Predix Pharmaceuticals Withdraws Initial Public Offering.

LEXINGTON, Mass. -- Predix Pharmaceuticals announced today that, due to market conditions, it is withdrawing the company's S-1 registration statement from the Securities and Exchange Commission (SEC). E[acute accent]"While we have decided to withdraw our plans for an IPO at this time, we are continuing to advance the clinical development programs for our three lead product candidates," stated Michael G. Kauffman, M.D., Ph.D., president and CEO of Predix Pharmaceuticals. "We are well underway with enrollment for our first pivotal Phase III clinical trial of PRX-00023 in general anxiety disorder, and we expect to initiate a Phase Ib proof of concept study for PRX-08066 in pulmonary arterial hypertension later this year and a Phase II study of PRX-03140 in Alzheimer's disease in the first half of next year."

E[acute accent]About Predix

E[acute accent]Predix Pharmaceuticals Holdings, Inc. is a pharmaceutical company focused on the discovery and development of novel, highly selective, small-molecule drugs that target G-Protein Coupled Receptors (GPCRs) and ion channels. Using its proprietary drug discovery technology and approach, Predix has advanced three drug candidates into clinical trials and has six additional programs in preclinical development and discovery. Predix initiated the first of at least two pivotal Phase III clinical trials for generalized anxiety disorder for its lead drug candidate, PRX-00023, in early August 2005. Its two other clinical-stage drug candidates, PRX-03140 for the treatment of Alzheimer's disease and PRX-08066 for the treatment of pulmonary arterial hypertension, are in Phase I clinical trials.