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Details of Human Clinical Trial and HDL Selective Delipidation Business Model Discussed During Presentation at Lipid Sciences' Annual Meeting of Stockholders

Posted on: Friday, 2 June 2006, 09:01 CDT

Lipid Sciences, Inc. (NASDAQ: LIPD) -- At the Annual Meeting of Stockholders held yesterday, the Company reported that a quorum was present with approximately 74% of the shares outstanding represented in person or by proxy. The stockholders voted to re-elect Dr. S. Lewis Meyer, President and Chief Executive Officer of Lipid Sciences, as a Class I Director with a term expiring in 2009. Dr. Meyer was re-elected by 99.6 % of the votes cast.

At the conclusion of the formal portion of the meeting, Dr. Meyer updated the stockholders present on details of the Company's human clinical trial including a future business model for the Company's HDL Selective Delipidation systems. The trial, "A Randomized Single-Blind Placebo Controlled Study to Evaluate the Safety of the Lipid Sciences' Plasma Delipidation System (PDS-2) in Subjects with Prior Acute Coronary Syndrome," is being conducted at the Washington Hospital Center in Washington, D.C. As announced in a press release distributed in advance of the meeting, the first patient procedure of plasma collection and re-infusion as part of this trial was completed. The trial will consist of 7 such weekly procedures per patient. The primary endpoint for this trial is clinical safety and feasibility (patient recruitment, patient compliance, and analysis of data) in the targeted population. The secondary objective is to assess methods of analysis of data collected by IVUS. The study duration for each participant will be approximately 10 weeks. A total of 30 subjects will be recruited into the trial. It is expected that the total study will conclude by the end of the year. As the trial continues, it is the intention of the Company to provide updates on patient enrollment and an indication of how the process is being tolerated by the patients. Because it is a blinded trial, the Company will not be able to comment on the secondary objective -- the analysis of IVUS variables to select effectiveness endpoints for a future study -- until the conclusion of the trial.

In his remarks, Dr. Meyer noted, "With current therapies for cardiovascular disease, there is still a recurrence of acute coronary events of over 20% after just two years. In other words, more than one out of five people experiencing an acute coronary syndrome today will suffer a second event and be back in the cardiac catheterization lab within 24 months. There is clearly an important role for HDL therapy to fill a need that is currently unmet and that continues to expand. Our current business model indicates that we have a response to that unmet need with a system that is economically competitive and has the potential to deliver pharmaceutical-level gross margins."

A copy of this presentation has been posted to the Company website: www.lipidsciences.com, at the Investor Relations tab with the heading "Annual Meeting of Stockholders, June 1, 2006." Copies are also available by contacting Lipid Sciences' Investor Relations at (925) 249-4031.

At a meeting of the Board of Directors that was also held immediately following the Annual Meeting of Stockholders, John E. Crawford, a recently appointed member of the Board, was determined to be "an audit committee financial expert" as defined by the rules and regulations of the SEC and will qualify as financially sophisticated with the meaning of Rule 4350 (d)(2)(A) of the Nasdaq Marketplace Rules and will serve as the Chairman of the Audit Committee. Mr. Crawford will also serve as a member of the Compensation Committee.

Lipid Sciences, Inc. is a development-stage biotechnology company engaged in the research and development of products and processes intended to treat major medical indications, in which lipids, or fat components, play a key role. The Company's HDL Therapy platform (HDL Selective Delipidation and HDL mimetic peptides) is aimed at developing treatments for the reversal of atherosclerosis, a systemic disease of the blood vessels caused by the build-up of cholesterol-filled plaques in the vascular system and, most critically, in the coronary arteries. Regression of such plaques may have a major impact on reducing the risk of acute coronary events. The Company's Viral Immunotherapy platform is focused on the removal of the lipid coatings from lipid-enveloped viruses and other lipid-containing infectious agents by application of Lipid Sciences' proprietary delipidation technology. The Company believes that removing the virus' protective lipid coating enhances the processing and presentation of viral proteins to stimulate the body's immune system to effectively fight the disease. Conditions that could potentially be impacted by this technology include HIV, Hepatitis B and Hepatitis C, West Nile, SARS and influenza.

Forward-Looking Statements: This release contains forward-looking statements concerning plans, objectives, goals, strategies, study results, anticipations, expectations, future events or performance as well as all other statements that are not statements of historical fact. The forward-looking statements contained in this release reflect our current beliefs and expectations on the date of this release. Actual results, performance or outcomes may differ materially from what is expressed in the forward-looking statements. Readers are referred to the documents filed by us with the SEC, specifically the most recent reports on Form 10-K and Form 10-Q which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. In addition to those risk factors, other factors that could cause actual results to differ materially include the following: Our inability to obtain adequate funds; we have incurred significant losses since our inception and it is our expectation that we will incur substantial losses in the future; our technology not proving to be safe or effective; our inability to obtain regulatory approval for our technology, which is only in the clinical development stage; delay or failure to complete clinical studies; our dependence on our license agreement with Aruba International B.V.; our reliance on collaborations with strategic partners and consultants; competition in our industry, including the development of new products by others that may provide alternative or better therapies; failure to secure and enforce our intellectual property rights; risks associated with use of biological and hazardous materials; acceptance of our potential products by healthcare providers and patients; and our dependence on key personnel.

This release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent reports on Form 10-K and Form 10-Q. Copies are available through the SEC's Electronic Data Gathering Analysis and Retrieval system (EDGAR) at www.sec.gov. Lipid Sciences assumes no obligation to update the forward-looking statements included in this document.

Press releases for Lipid Sciences, Inc. are available on our website: www.lipidsciences.com. If you would like to receive our press releases via email, please contact: info@lipidsciences.com.

 FOR FURTHER INFORMATION CONTACT: Deborah S. Lorenz Vice President Investor Relations and Corporate Communications Lipid Sciences, Inc. 925-249-4031 Contact via http://www.marketwire.com/mw/emailprcntct?id=47FCA0F10CA6BDF2  Wolfe Axelrod Weinberger Associates, LLC Donald C. Weinberger Contact via http://www.marketwire.com/mw/emailprcntct?id=7D2571899318CDC2  Media: Alisa Steinberg Contact via http://www.marketwire.com/mw/emailprcntct?id=941AB109F77D50AE 212-370-4500  

SOURCE: Lipid Sciences, Inc.

Source: MARKET WIRE

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