Company Press Release

Thomas A. Bologna Named Chief Executive Officer of Quorex Pharmaceuticals, Inc.

Carlsbad, CA, September 14, 2004 - Quorex Pharmaceuticals, Inc., a biotechnology company developing new classes of anti-infective medicines, announced the appointment of Thomas A. Bologna as president and chief executive officer. Bologna has a 20-year track record of leading venture-backed and publicly traded biotechnology companies, turnarounds and highly profitable healthcare divisions and subsidiaries of Fortune 500 companies. Prior to joining Quorex, Bologna served as chairman, president and CEO of Ostex International, Inc., a NASDAQ/NM company that sold and developed products for the management of bone and connective tissue diseases. He was instrumental in the introduction of innovative new products and establishing strategic alliances with leading pharmaceutical companies.

Prior to selling Ostex last year for a significant market capitalization premium, Bologna was president and CEO of Scriptgen Pharmaceuticals, where he capitalized on large market opportunities, completed venture financing, and built strong management and research and development teams. Previously, Bologna was chairman, president and CEO of Gen-Probe, Incorporated, which he took public and subsequently sold to Chugai Pharmaceuticals in 1989. Additionally, he was president of the Diagnostic Instrument Systems Division of Becton Dickinson & Co. and held executive positions at Warner Lambert Co. (Pfizer Inc.).

Bologna holds Master of Business Administration and Bachelor of Science degrees from New York University. He is a director of the Tuberous Sclerosis Alliance, member of the Business Advisory Board of The Epilepsy Project, and chairman of LeonardoMD.

"I am very pleased to lead the Quorex management team as we approach the clinical development of our lead drug candidate, QX5-3073, for acute bacterial infections and secure the appropriate strategic relationships and financial resources to take Quorex to the next level," Bologna said. "Quorex is an attractive opportunity for a number of reasons, not the least of which is its extremely strong and proven scientific team and progress-to-date in discovering and developing novel antibacterial drugs."

About Quorex Pharmaceuticals

Quorex Pharmaceuticals is discovering and developing first-in-class drugs to address the growing unmet need for new and effective therapies to treat serious bacterial infections. The company's proven discovery engine is making it possible to discover highly potent and selective compounds at a fraction of the cost and time required by conventional drug discovery processes. In record time, Quorex has created a pipeline of novel, broad-spectrum anti-bacterial compounds for community and hospital infections, and intends to begin clinical development in 2005. For more information, visit http://www.quorex.com.