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Adnexus Therapeutics Appoints L. Patrick Gage, Ph.D., As Chairman of the Board of Directors

Posted on: Tuesday, 26 September 2006, 12:01 CDT

Adnexus TherapeuticsTM, Inc. announced today

that L. Patrick Gage, Ph.D., former President of Wyeth Research, has

been appointed chairman of the Board of Directors to lead the company's

growth and advancement of its Adnectin™

product pipeline. Dr. Gage is a highly respected scientist and executive

of the pharmaceutical and biotechnology industries. Frank Lee, Ph.D.,

former chairman and co-founder of the company, continues as a director

of Adnexus.

"Pat's experience

both in building companies and in bringing numerous breakthrough

medicines to market will be critical to guiding Adnexus as our pipeline

expands and as Angiocept, our lead product candidate, progresses in

clinical development," said John Mendlein,

Ph.D., CEO of Adnexus. "Pat's

record speaks for itself -- he is one of the

true leaders of the biotechnology industry and a pioneer in developing

protein drugs."

"Adnexus'

advancement of its lead product into the clinic demonstrates both the

potential of the Adnectin class as well as Angiocept's

promise as an important cancer therapeutic,"

noted Dr. Gage. "Under Frank Lee's

leadership, Adnexus established high scientific standards and

demonstrated that Adnectins can address the limitations of traditional

protein therapeutics."

Dr. Gage sits on a number of protein therapeutic boards including

Acceleron Pharma, Neose Technologies, Immune Control, Protein Design

Labs and Serono S.A. He is also a Venture Partner at Flagship Ventures.

Prior to his position as president of Wyeth Research, he served as

president of Genetics Institute, one of the pioneers of the

biotechnology industry. Earlier, Dr. Gage spent 18 years at Hoffmann-La

Roche, where he held the position of vice president of exploratory

research. Dr. Gage received his Ph.D. in biophysics from the University

of Chicago and his B.S. from MIT.

About Adnexus Therapeutics

Adnexus Therapeutics is focused on generating vital medicines through

the discovery, development, and commercialization of its broadly

applicable new therapeutic class, Adnectins.

Adnexus' lead product candidate, CT-322, is

in Phase 1 clinical development. The company also has a pipeline of

other Adnectin products in preclinical research across multiple

therapeutic areas. Adnectins are designed and optimized using PROfusion™,

the company's patented protein design engine

that uniquely enables rapid optimization of protein therapeutics. The

company is funded by four leading venture capital firms: Atlas Venture,

Flagship Ventures, Polaris Venture Partners, and Venrock Associates.

This news release contains certain forward-looking statements that

involve risks and uncertainties. Such statements are only predictions

and the company's actual results may differ materially from those

anticipated in these forward-looking statements. Factors that may cause

such differences include the timing of clinical trials, the risk that

products that appeared promising in early research and clinical trials

do not demonstrate safety or efficacy in clinical trials and the risk

that the company will not obtain approval to market its products.

Adnectin™, Adnexus Therapeutics™

and PROfusion™ are trademarks of Adnexus

Therapeutics™, Inc. Adnexus

TherapeuticsSM is a service mark of

Adnexus Therapeutics™.

For more information, please visit www.adnexustx.com

Source: Business Wire

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