IMCOR Pharmaceutical Completes 2004 Annual Shareholder Meeting and Names Robert Ashley to its Board of Directors.

SAN DIEGO -- IMCOR Pharmaceutical Co. (Pink Sheets:ICPH) announced today the results of its 2004 Annual Meeting of Stockholders held on January 20, 2005. At the Annual Meeting, the stockholders ratified the issuance of more than 20% of the Company's voting stock in connection with its 2004 financing transaction, approved the amendment of the Company's 2000 Long Term Incentive Compensation Plan, and approved an amendment to the Company's articles of incorporation to increase the number of shares of common stock authorized for issuance from 150,000,000 to 200,000,000 shares. In addition, the stockholders authorized the Company's Board of Directors to amend the Company's articles of incorporation to effect, when and as determined by the Board during 2005 in its sole discretion, one or more reverse stock splits in a range between one-for-two up to one-for-twenty.

The Company's stockholders also elected Brian M. Gallagher, Ph.D., Taffy J. Williams, Ph.D., Robert A. Ashley, M.A., Richard T. Dean, Ph.D., Darlene M. Deptula-Hicks, M.B.A., Jonathan J. Fleming, M.P.A. and Alan D. Watson, Ph.D., M.B.A. as the Company's directors for 2005.

Robert A. Ashley is a new addition to the IMCOR Board of Directors. Mr. Ashley serves as Chairman, Chief Executive Officer and President of AmpliMed Corporation, a privately held pharmaceutical company with a focus in cancer. He previously served in various positions in CollaGenex Pharmaceuticals, Inc. (Nasdaq:CGPI) and Squibb Diagnostics, a former division of Bristol-Myers Squibb. Mr. Ashley has had responsibility for the development and launch of several new imaging products. Mr. Ashley has a Masters in Biochemistry from Oxford University.

"Mr. Ashley is already using his extensive background in development and marketing to contribute to our plans for the clinical development of Imagent(R) (perflexane lipid microspheres) for the assessment of coronary artery disease," said Taffy J. Williams, Ph.D., President and Chief Executive Officer of IMCOR. "The Board and I are looking forward to working with Rob as IMCOR continues to develop and market its portfolio of imaging pharmaceuticals," he added. Dr. Williams commented further that "the completion of the shareholder meeting will allow us to move forward toward a number of goals relative to future financing and the visibility of our stock."

About IMCOR

IMCOR Pharmaceutical Co. is a specialty pharmaceutical company developing and marketing a platform of innovative imaging products. Its FDA approved product, Imagent, is indicated for use in patients with suboptimal echocardiograms to opacify the left ventricle and thereby improve visualization of the main pumping chamber of the heart, and to improve delineation of the endocardial borders (walls) of the heart. As a result, ultrasound with Imagent may better distinguish normal and abnormal heart structure and function -- two critical indicators of cardiac health. Imagent is also being investigated to measure myocardial perfusion to determine the location and extent of blockage of the major coronary arteries. Imagent is manufactured from synthetic materials, and packaged as a dry powder in a ready-to-use kit that is stored at room temperature. IMCOR's development programs include the use a versatile iodinated nanoparticulate formulation, PH-50 that shows promise as a CT cardiovascular imaging agent and lymphography imaging agent.

Statements in this release that are not strictly historical are "forward-looking" statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks that may cause IMCOR's actual results in the future to differ materially from expected results. These risks and uncertainties include the ability of the company to: obtain necessary financing to support its development and commercialization programs, maintain and defend intellectual property protection for its proprietary products, avoid infringing intellectual property rights of third parties, successfully market its approved product, develop additional products and obtain regulatory approval for their use, and manufacture or obtain supplies of drug product. These and other risks are described and qualified in their entirety by cautionary language and risk factors set forth in IMCOR's filings from time to time with the Securities and Exchange Commission.