PRCS Praecis Pharmaceuticals (MM)

PRAECIS PHARMACEUTICALS INCORPORATED (NASDAQ: PRCS) today announced that it received the Cerep Award for Research with the greatest therapeutic potential at the 14th International Inflammation Research Association (IRA) Conference held in Cambridge, Maryland last week. The award was given to PRAECIS for its presentation entitled �Disease-modifying activity in a model of rheumatoid arthritis with an orally available inhibitor of methionine aminopeptidase type-2, PPI-2458,� which was delivered by William Westlin,�Ph.D., Senior Vice President, Preclinical Research. Dr. Westlin presented preclinical data that provide the scientific rationale for studying the investigational compound PPI-2458 as a targeted molecular therapy for rheumatoid arthritis. The presentation may be viewed on the Company�s website (http://www.praecis.com) in the �Investors� section, under �Presentations.� The Inflammation Research Association is a non-profit organization instituted to bring together scientists of all degree and experience levels with an interest in inflammation research. The IRA encourages communication and discussion of scientific and technological advances that can be used to develop new therapeutic agents for the wide diversity of serious diseases associated with inflammatory processes. Commenting on this recognition, Dr. Westlin stated, �This year�s IRA meeting had an extraordinary depth of high quality science across a wide range of therapeutic areas. We are proud that PPI-2458 has been given the Cerep Award and appreciate the recognition from this organization and the scientific community of the therapeutic potential of this molecule for patients with rheumatoid arthritis.� PPI-2458 is a novel, proprietary, orally available small molecule that specifically targets the enzyme, methionine aminopeptidase-2 (MetAP-2). The research presented on PPI-2458 demonstrates the molecule�s ability to inhibit angiogenesis and the proliferation of human rheumatoid arthritis synovial cells that contribute to the pathogenesis of the disease. Additionally, the presentation highlighted new mechanism of action data that demonstrate significant protective effects of PPI-2458 on bone and cartilage destruction and also described PPI-2458�s disease-modifying activity in animal models of rheumatoid arthritis. �It is gratifying to see our work in this area being recognized as important by the inflammation community. This award underscores our belief in the potential of PPI-2458 as a treatment for autoimmune diseases, like rheumatoid arthritis,� said Kevin F. McLaughlin, PRAECIS� President and Chief Executive Officer. PRAECIS currently is conducting a Phase 1 clinical study of PPI-2458 in cancer patients. The study is designed to assess the safety and tolerability of orally administered PPI-2458. As a secondary endpoint, the study will assess the pharmacodynamic activity of PPI-2458. Interim data from this clinical trial will be presented at the upcoming 18th EORTC-NCI-AACR Symposium on �Molecular Targets and Cancer Therapeutics� being held from Tuesday, November 7 to Friday, November 10, 2006 at the Prague Congress Centre in Prague, Czech Republic. Additional information about the Company�s ongoing clinical trial for PPI-2458 can be accessed on the Internet at www.clinicaltrials.gov. The Company is currently planning its Phase 2 clinical development protocols in oncology and is evaluating the potential initiation of clinical studies in rheumatoid arthritis. About PRAECIS PRAECIS PHARMACEUTICALS INCORPORATED is a biopharmaceutical company focused on the discovery and development of novel compounds that have the potential to address unmet medical needs or improve existing therapies. PRAECIS has a novel MetAP-2 inhibitor, PPI-2458, in clinical development for cancer indications, including non-Hodgkin�s lymphoma and solid tumors, as well as an innovative drug discovery technology, DirectSelect�, which enables the generation and practical use of ultra-large libraries for the discovery of orally active compounds for drug development. This news release contains forward-looking statements regarding the Company�s continued development of PPI-2458 for cancer and autoimmune disorders. These statements are based on the Company�s current beliefs and expectations as to future outcomes and are not guarantees of such outcomes or of future performance. These statements are subject to numerous risks, uncertainties and assumptions that could cause actual events and results to differ from those expected or anticipated, including, but not limited to, the Company�s ability to continue development of and successfully partner or otherwise obtain funding for its PPI-2458 program, the Company�s ability to continue to manage operating expenses and to retain key employees, unexpected expenditures, the timing and content of decisions made by the FDA, unexpected results in ongoing and future clinical or preclinical trials, and the need for additional research and testing, including as a result of unanticipated determinations by regulatory authorities, as well as the risks set forth from time to time in the Company�s filings with the Securities and Exchange Commission, including but not limited to the various risks discussed in the Company�s Quarterly Report on Form�10-Q for the quarter ended June 30, 2006. The Company undertakes no obligation to update any forward-looking statement made in this press release to reflect new information, events or circumstances after