Seth Finklestein MD and Eyal Ron PhD join the Advisory Team

North Charleston, South Carolina – August 1, 2006 – Argolyn Bioscience Inc. announced today two more additions to its advisory team. Seth Finklestein MD will serve as interim Chief Medical Officer and Eyal Ron PhD will serve as interim Director of Drug Development.

"Owing to the strength of the technology and the business opportunity, Argolyn Bioscience continues to enjoy great success in recruiting outstanding talent and experience to its leadership team," said Argolyn Bioscience CEO Pearce Gilbert. "Seth and Eyal are each uniquely qualified to fill important roles with Argolyn as we continue advancing our products through the development and regulatory pathways. It is a great pleasure to welcome them to Argolyn."

Seth P. Finklestein, M.D., is the CEO of Biotrofix, Inc., a contract research company specializing in the preclinical modeling of neurological diseases. He is former Associate Professor of Neurology at Harvard Medical School/Massachusetts General Hospital (HMS/MGH) and former Director of the NIH-funded CNS Growth Factor Research Laboratory at MGH. From 2001-2004, he was V.P. and Head of the Neuroscience Division at Viacell, Inc., before founding Biotrofix. Dr. Finklestein has more than 20 years of experience in animal models of neurological disease. He is the author of over 130 peer-reviewed research publications and review articles, and inventor on 7 issued patents and patent applications.

Eyal S. Ron PhD is president of Madash LLC, a biopharmaceutical product development consulting firm. He has over 20 years of experience in drug development, clinical trials, regulatory, formulation, QC, biomaterials, drug delivery systems, scale-up manufacturing, and overall project management. He has been involved in the formation of a number of biotechs including Cerebrotec, eNOS Pharmaceuticals, Focal, GelMed/GelSciences, and InfiMed and helped develop several approved products including Gliadel(r), InFuse(r), ProLease(r) and FocalSeal(r). Dr. Ron is the author of over 100 papers, book chapters, and abstracts and is an inventor on over 30 patents in the area of drug development. He received his PhD in chemistry from Brandeis University and completed post-doctoral training at MIT. He currently holds an Adjunct Faculty position at the Harvard-MIT Division of Health Sciences and Technology.

Argolyn Bioscience Inc.

Argolyn Bioscience, Inc. is a privately held biopharmaceutical company dedicated to the discovery and development of novel drug candidates to address major unmet medical needs including psychosis, pain, and other serious diseases and disorders. Argolyn's most advanced development candidate is ABS201, a first-in-class peptide derivative currently in preclinical development for the treatment of schizophrenia. A second development candidate, ABS212, will soon enter formal preclinical studies as a first-in-class therapy for pain. These, and other product candidates, were developed using a proprietary amino acid analog substitution technology which enables the rapid and efficient discovery of novel drug candidates. For more information, contact the company or visit the website at www.argolyn.com.

For more information, contact:
Pearce Gilbert
Argolyn Bioscience Inc.
Tel: (843) 266-0851
Fax: (843) 266-0894 info@argolyn.com