San Diego, CA – June 30, 2004 - TargeGen, Inc., a biotechnology company focusing on edema, cardiovascular (ischemic) diseases and cancer, today announced that TG 100-435, a potent and selective orally available kinase inhibitor, has been designated as a lead drug for clinical development in oncology and edema indications.

Pre-clinical studies with this class of agents have indicated that it targets a unique set of kinases involved in vascular leak, VEGF- and FGF-driven angiogenesis, tumor proliferation, survival and metastases, which is reflected in the compound’s oral efficacy in edema and cancer models. “While we are still quite early in the development process, the data from the studies conducted to date lead us to be very excited. We believe it may have potential for human therapeutics application in a number of diseases including cancer, edema associated with any of several disorders, and eye diseases such as macular degeneration and diabetic retinopathy”, stated Peter G. Ulrich, CEO and Co-Founder of TargeGen. “We are hopeful that by late 2005, TG 100-435 will be our second compound in the clinic after TG 100-115 for acute myocardial infarction which is expected to be in clinical trials in the second half of this year.”

About TargeGen, Inc.

TargeGen, Inc. is a privately held vascular biology-focused biopharmaceutical company based in San Diego, CA. TargeGen is developing novel small molecule therapeutics to treat edema, cancer and ischemic diseases (heart attack, stroke) by targeting certain biochemical processes associated with the formation and repair of blood vessels and vascular permeability (VP).

TargeGen, formed in 2002, has raised more than $40M from venture capital sources. Key investors include Forward Ventures, Enterprise Partners, William Blair Capital Partners, CDP Capital Technology Ventures, China Development Industrial Bank (CDIB) and A.M. Pappas & Associates and other investors.

For additional information, contact:

Peter G. Ulrich
President & CEO
TargeGen, Inc.
9393 Towne Centre Drive
Suite 120
San Diego, CA 92121
Tel 858-678-0760
Fax 858-678-0762
ulrich@targegen.com
http://www.targegen.com