For Immediate Release

SYNTONIX PHARMACEUTICALS COMPLETES $35.8 MILLION SERIES B FINANCING

April 16, 2002

WALTHAM, MA -- Syntonix Pharmaceuticals, Inc. (Syntonix), a privately held biotechnology company developing a platform technology to alleviate the need for injection of large molecules, announced today that it has completed a Series B Preferred Stock financing totaling $35.8 million. Leading the financing were new investors Bay City Capital LLC and Alta Partners. Other new investors included A. M. Pappas & Associates, Global Biomedical Partners and The AFB Fund. Previous investors Venrock Associates, BancBoston Ventures, Merrill Lynch Ventures, and others also participated. In addition, Carl Goldfischer, M.D. of Bay City Capital and Alix Marduel, M.D. of Alta Partners have joined the Syntonix Board of Directors.

"We are extremely pleased with the financial support of our investment partners,'' stated Garen Bohlin, President and Chief Executive Officer of Syntonix. ``This commitment from investors further validates our unique drug delivery platform technology. Syntonix is now well positioned to advance our vision of delivering therapeutic proteins, vaccines or other large molecules by pulmonary, intranasal and perhaps oral administration."

Headquartered in Waltham, MA, Syntonix Pharmaceuticals is developing methods of delivering large molecules through a natural, readily accessible biological pathway, eliminating the need for injections and potentially reducing dosing frequency. By focusing initially on marketed therapeutic proteins, the Company expects to enhance already successful product franchises. To date Syntonix has achieved unprecedented pulmonary delivery results of its erythropoietin and interferon alpha fusion molecules in pre-clinical testing. The Company expects to commence a human clinical study with a lead product candidate later in 2002.

Print this release.