Cypress Bioscience Appoints Sheldon Drobny to Board of Directors.

Business Editors and Health/Medical Writers

SAN DIEGO--(BW HealthWire)--June 28, 2001

Cypress Bioscience Inc. (NASDAQ:CYPB) Thursday announced the appointment of Sheldon Drobny to its board of directors.

Drobny, age 55, currently serves as chairman, principal and managing director of the Paradigm Group LLC (Paradigm), an investment firm focused on venture capital and investment banking services for multiple industries with an emphasis on technology-based companies. Paradigm has invested nearly $200 million in over 40 companies. He is and has been a board member of numerous Paradigm Group portfolio companies and is also a partner in the Northbrook, Ill.-based accounting firm of Adler Drobny Fischer.

Drobny is a certified public accountant and winner of the Elijah Watts Sells award. Prior to entering public accounting, Drobny held various positions with the Internal Revenue Service including supervisor of the Technical Review Staff. Drobny specializes in business and tax matters and is one of less than 200 people since 1942 to be admitted to practice before the U.S. Tax Court as a non-attorney. He is a member of the American Institute of Certified Public Accountants and a University of Illinois Foundation member since 1998. Drobny received a bachelor of science degree in accounting from Roosevelt University. He has lectured at New York University's Advanced Taxes Study Group and at various tax seminars and review courses. Drobny has authored a number of articles concerning taxation and accounting.

"Mr. Drobny brings to Cypress savvy and practical business expertise from his role as a director to multiple technology-based companies," said Jay D. Kranzler, M.D., Ph.D., chairman of the board and chief executive officer of Cypress. "His knowledge and input on financing companies for growth will be invaluable to us."

Cypress is focused on the development of novel therapeutic agents for the treatment of rheumatologic and blood platelet disorders. In January 2001, the company began a strategic initiative into the treatment of fibromyalgia syndrome ("FMS"). The formation of the research collaboration with Georgetown University Medical School in April 2001 was an important early step in the process.

FMS is estimated to affect 2-4 percent of the population and is the second most commonly diagnosed rheumatological disorder after osteoarthritis. Current treatment options are limited as there are no drugs specifically approved by the U.S. Food and Drug Administration for the treatment of FMS. The symptoms of FMS are severely debilitating and are characterized by chronic and widespread pain and stiffness throughout the body accompanied by severe fatigue, poor sleep and headache. Patients with FMS have at least comparable disability, more pain and lower quality of life than patients with rheumatoid arthritis or osteoarthritis.

About Cypress Bioscience Inc.

Cypress is engaged in the development of novel therapeutic agents for the treatment of rheumatologic and blood platelet disorders. In addition, to its FMS program, Cypress is the developer of the PROSORBA(R) column, an approved therapeutic medical device which is used for treatment of rheumatoid arthritis and idiopathic thrombocytopenic purpura ("ITP"). Fresenius HemoCare Inc. is solely responsible for on-going clinical trials, regulatory support, sales and marketing of the PROSORBA column. Cypress is collaborating with the Sanquin Blood Supply Foundation, CLB Division, formerly known as the Dutch Red Cross Blood Transfusion Service on Cyplex(TM), a potential alternative to traditional platelet transfusions. For more information about Cypress, visit the company's Web site at www.cypressbio.com.

This press release, as well as Cypress' SEC filings and Web site at http://www.cypressbio.com, contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could vary materially from those described as a result of a number of factors, including those set forth in Cypress Annual Report on Form 10-K and any subsequent SEC filings. In addition, there is the risk that Cypress may not be able to successfully develop or market any products for the treatment for FMS; or that Cypress and the CLB will not be able to successfully develop, improve the manufacturing of, or receive regulatory clearance for Cyplex on a timely basis, or at all; or that even if approved, that Cyplex will become a significant product within the blood products markets; and that Fresenius HemoCare may not successfully market the PROSORBA column. Cypress undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this press release, except as required by law.