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    Porter Novelli Life Sciences
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    plord@pnlifesciences.com

NEREUS PHARMACEUTICALS APPOINTS DR. GARY SHEARMAN CHAIRMAN OF THE BOARD OF DIRECTORS

SAN DIEGO, CA - February 15, 2006 - Nereus Pharmaceuticals, Inc., a pioneer in drug discovery and development from marine microbial sources, today announced Gary Shearman, Ph.D., was appointed Chairman of its Board of Directors. Dr. Shearman is Chairman and Managing Director of HBM Advisors USA, LLC. He has served as a Nereus director since September 2004.

Dr. Shearman was previously Senior Vice President Drug Development, and Deputy Head of Research & Development at Rhone-Poulenc Rorer (now sanofi-aventis). With extensive leadership experience in multiple therapeutic areas, he created and implemented global drug development and regulatory strategies resulting in over twenty product approvals, including major oncology (Taxotere and Campto) and cardiovascular (Lovenox) drugs. Dr. Shearman also held management positions with Merck & Co. and Sandoz (now Novartis).

He holds a Ph.D. in pharmaceutical sciences and a M.S. in pharmacology and toxicology from the University of Rhode Island. Dr. Shearman was a member of the R&D Advisory Board for the Center Medicines Research Institute and Tufts Center for the Study of Drug Development. He currently serves as a director for ChemoCentryx and Innodia.

- I'm pleased to contribute to the company at a very exciting time in its development, said Dr. Shearman. Nereus has discovery expertise and a rich portfolio that is completely unique within the biotech and pharmaceutical industries. These provide extensive growth potential and opportunities to develop therapies to treat and manage serious diseases such as cancer, infection and inflammation.

- Gary's extensive experience in the pharmaceutical industry will continue to be an invaluable asset as we approach important milestones in our development programs, said Kobi M. Sethna, President and CEO of Nereus Pharmaceuticals, Inc.

About Nereus Pharmaceuticals, Inc.
Nereus Pharmaceuticals pursues untapped sources of chemical diversity to discover and develop novel therapeutics. With unmatched expertise in marine microbiology and integrated technologies to identify novel biologically active compounds, the Company will enter clinical trials in 2006 with two targeted oncology candidates. Nereus' discovery portfolio also includes potential treatments for infectious diseases and inflammation. The Company is privately held and based in San Diego, California. For more information, visit www.nereuspharm.com.

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Nereus Pharmaceuticals is a registered trademark of Nereus Pharmaceuticals, Inc.