Angstrom Pharmaceuticals Appoints Virgil Thompson as President and CEO

San Diego, California, UNITED STATES

SAN DIEGO, Nov. 6, 2002 (PRIMEZONE) -- Angstrom(R) Pharmaceuticals Inc., (San Diego, CA) announced that Virgil Thompson has joined the company as President and CEO. Mr. Thompson has over twenty-five years of industry experience, leading several early stage biopharmaceutical companies including Chimeric Therapies, Inc., Bio-Technology General Corp., and Cytel Corporation. Mr. Thompson also had direct P&L accountability for a billion dollar plus U.S. prescription drug business while President at Syntex Laboratories, Inc.

"I am particularly excited about joining Angstrom at the time we will be taking our lead compound into clinical development to treat macular degeneration," said Mr. Thompson.

Terence R. Jones, Ph.D., Founder and Chief Technical Officer of Angstrom added, "We are extremely pleased that Angstrom has been recognized by its ability to attract a CEO of such stature. I look forward to exciting times ahead working with Virgil as we develop our drugs through to commercialization."

Angstrom Pharmaceuticals ( is developing inhibitors designed to interfere with the urokinase Plasminogen Activator System (uPA/uPAR) in patients suffering from conditions that are mediated through cell migration and invasion, angiogenesis and neovascularization. The initial focus of the Company is in ophthalmology, with its first priority the development of a product to treat wet age-related macular degeneration. The Company is also targeting cancer with compounds at the pre-clinical stage. Before the end of this year, Angstrom expects to initiate a Phase I trial with its lead drug, A6.

Angstrom is a privately held pharmaceutical company located in San Diego. It recently completed the initial closing of its first round of venture financing led by HamiltonApex Technology Ventures (, and the Company is looking to bring in additional investors in subsequent closings.

When used in this report, the words "expects" and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties, which could cause actual results to differ materially from those projected, anticipated, or implied.

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