Squibb is solely responsible for further development and commercialization of the therapeutic candidate.

ABOUT PHARMACOPEIA

Pharmacopeia is committed to discovering and developing novel therapeutics to address significant medical needs. The Company has a broad portfolio advancing toward clinical validation, both independently and with partners. Pharmacopeia's most advanced internal program is a dual-acting angiotensin and endothelin receptor antagonist (DARA) for hypertension and diabetic kidney disease for which a Phase 2 clinical trial is underway. Other internal proprietary programs address primarily immunoregulation. Pharmacopeia's collaborative efforts have resulted in a portfolio that includes two partnered programs that have advanced into Phase 2 clinical trials targeting chronic obstructive pulmonary disease (COPD) and psoriasis and two partnered programs in Phase 1 clinical trials targeting oncology and inflammatory disease. Four 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 u
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