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Metabasis Therapeutics Reschedules Third Quarter 2008 Results and Conference Call

November 4, 2008

Metabasis Therapeutics, Inc. (Nasdaq:MBRX) announced today that it would be rescheduling the reporting of its financial results for the third quarter and nine months ended September 30, 2008. The press release with the results will be disseminated on Wednesday, November 12, 2008 after the market closes and the conference call and webcast will be held on Thursday, November 13th at 8:30 a.m. EST.

Dr. Paul Laikind, president and chief executive officer, Dan Milles, Senior Director of Finance and Dr. Mark Erion, executive vice president of research and development and chief scientific officer, will participate in the call.

The conference call may be accessed by dialing 866-356-3093 for domestic callers and 617-597-5381 for international callers. Please specify to the operator “Metabasis” when asked for a passcode. The conference call will be webcast live on the Metabasis website at www.mbasis.com, under the Investors section, and will be archived there for 30 days following the call. Please connect to Metabasis’ website several minutes prior to the start of the call to ensure adequate time for any software download that may be necessary.

About Metabasis (www.mbasis.com):

Metabasis is a biopharmaceutical company using its proprietary technologies, scientific expertise and unique capabilities for targeting the liver and liver pathways to develop novel therapies to treat metabolic and other diseases. The Company has established a broad pipeline of product candidates and advanced research programs targeting large markets with significant unmet needs. Metabasis’ core area of focus is on the discovery and development of product candidates to treat metabolic diseases such as hyperlipidemia and diabetes, among others. Although not a core focus of the Company, Metabasis has also discovered and is developing product candidates indicated for the treatment of liver diseases such as hepatitis and primary liver cancer, which it now intends to license or sell. All product candidates have been developed internally using proprietary technologies.




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