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The Board of Directors of Kinex Pharmaceuticals Appoints Dr. Allen Barnett as President Emeritus and Dr. Johnson Lau as Chief Executive Officer
Date:5/9/2011

60;of Chelsea Therapeutics (NASDAQ: CHTP) and other privately held companies. Dr. Lau has served as the Executive Chairman of Kinex Pharmaceuticals since its inception.

Dr. Lau stated, "Dr. Allen Barnett is a legend in the pharmaceutical industry. Kinex has advanced under his leadership to an early stage pipeline company. He is the grandfather of Kinex Pharmaceuticals. I am delighted that the Board and I have convinced Dr. Barnett to stay on as President Emeritus and allow us to tap into his vast experience in the pharmaceutical industry to support the future growth of Kinex Pharmaceuticals."

Mr. Chuck Lannon, Vice-Chairman of Kinex Pharmaceuticals, stated, "Allen has contributed tremendously to the establishment of Kinex Pharmaceuticals. We thank him for his excellent service and we are delighted to retain him as President Emeritus so that he can continue to support the growth of Kinex Pharmaceuticals with his scientific experience in the many years to come". Mr. Lannon also stated, "I have worked with Johnson for many years. The Board and the management team are extremely supportive of Dr. Lau and are delighted that he is willing to lead Kinex".

About Kinex Pharmaceuticals, LLC

Kinex Pharmaceuticals, headquartered in Buffalo, New York, USA, is using its proprietary technologies Mimetica™ and Opal™ to discover and develop novel drugs for oncology and immune-modulatory diseases.    More information of Kinex Pharmaceuticals can be found at  www.kinexpharma.com

Kinex Pharmaceuticals, LLC – Caution Regarding Forward-looking Information

Under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, Kinex Pharmaceuticals cautions investors that any forward-looking statements or projections made by Kinex Pharmaceuticals, includin
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