Remedy Pharmaceuticals Secures Seed Financing
Breakthrough Discovery Offers Hope to Stroke
Victims Everywhere

NEW YORK, NY, August 7, 2005 - Remedy Pharmaceuticals, Inc.®, an early-stage healthcare company dedicated to the development and commercialization of new drug treatments for cerebral stroke, announced today that it has secured a seed round of financing to fund its research.

Stroke remains a huge healthcare problem. Stroke is the third leading cause of death in the United States and the leading cause of serious long-term disability, affecting 5.4 million people. There are over 700,000 strokes in the United States each year, resulting in 280,000 fatalities. Annual costs to the healthcare system are estimated at $56.8 billion. Surprisingly, there is currently only one FDA-approved drug for the treatment of acute stroke, tPA (tissue plasminogen activator)*. Because tPA must be administered within a three-hour therapeutic window from the onset of a stroke, the drug is used in only 3% of new stroke cases. Some 97% of stroke victims receive no drug-based treatment.

Remedy is based on the ground-breaking discoveries made at the University of Maryland School of Medicine in Baltimore, by J. Marc Simard, M.D., Ph.D, a professor of neurosurgery, physiology and pathology, and Dr. Mingkui Chen, M.D., Ph.D., assistant professor of Neurosurgery. Their work focuses on the treatment of stroke through the use of a medication approved by the FDA for certain types of diabetes. Dr. Simard will serve as a scientific advisor/consultant to Remedy Pharmaceuticals, whose products use intellectual property licensed from the University of Maryland, Baltimore.

Remedy Pharmaceuticals first product, R-001, will be an intravenous form of glyburide, a common sulfonylurea. Extensive animal studies indicate that R-001 may well address a major pathological mechanism which all other neuroprotectants have missed, and thereby provide a new way to save neural tissue and improve stroke-related morbidity and mortality in a way complementary to all current treatments.

Remedy Pharmaceuticals is founded by Carrot Capital Healthcare Ventures, which provided initial funding. Carrot Capital Healthcare Ventures is a seed/early-stage fund that invests in opportunities across the healthcare spectrum, including pharmaceuticals, diagnostics, medical devices, instrumentation, healthcare services and medical information systems. Its mission is to help healthcare entrepreneurs accelerate their business development, compress critical milestones, build high caliber management teams, and create successful enterprises. The fund has a two-fold investment strategy: to serve as lead investors in seed- and early-stage healthcare companies, and to license and commercialize healthcare technology from universities and research institutions.

For more information, email info@remedypharmaceuticals.com.

* tPA is a Genentech product and is not associated with Remedy Pharmaceuticals.