the date of this release. PRAECIS PHARMACEUTICALS INCORPORATED (NASDAQ: PRCS) today announced that it received the Cerep Award for Research with the greatest therapeutic potential at the 14th International Inflammation Research Association (IRA) Conference held in Cambridge, Maryland last week. The award was given to PRAECIS for its presentation entitled "Disease-modifying activity in a model of rheumatoid arthritis with an orally available inhibitor of methionine aminopeptidase type-2, PPI-2458," which was delivered by William Westlin, Ph.D., Senior Vice President, Preclinical Research. Dr. Westlin presented preclinical data that provide the scientific rationale for studying the investigational compound PPI-2458 as a targeted molecular therapy for rheumatoid arthritis. The presentation may be viewed on the Company's website (http://www.praecis.com) in the "Investors" section, under "Presentations." The Inflammation Research Association is a non-profit organization instituted to bring together scientists of all degree and experience levels with an interest in inflammation research. The IRA encourages communication and discussion of scientific and technological advances that can be used to develop new therapeutic agents for the wide diversity of serious diseases associated with inflammatory processes. Commenting on this recognition, Dr. Westlin stated, "This year's IRA meeting had an extraordinary depth of high quality science across a wide range of therapeutic areas. We are proud that PPI-2458 has been given the Cerep Award and appreciate the recognition from this organization and the scientific community of the therapeutic potential of this molecule for patients with rheumatoid arthritis." PPI-2458 is a novel, proprietary, orally available small molecule that specifically targets the enzyme, methionine aminopeptidase-2 (MetAP-2). The research presented on PPI-2458 demonstrates the molecule's ability to inhibit angiogenesis and the proliferation of human rheumatoid arthritis synovial cells that contribute to the pathogenesis of the disease. Additionally, the presentation highlighted new mechanism of action data that demonstrate significant protective effects of PPI-2458 on bone and cartilage destruction and also described PPI-2458's disease-modifying activity in animal models of rheumatoid arthritis. "It is gratifying to see our work in this area being recognized as important by the inflammation community. This award underscores our belief in the potential of PPI-2458 as a treatment for autoimmune diseases, like rheumatoid arthritis," said Kevin F. McLaughlin, PRAECIS' President and Chief Executive Officer. PRAECIS currently is conducting a Phase 1 clinical study of PPI-2458 in cancer patients. The study is designed to assess the safety and tolerability of orally administered PPI-2458. As a secondary endpoint, the study will assess the pharmacodynamic activity of PPI-2458. Interim data from this clinical trial will be presented at the upcoming 18th EORTC-NCI-AACR Symposium on "Molecular Targets and Cancer Therapeutics" being held from Tuesday, November 7 to Friday, November 10, 2006 at the Prague Congress Centre in Prague, Czech Republic. Additional information about the Company's ongoing clinical trial for PPI-2458 can be accessed on the Internet at www.clinicaltrials.gov. The Company is currently planning its Phase 2 clinical development protocols in oncology and is evaluating the potential initiation of clinical studies in rheumatoid arthritis. About PRAECIS PRAECIS PHARMACEUTICALS INCORPORATED is a biopharmaceutical company focused on the discovery and development of novel compounds that have the potential to address unmet medical needs or improve existing therapies. PRAECIS has a novel MetAP-2 inhibitor, PPI-2458, in clinical development for cancer indications, including non-Hodgkin's lymphoma and solid tumors, as well as an innovative drug discovery technology, DirectSelect(TM), which enables the generation and practical use of ultra-large libraries for the discovery of orally active compounds for drug development. This news release contains forward-looking statements regarding the Company's continued development of PPI-2458 for cancer and autoimmune disorders. These statements are based on the Company's current beliefs and expectations as to future outcomes and are not guarantees of such outcomes or of future performance. These statements are subject to numerous risks, uncertainties and assumptions that could cause actual events and results to differ from those expected or anticipated, including, but not limited to, the Company's ability to continue development of and successfully partner or otherwise obtain funding for its PPI-2458 program, the Company's ability to continue to manage operating expenses and to retain key employees, unexpected expenditures, the timing and content of decisions made by the FDA, unexpected results in ongoing and future clinical or preclinical trials, and the need for additional research and testing, including as a result of unanticipated determinations by regulatory authorities, as well as the risks set forth from time to time in the Company's filings with the Securities and Exchange Commission, including but not limited to the various risks discussed in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2006. The Company undertakes no obligation to update any forward-looking statement made in this press release to reflect new information, events or circumstances after the date of this release.