San Diego, CA – July 19, 2004 - TargeGen, Inc., a biopharmaceutical company focusing on edema, cardiovascular (ischemic) diseases and cancer, today announced that the Company’s first IND, submitted in June 2004, has been reviewed by the FDA and is now active. TargeGen plans to proceed with a 100 patient Phase I/II clinical trial of TG100-115, a selective kinase inhibitor that has demonstrated the ability to suppress vascular leakage (edema) and significantly reduce infarct size in pre-clinical models of acute myocardial infarction (heart attack). The trial is currently scheduled to begin in fall, 2004.

Following a heart attack, the condition of hypoxia (oxygen deprivation) activates kinase signaling cascades which cause biochemical changes to blood vessels which permit leakage. The leakage out of the vasculature contributes to microcirculatory collapse, heart tissue damage and ultimate infarct size. TG100-115, when administered intravenously, has been designed to block vascular leakage following an ischemic event. By preventing vascular leakage, heart muscle tissue is preserved. Acute Myocardial Infarction (AMI) is the number one disease related cause of death in the developed world with approximately 2.1 million new cases per year in the USA, Western Europe and Japan.

“This is a significant early milestone for TargeGen.” stated Peter G. Ulrich, President, CEO and Co-Founder of TargeGen. “TG100-115 is an important drug candidate that potentially addresses a leading cause of death and morbidity worldwide. This compound advanced from molecule discovery to IND submission in approximately 18 months. We are very pleased to be able to move our first drug candidate into the clinic in such a short period of time. I think this accomplishment speaks to the quality of our scientific platform and to the dedication and talent of our employees.” In addition to TG100-115, TargeGen is developing TG100-435, an orally available compound for oncology and edema indications and TG100-344 for eye diseases (macular edema).

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 (edema).

TargeGen, which initiated operations 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 others.

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