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Pharmacopeia Acquires Selective Androgen Receptor Modulator ('SARM') Program from Bristol-Myers Squibb

Monday, October 15, 2007 General News J E 4
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PRINCETON, N.J., Oct. 15 Pharmacopeia(Nasdaq: PCOP), an innovator in the discovery and development of novel smallmolecule therapeutics, today announced that it has licensed from Bristol-MyersSquibb (NYSE: BMY) a selective androgen receptor modulator (SARM) program,including a lead compound in Phase 1 clinical development and back-upcompounds. PS178990 is a non-steroidal selective androgen receptor modulator,or SARM, which was designed to provide the benefits of testosterone withoutits unwanted side effects on prostate. The program has completed a Phase 1single ascending dose study.

SARM agonists are a potential novel treatment for muscle wastingassociated with a number of serious chronic and acute medical conditions suchas surgical and severe burn recovery, end-stage renal disease and cancer- andAIDS-related cachexia. The shortage of existing treatments results in extendedhospital stays and recovery time as well as diminished quality of life.

"I am very pleased to have broadened our portfolio under mutuallyattractive terms by adding PS178990, which is the seventh clinicaldevelopment-stage compound being advanced by Pharmacopeia or itscollaborators," stated Les Browne, Ph.D., President and Chief ExecutiveOfficer of Pharmacopeia. "Furthermore, this program offers Pharmacopeiaanother opportunity to build the business by adding a Phase 1 development-stage product candidate with the potential to treat a wide range ofunderserved conditions."

In consideration for the SARM program license, Pharmacopeia will apply aportion of its medicinal chemistry resources to an unrelated Bristol-MyersSquibb discovery program for up to three years and pay Bristol-Myers Squibbmilestone payments associated with submission and approval of a therapeuticproduct for marketing and a stepped royalty on net sales of therapeutic SARMproducts, if any, resulting from the SARM development program.

Pharmacopeia will hold a conference call today, October 15, beginning at8:30 a.m. Eastern Time to discuss this addition to its clinical portfolio.Forward-looking and material information may be discussed on this conferencecall.

A replay of the conference call can be accessed by dialing toll-free(888) 203-1112 in the U.S., or (719) 457-0820 outside the U.S. The accesscode for the replay is 3655914. A replay of the webcast will also beaccessible on Pharmacopeia's website on the "Investors" page athttp://www.pharmacopeia.com. The replays will be available for two weeks.

ABOUT PHARMACOPEIA

Pharmacopeia is a clinical development stage biopharmaceutical companydedicated to discovering and developing novel small molecule therapeutics toaddress significant medical needs. The company has a broad portfolio ofclinical and preclinical candidates under development internally or withpartners including seven clinical compounds in Phase 2 or Phase 1 developmentaddressing hypertension, diabetic nephropathy, muscle wasting, inflammationand respiratory disease. The company is leveraging its fully integrated drugdiscovery platform to sustain the growth of its development pipeline.Pharmacopeia has established strategic alliances with major pharmaceutical andbiotechnology companies, including Bristol-Myers Squibb, Cephalon,GlaxoSmithKline, Organon, Schering-Plough, and Wyeth Pharmaceuticals. For moreinformation please visit the company's website at http://www.pharmacopeia.com.

This press release, and oral statements made with respect to informationcontained in this press release, constitute forward-looking statements withinthe meaning of the Private Securities Litigation Reform Act of 1995. Suchforward-looking statements include those which express plan, anticipation,intent, goal, contingency or future development and/or otherwise are notstatements of historical fact. These statements are based upon management'scurrent expectations and are subject to risks and
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