San Diego, CA – October 19, 2004 - TargeGen, Inc., a biopharmaceutical company focusing on edema, cardiovascular (ischemic) diseases, cancer and eye disease, today announced that the Company has been named as one of three finalists for the UCSD 2004 Most Innovative New Product Award in The Biotechnology R&D category . The Company was selected as a finalist from a group of approximately 100 nominees.

TG100-115 is a small molecule, first in class, NCE discovered and developed by TargeGen scientists. Following a heart attack, the condition of hypoxia (oxygen deprivation) activates kinase signaling cascades which cause biochemical changes to blood vessels which permit vascular leakage. This leakage 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, it is anticipated that heart muscle tissue will be preserved resulting in improved cardiovascular function. 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.

“We are honored to have been selected as a finalist by UCSD CONNECT and appreciate their many contributions to entrepreneurship in San Diego” 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. This accomplishment speaks to the quality of our scientific platform and to the dedication and talent of our employees”. TG100-115 is currently being evaluated in a 100 AMI patient, 12-15 center Phase I/II clinical trial. The study is expected to be completed in the second half of 2005.

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