Positive Data for Manhattan Pharmaceuticals' Oleoyl Estrone Presented at the 14th European Congress on Obesity.

NEW YORK -- Positive preclinical pharmacology and physiology data on Oleoyl estrone (OE), the lead product candidate of Manhattan Pharmaceuticals, Inc. (OTC BB: MHTT, "Manhattan") will be presented at the 14th European Congress on Obesity, June 1-4, 2005 in Athens, Greece.

In a poster entitled, "Animal Safety Pharmacology of Orally Administered OE," Manhattan's Assistant Chief Medical Officer, Bina Tejura, will present a summary of three preclinical studies conducted to evaluate the pharmacological effects of OE on the central nervous system (CNS), respiratory systems (RS) and cardiovascular system (CV) in animals. Results of these studies demonstrate that even at high single-dose exposure, OE showed no clinical effect on blood pressure, ECG, and no ECG waveform abnormalities or arrhythmias were noted. There were no adverse effects on respiratory rates or volumes, and no significant changes in CNS parameters.

"Oleoyl estrone continues to demonstrate impressive results in preclinical studies," said Doug Abel, CEO of Manhattan Pharmaceuticals. "The collective body of work reflected in our poster and those from Professor Alemany's group not only further supports OE's potential to provide a substantial improvement over currently available obesity therapeutics, but also provides valuable data for the ongoing design and implementation of our clinical protocols."

In addition to the work being presented by Manhattan, Professor Alemany's group from the University of Barcelona is presenting three additional posters titled: "Inhibition of Oleoyl-estrone effects by glucocorticoids in the Adrenalectomised Rat", "Adiponectin, Resistin, and TNF-alpha Expression in White Adipose Tissue of Oleoyl- estrone treated Rats," and "Combined Oral Oleoyl-estrone and Restricted Food Intake on Body Composition of Overweight Male Rats." The work presented by his group highlights the impact of other compounds such as glucocorticoids on OE's effect, the impact of OE on the level of key cytokines in white adipose tissue, and the potential added value of a reduced calorie diet in combination with OE.

A link to the complete European Congress on Obesity abstracts can be found on Manhattan's web site at: www.manhattanpharma.com.

Oleoyl-estrone - Targeting the Obesity Epidemic

Oleoyl-estrone is believed to be a signaling molecule that acts on the hypothalamus to communicate satiety. It is hypothesized that, in healthy individuals, levels of naturally occurring OE are related to the size of the body's fat stores, while in obese individuals circulating OE levels are lower than would be expected for the level of body fat. Orally administered formulations of OE have demonstrated, in extensive preclinical animal studies, to cause significant weight loss and reduce caloric consumption without the need for dietary modifications. In such studies, OE appears to be safe and effective without side effects or evidence of rebound weight gain after treatment was stopped. The Company believes that OE may prove to be a safe and effective treatment for obesity, representing a significant advantage over currently available anti-obesity medications.

Manhattan believes OE could help address the obesity epidemic - one of the world's top health concerns. Nearly two-thirds of the U.S. adult population is estimated to be overweight and at least half of these are clinically obese. Though there are currently two FDA approved treatments on the market for the long-term treatment of obesity, market penetration remains low, possibly as a result of the modest efficacy (an average of 8-10% weight loss in the first year), and side effects reported with use of these treatment options.

About Manhattan Pharmaceuticals, Inc.

Manhattan Pharmaceuticals, Inc. (http://www.manhattanpharma.com/), a development stage pharmaceutical company, acquires and develops proprietary prescription drugs for large, underserved patient populations. In view of the worldwide obesity epidemic, the Company is developing Oleoyl estrone, an orally administered novel therapeutic for weight loss. To meet the needs of other major, underserved medical markets while lowering development risks, Manhattan Pharmaceuticals also developing PTH (1-34), a peptide believed to be a regulator of epidermal cell growth, under development for psoriasis and other dermatological conditions and Propofol Lingual Spray, a convenient, proprietary lingual spray formulation of propofol, the world's best-selling general anesthetic, as a sedative-hypnotic for use during diagnostic and therapeutic procedures.

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