(Lenexa, KS, June 30, 2004) – CyDex, Inc., which is creating new pharmaceutical products through innovative drug delivery technologies, today announced an agreement licensing CAPTISOL®, its advanced formulation system, to TargeGen, Inc. for use with a novel drug under development for treatment of cardiovascular diseases. The agreement brings to 18 the number of Captisol-Enabled® products in or near clinical development.

CyDex granted TargeGen global rights to CAPTISOL for a formulation of TG 100-115, a new kinase inhibitor being developed by TargeGen for treatment of acute myocardial infarction. In preclinical studies TG 100-115 shows promise in reducing the amount of heart muscle that is killed in a heart attack, preserving heart function and reducing mortality. In the agreement CyDex granted similar licensing terms to TargeGen for use of CAPTISOL with additional proprietary compounds developed in the next five years. Financial terms of the agreement were not disclosed.

"We are excited that TargeGen has chosen CAPTISOL as a drug delivery vehicle in developing this promising new therapy for heart attack patients," said Dr. John M. Siebert, Chief Executive Officer of CyDex. "TargeGen research is confronting the leading causes of death in the industrialized world – heart attack, cancer and stroke. CyDex is pleased to have TargeGen as a partner, and we hope TG 100-115 is just the first of several promising Captisol-Enabled drugs to emerge from this agreement."

CAPTISOL enables the safe, effective delivery of medications by improving the solubility, stability and bioavailability of drug compounds. The technology works by forming complexes with water-insoluble drugs, making them water-soluble. When given by injection, a Captisol-Enabled formulation helps carry a drug into the patient's bloodstream, where CAPTISOL and the drug dissociate, allowing the active ingredient to produce its desired pharmacological effect. In oral and inhaled formulations, CAPTISOL can improve bioavailability by improving dissolution and solubility of drug compounds.

CyDex, Inc. offers innovative drug delivery solutions to help bring important new medications to patients. The company is developing its own pipeline of Captisol-Enabled drug formulations as well as partnering with leading pharmaceutical and biotechnology companies. Pfizer currently markets two Captisol-Enabled formulations that have been approved in the United States and Europe. CyDex has ongoing agreements with Allergan, Inc.; Array Biopharma, Bristol-Myers Squibb Co.; Daiichi Suntory Pharma Co., Ltd., of Japan; Gilead Sciences, Inc., Hovione, of Portugal; Merck & Co., Inc.; OSI Pharmaceuticals, Inc.; Pfizer; OncoPept AG, of Switzerland; and Teva Pharmaceutical Industries Ltd., of Israel. CyDex is a privately owned company located in suburban Kansas City.

CyDex contact: Tom Krol, Director, Corporate Development, 913-402-3509.

CAPTISOL and Captisol-Enabled are registered trademarks of CyDex, Inc.