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ARYx Therapeutics, Inc. Files Registration Statement for Initial Public Offering

Friday, August 31, 2007 General News
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FREMONT, Calif., Aug. 30 ARYx Therapeutics, Inc. announcedtoday that it has filed a registration statement on Form S-1 with theSecurities and Exchange Commission for a proposed initial public offeringof shares of its common stock. All of the shares in the proposed offeringwill be sold by ARYx Therapeutics.
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The underwriters of the offering will be Morgan Stanley & Co. Incorporatedacting as sole book runner and lead manager and CIBC World Markets Corp.,Jefferies & Company, Inc. and Leerink Swann & Co., Inc. acting asco-managers. The number of shares to be offered and the price range forthe offering have not yet been determined.
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The offering will be made only by means of a prospectus. When available, acopy of the preliminary prospectus relating to the offering may beobtained from Morgan Stanley & Co. Incorporated by [email protected] or by contacting the prospectus department at180 Varick Street, New York, NY 10014 Attn: Prospectus Department.

A registration statement relating to these securities has been filed withthe Securities and Exchange Commission but has not yet become effective.These securities may not be sold nor may offers to buy be accepted priorto the time the registration statement becomes effective. This pressrelease shall not constitute an offer to sell or the solicitation of anoffer to buy nor shall there be any sale of these securities in any statein which such offer, solicitation, or sale would be unlawful prior toregistration or qualification under the securities laws of any such state.

About ARYx Therapeutics, Inc.

ARYx Therapeutics is a biopharmaceutical company focused on developing aportfolio of internally discovered product candidates designed toeliminate known safety issues associated with well-established,commercially successful drugs. ARYx uses its RetroMetabolic Drug Design(TM)technology to design structurally unique molecules that retain theefficacy of these original drugs but are metabolized through a potentiallysafer pathway to avoid specific adverse side effects associated with thesecompounds. ARYx currently has three products in Phase 2 clinical trials:ATI-7505 for the treatment of various gastrointestinal disorders, ATI-5923for the treatment of patients at risk for the formation of dangerous bloodclots, and ATI-2042 for the treatment of atrial fibrillation.

SOURCE ARYx Therapeutics, Inc.
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