TargeGen News: TargeGen, Inc. Appoints Phillip M. Schneider to Board of Directors

May 17, 2005

SAN DIEGO, May 13 /PRNewswire/ -- TargeGen, Inc., a biotechnology company focusing on ischemic diseases and cancer, today announced the appointment of Phillip M. Schneider to its Board of Directors.

Mr. Schneider is the former chief financial officer of IDEC Pharmaceuticals.

During his 15 year tenure at IDEC he served as Senior Vice President and CFO and played an integral role in the company's growth and development.

Mr. Schneider previously held management positions at Syntex and was with KPMG, LLP.

Mr. Schneider holds an MBA from The University of Southern California and a B.S. in biochemistry from The University of California at Davis.

"We are extremely pleased to be able to add someone with Mr. Schneider's depth of financial and pharmaceutical industry experience to an already strong Board," said Peter G. Ulrich, Co-founder, President and CEO of TargeGen.

"TargeGen will certainly benefit from his financial acumen and many years of achievement in growth company environments as our own company continues its rapid growth and development."

About TargeGen, Inc.

TargeGen, Inc. is a privately held vascular biology-focused biopharmaceutical company established in August, 2001. TargeGen is developing novel small molecule therapeutics to treat certain eye diseases, cancer and ischemic diseases (such as heart attack, stroke) by regulating certain biochemical processes associated with the formation and repair of blood vessels and vascular permeability (VP).

TargeGen currently has four internally discovered drug candidates in development to treat diseases including macular degeneration, heart attack and cancer. The Company has raised more than $40 million in venture capital to date. Current investors include Forward Ventures, Enterprise Partners,William Blair Capital Partners/Chicago Growth Partners, CDP Capital Technology Ventures/Vantage Point Venture Partners, A.M. Pappas & Associates, China Development Industrial Bank and other investors.