ARGINOX COMPLETES $25 MILLION SERIES C FINANCING


 
Company Will Deploy Investment to Fund Pivotal Trial in Cardiogenic Shock

MENLO PARK, CA, March 1, 2005 -- Arginox Pharmaceuticals, an emerging specialty pharmaceuticals company, today announced the closing of $25 million in Series C financing. The round was led by existing investor Topspin Partners. Perseus Soros Biopharmaceutical Fund, Arginox's other institutional investor, also participated in the round. To date, the company has raised more than $42 million in venture capital, including three Small Business Innovation Research (SBIR) awards from the National Institutes of Health.

This financing will enable Arginox to advance our product development efforts in two important ways, said Kenneth Drazan, M.D., the company's chief executive officer. First, we have the resources to complete a global Phase III trial of our lead drug candidate, a first- in-class, mechanism-based treatment for cardiogenic shock. Second, we will expand our internal team to address increasing activities in our pipeline. Thus, the new funding puts us in a strong position at this stage of our corporate development.

Arginox's lead compound, Tilarginine Acetate Injection (TAI), is in late-stage clinical evaluation for the treatment of cardiogenic shock, a serious and often fatal complication of acute myocardial infarction (AMI). The company has received approval from the U.S. Food and Drug Administration (FDA) to proceed to a single, multi-national, pivotal Phase III study for TAI, called TRIUMPH (Tilarginine Acetate Injection in a Randomized International Study in Unstable AMI Patients with Cardiogenic Shock). Arginox plans to launch the TRIUMPH trial in the first half of 2005 at sites across Europe, Canada, and the United States.

Despite major advances in acute cardiac care, including percutaneous coronary interventions and intra-aortic balloon pumps, the death rate for cardiogenic shock following AMI remains greater than 40 percent. This seems unimaginable with the technology we have, but it is confirmed in U.S. and European registry experience, noted David R. Hathaway, M.D., Arginox’s chief medical officer. We believe that TAI could significantly reduce mortality on top of these recommended therapies.

Because TAI has the potential to address a condition with very high mortality and few effective treatment options, Arginox intends to seek Fast Track status from the FDA.

About Arginox (www.arginox.com) Arginox Pharmaceuticals is a privately held, emerging specialty pharmaceutical company focused on the discovery and development of breakthrough medicines to treat hospitalized patients. The company's initial area of research and development is directed at nitric oxide- mediated pathways, which have been shown in Nobel prize-winning research to play a role in a range of disease states.


Topspin Partners, LP


Three Expressway Plaza
Roslyn Heights, NY 11577

Tel: +1 516 625 9400
Fax: +1 516 625 9499

info@topspinpartners.com

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