AMEX Accepts Manhattan Pharmaceuticals' Plan to Regain Compliance with Continued Listing Standards.

NEW YORK -- Manhattan Pharmaceuticals, Inc. (AMEX: MHA) today announced that the American Stock Exchange (AMEX) has accepted the Company's plan to regain compliance with continued listing standards of AMEX. The Company's plan was submitted in response to a letter from AMEX which informed the Company that it was not in compliance with Section 1003(a)(ii) of the AMEX Company Guide with stockholders' equity of less than $4,000,000 and losses from continuing operations and/or net losses in three out of its four most recent fiscal years, and Section 1003(a)(iii) of the AMEX Company Guide with stockholders' equity of less than $6,000,000 and losses from continuing operations and/or net losses in its five most recent fiscal years.

On December 3, 2007, AMEX notified the Company that as of September 30, 2007 it was not in compliance with section 1003(a)(i) of the AMEX Company Guide with stockholders' equity of less than $2,000,000 and losses from continuing operations and/or net losses in two out of its three most recent fiscal years. In the same letter, AMEX also notified the Company that it has completed its review of the Company's proposed plan of compliance and supporting documentation and has determined that the Company made a reasonable demonstration of its ability to regain compliance with the continued listing standards by the end of the plan period, which remains April 16, 2008. Therefore, AMEX is continuing the Company's listing pursuant to an extension, subject to certain conditions. The targeted completion date to regain compliance with the continued listing standards remains April 16, 2008. The Company will be subject to periodic review by AMEX during this plan period. Failure to make progress consistent with the Plan or to regain compliance with the continued listing standards by the end of the plan period could result in the Company being delisted from AMEX.

About Manhattan Pharmaceuticals, Inc.

Manhattan Pharmaceuticals, Inc. is a pharmaceutical company that acquires and develops novel, high-value drug candidates primarily for the treatment of dermatologic and immune disorders. With a pipeline consisting of four clinical stage product candidates, Manhattan Pharmaceuticals is developing potential therapeutics for large, underserved patient populations seeking superior treatments for conditions including psoriasis, atopic dermatitis (eczema), head lice, and mastocytosis. (http://www.manhattanpharma.com)

Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that could cause Manhattan Pharmaceuticals, Inc.'s actual results to differ materially from the anticipated results and expectations expressed in these forward-looking statements. These statements are often, but not always, made through the use of words or phrases such as "anticipates," "expects," "plans," "believes," "intends," "will," and similar words or phrases. These statements are based on Manhattan Pharmaceuticals, Inc.'s current expectations, forecasts and assumptions, which are subject to risks and uncertainties, which could cause actual outcomes and results to differ materially from these statements. Among other things, there can be no assurances that Manhattan Pharmaceuticals, Inc. will be able to effect a reverse stock split or otherwise meet the conditions of the Company's plan to regain compliance with AMEX's continued listing standards in a timely manner, or at all. Additional risks are described in the company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-KSB for the year ended December 31, 2006. Manhattan Pharmaceuticals, Inc. assumes no obligation to update these statements, whether as a result of new information, future events, or otherwise, except as required by law.