Brigham Young University Named Winner in 2006 Utah Innovation Awards; Institution Recognized for CSA Research.

DENVER -- Ceragenix Pharmaceuticals, Inc. today announced that Brigham Young University (BYU) was selected as a winner in the 2006 Stoel Rives UTAH INNOVATION AWARDS for its work on Cationic Steroid Antibiotics (CSAs or Ceragenins(TM)). CSAs were invented by Paul D. Savage, Ph.D. of Brigham Young University's Department of Chemistry and Biochemistry, and exclusively licensed to Ceragenix. In vitro data previously presented by Dr. Savage and other researchers have shown that CSAs mimic the activity of naturally occurring antimicrobial peptides and have a broad spectrum antibacterial activity.

"I and my colleagues are extremely honored to be recognized for our CSA research, and we are optimistic about the future as we continue our work in this area," said Dr. Savage.

Now in its fourth year, the awards program recognizes promising innovations in seven areas of invention: biotechnology/pharmaceuticals, chemicals/materials science, medical devices, mechanical devices, computer hardware/electrical devices, and computer software. CSAs were identified as the winner in the biotechnology/pharmaceuticals category by a selection committee of 70 experts from industry, government and higher education.

"We have been encouraged by early data from our CSAs and believe they may have applications as both therapeutics for antibiotic-resistant organisms and as anti-infective medical device coatings," stated Steven Porter, Chairman and CEO of Ceragenix. "We wish to congratulate BYU on being selected as a winner for the 2006 Utah innovation awards and look forward to continuing to explore the potential of these compounds."

The Stoel Rives UTAH INNOVATION AWARDS program is sponsored by Wasatch Digital iQ magazine, the Utah Engineering Experiment Station, the Utah Technology Council and the Wayne Brown Institute. The program receives support from the Utah Manufacturers Association and the Manufacturing Extension Partnership. Additional information about the award is available at www.stoel.com/innovation.

About Ceragenins(TM)

Ceragenins(TM), or CSAs, are synthetically produced small molecule chemical compounds comprised of a sterol backbone with amino acids and other chemical groups attached to them. These compounds have a net positive charge that is electrostatically attracted to the negatively charged cell membranes of certain viruses, fungi and bacteria. CSAs have a high binding affinity for such membranes (including Lipid A) and are able to rapidly disrupt the target membranes leading to rapid cell death. While CSAs have a mechanism of action that is also seen in antimicrobial peptides, which form part of the body's innate immune system, they avoid many of the difficulties associated with their use as medicines.

About CERAGENIX

Ceragenix Pharmaceuticals, Inc. (OTCBB: CGXP) is a biopharmaceutical company that discovers, develops and commercializes novel anti-infective drugs based on its proprietary class of compounds, Ceragenins(TM) (or CSAs). Active against a broad range of gram positive and negative bacteria, these agents are being developed as anti-infective medical device coatings (Ceracides(TM)) and as therapeutics for antibiotic-resistant organisms.

Ceragenix further owns exclusive rights to Barrier Repair Technology for the treatment of dermatological disorders including atopic dermatitis, neonatal skin disorders and others. Ceragenix's patented Barrier Repair Technology, invented by Dr. Peter Elias and licensed from the University of California, is the platform for the development of two prescription topical creams--EpiCeram(R) and NeoCeram(R). Ceragenix recently received 510K marketing clearance from the U.S. Food and Drug Administration for its EpiCeram(R) Skin Barrier Emulsion to improve dry skin conditions and to relieve and manage the burning and itching associated with various dermatoses including atopic dermatitis, irritant contact dermatitis, radiation dermatitis, and other dry skin conditions by maintaining a moist wound and skin environment. For additional information on Ceragenix, please visit www.ceragenix.com.

FORWARD LOOKING STATEMENTS

This press release may contain forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, the following: the ability of the Company to raise sufficient capital to finance its planned activities, receiving the necessary marketing clearance approvals from the United States Food and Drug Administration (the "FDA"), successful clinical trials of the Company's planned products, the ability of the Company to commercialize its planned products, market acceptance of the Company's planned products, the Company's ability to successfully develop its licensed compounds, alone or in cooperation with others, into commercial products, the ability of the Company to successfully prosecute and protect its intellectual property, and the Company's ability to hire, manage and retain qualified personnel. The aforementioned factors do not represent an all inclusive list. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained in this press release. In particular, important factors that could cause actual results to differ materially from our forward-looking statements include general economic factors, business strategies, the state of capital markets, regulatory conditions, and other factors not currently known to us, may be significant, now or in the future, and these factors may affect us to a greater extent than indicated. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth in this press release and in other documents that we file from time to time with the Securities and Exchange Commission including our Annual Report on Form 10-KSB, Quarterly Reports on Form 10-QSB and Current Reports on Form 8-KSB to be filed in 2006. Except as required by law, we do not undertake any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.