Applied NeuroSolutions' Founding Scientist Receives Ten Year NIH Award.

Business Editors

VERNON HILLS, Ill.--(BUSINESS WIRE)--Dec. 15, 2003

Applied NeuroSolutions, Inc. (OTCBB:APNS) headquartered here, said today its founding scientist and chief scientific advisor had received the prestigious MERIT (Method to Extend Research in Time) Award from the National Institutes of Health (NIH), expected to be worth in excess of $2 million over the next 10 years.

The company said the MERIT award will be used to support continued efforts by Dr. Peter Davies and his colleagues at the Albert Einstein College of Medicine (AECOM) to develop the technology that underlies its efforts to bring to market diagnostic, therapeutic, and research tools to combat Alzheimer's disease.

The collaboration between the Company and AECOM has already led to the development of a cerebrospinal fluid (CSF) test to detect Alzheimer's disease at a very early stage with 85%-95% sensitivity and specificity. This CSF test can also distinguish between Alzheimer's and other related disorders, such as depression, stroke and Parkinson's. The company expects to begin pivotal clinical trials of the CSF test in the first quarter of calendar 2004. A second-stage, serum-based screening test is also in an advanced stage of development. In addition, efforts are underway to identify a lead therapeutic compound based upon Dr. Davies' work.

According to Bruce N. Barron, "The fact that NIH has chosen Dr. Peter Davies for this prestigious award is a powerful statement of the respect his work has earned in the scientific community, and an endorsement of the decision we made more than 10 years ago to finance and build a company to commercialize this brilliant and important research. We are very excited for Peter, proud of our continued association with him, and grateful for the long term financial support that accompanies this prestigious award."

This press release contains forward-looking statements. Applied NeuroSolutions wishes to caution the readers of this press release that actual results may differ from those discussed in the forward-looking statements and may be adversely affected by, among other things, the need to raise substantial additional equity capital, and the risks associated with new product development and commercialization, clinical trials, intellectual property, regulatory approvals, and potential competitive offerings. For further information, please visit the company's new website at www.appliedneurosolutions.com, and review the company's filings with the Securities and Exchange Commission.