Atlantic Licenses CT-3 to Indevus.

Business Editors/Health & Medical Writers

Atlantic Technology Ventures, Inc.'s (OTCBB: ATLC) has licensed exclusive worldwide rights of CT-3, a novel anti-inflammatory and analgesic compound currently in clinical development, to Indevus Pharmaceuticals.

The acquisition of CT-3 by Indevus includes an up-front licensing payment, development milestones and royalty payments from Indevus to Atlantic. Indevus is responsible for the clinical development, regulatory activities and commercialization of this compound. As a director of Indevus is a shareholder of Atlantic Technology Ventures. the transaction was approved by all of the disinterested directors of Indevus.

Frederic P. Zotos, president and chief executive officer of Atlantic Technology Ventures expressed enthusiasm regarding this development, "Licensing CT-3 to Indevus further affirms our business model of finding therapeutics and medical technologies that address unmet market needs, rapidly developing these through a definitive proof-of-principle, then partnering, licensing or selling them to realize a progressive revenue stream."

The licensing of CT-3 represents the second time Atlantic has successfully developed and licensed a product from its portfolio, with the first being the licensing of its Catarex(TM) device, a minimally invasive cataract removal device, to Bausch & Lomb.

CT-3, a new chemical entity also known as ajulemic acid, is a non-psychoactive synthetic derivative of tetrahydrocannabinol (THC). The principle mechanism of action of the compound appears to be the potent inhibition of the inflammatory cytokines, particularly interleukin-1 and TNF-alpha. The compound has significant activity in multiple pre-clinical models of pain and inflammation. Unlike most available non-steroidal anti-inflammatory agents (NSAIDS), in pre-clinical studies CT-3 does not appear to produce gastrointestinal ulceration.

An IND (investigational new drug application) has been filed with the U.S. Food and Drug Administration (FDA) for CT-3, and an initial Phase 1 clinical trial designed to assess the safety of CT-3 showed that it was well tolerated, with no clinically significant adverse events and no evidence of psychotropic activity. The compound is currently being studied in Europe in a small Phase II study in patients with chronic neuropathic pain.

Glenn L. Cooper, M.D. chairman, president and chief executive officer of Indevus commented, "CT-3 has the potential to be an important new medication for painful inflammatory conditions such as arthritis, post-operative pain, musculoskeletal injuries, headache and neuropathic pain. Furthermore, the compound possesses activity in preclinical models of multiple sclerosis and the cutaneous inflammation associated with exposure to the chemical warfare blister agent sulfur mustard. The U.S. Army Medical Research Institute is pursuing further work on this important application. The overall field of inflammation and pain management is large and not fully satisfied, and we believe a compound such as CT-3 may have broad applications in these major markets."

About Atlantic Technology Ventures, Inc.

Atlantic is engaged in the development of biomedical and pharmaceutical products and related technologies. Atlantic's strategy is to identify nascent medical products and technologies that have the potential to address unmet market needs, rapidly develop these through a definitive proof-of-principle, then partner, license or sell them to realize significant revenue. Atlantic currently has ownership interest in Avantix (formerly known as "Catarex"), a surgical device for cataract removal, and CT-3, a synthetic cannabinoid derivative for treating pain and inflammation.

About Indevus Pharmaceuticals Inc.

Indevus Pharmaceuticals is engaged in the development and commercialization of a portfolio of products and product candidates, including multiple compounds in late-stage clinical development. The Company's lead products under development include trospium for overactive bladder, pagoclone for panic/anxiety disorders, PRO 2000 for the prevention of infection by HIV and other sexually transmitted pathogens, and dersalazine for inflammatory bowel disease.

Safe Harbor Statement

Cautionary statement under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995: This press release contains certain forward-looking statements that relate to future scientific, business and financial performance. These statements are only predictions and are subject to a number of risks and uncertainties that may cause the actual events or results to differ from those discussed or implied in these statements. These risks and uncertainties include competition from other manufacturers of related technologies, the unavailability of any necessary intellectual property rights possessed by third parties, and certain of those risks described in Atlantic's most recent report on Form 10-KSB with the Securities and Exchange Commission.