Company Also Changes Name to Pharmacopeia, Inc. PRINCETON, N.J., May 7 /PRNewswire-FirstCall/ -- Pharmacopeia (NASDAQ: PCOP), an innovator in the discovery and development of novel small molecule therapeutics, today announced the elections of Martin H. Soeters and Dennis Langer, M.D., J.D., to the company's Board of Directors. Mr. Soeters and Dr. Langer bring extensive pharmaceutical industry experience to Pharmacopeia's board, offering high-level expertise in a variety of key business areas such as product development, marketing, and sales. They will replace James J. Marino, Esq. and Gary E. Costley, Ph.D., on Pharmacopeia's board. With more than 30 years of experience in the pharmaceutical industry, Mr. Soeters presently serves as President in the United States and Senior Vice President for North America for Novo Nordisk Inc., a global healthcare company and worldwide leader in diabetes care. In this position, he is responsible for approximately 3,000 employees and more than $2 billion in revenue. Mr. Soeters is of Dutch origin and began his career with Novo Nordisk at the Dutch affiliate. In his 27 years of service to Novo Nordisk, Mr. Soeters has also held the positions of Senior Vice President, International Marketing for Novo Nordisk A/S in Denmark, and General Manager of Novo Nordisk affiliates in France and Belgium. He also presently serves on the senior management board of Novo Nordisk A/S and the Board of Directors of Cubist Pharmaceuticals, Inc. Dr. Langer has served as a Managing Partner of Phoenix IP Ventures, a venture capital firm, since August 2005. Prior to joining Phoenix IP Ventures, he was President, North America, of Dr. Reddy's Laboratories Limited, an emerging global pharmaceutical company. Previously, Dr. Langer was with GlaxoSmithKline for nine years. His last position at GSK was Senior Vice President, Project and Portfolio Management. In addition, Dr. Langer was responsible for Alliance Management and was a member of the R&D Executive Team. Prior to the merger of Glaxo Wellcome and SmithKline Beecham, he was Senior Vice President, Product Development Strategy and Senior Vice President, Research and Development, Healthcare Services for SmithKline Beecham. He also held management positions with Searle, Abbott, and Eli Lilly. Dr. Langer served as the first President and Chief Executive Officer of Neose Technologies, Inc. Dr. Langer earned an M.D. from Georgetown University School of Medicine, a J.D. (cum laude) from Harvard Law School, and a B.A. in Biology from Columbia University. Dr. Langer also serves on the Boards of Myriad Genetics, Inc. and Cytogen Corporation, and is a Clinical Professor, Department of Psychiatry, Georgetown University School of Medicine. "Martin and Dennis both possess broad skill sets and extensive experience in areas such as product development, global and local marketing, and pharmaceutical sales which will prove very valuable to Pharmacopeia as we continue to advance our internal drug pipeline toward the market," said Les Browne, Ph.D., President and Chief Executive Officer of Pharmacopeia. "Special thanks to Gary and Jim, who have served Pharmacopeia and its stockholders loyally and diligently since before the transition of Pharmacopeia to a therapeutic product focused company." Pharmacopeia also announced today that its stockholders have approved changing the company's name to Pharmacopeia, Inc. Previously named Pharmacopeia Drug Discovery, Inc., the company adopted the new name to reflect its status as a clinical development-stage company. ABOUT PHARMACOPEIA Pharmacopeia is committed to discovering and developing novel therapeutics to address significant medical needs. The Company has a broad portfolio advancing toward clinical validation, both independently and with partners. Pharmacopeia's most advanced internal program is a dual-acting angiotensin and endothelin receptor antagonist (DARA) for hypertension and diabetic kidney disease for which Phase 1 clinical trials are underway. Other internal proprietary programs address primarily immunoregulation. Pharmacopeia's collaborative efforts have resulted in a portfolio that includes one partnered program currently in Phase 2 clinical trials targeting chronic obstructive pulmonary disease (COPD) and four partnered programs in Phase 1 clinical trials targeting rheumatoid arthritis, oncology, metabolic and inflammatory diseases. Four additional partnered compounds are in preclinical development. Pharmacopeia's current strategic partnerships are with Cephalon, GlaxoSmithKline, Organon and Wyeth. Contact: Brian M. Posner Executive Vice President and Chief Financial Officer Pharmacopeia, Inc. (609) 452-3643 This press release, and oral statements made with respect to information contained in this press release, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those which express plan, anticipation, intent, goal, contingency or future development and/or otherwise are not statements of historical fact. These statements are based upon management's current expectations and are subject to risks and uncertainties, known and unknown, which could cause actual results and developments to differ materially from those expressed or implied in such statements. These forward- looking statements include, but are not limited to, statements about the successful implementation of Pharmacopeia's strategic plans, Pharmacopeia's plans to develop PS433540, a product candidate from its DARA program, Pharmacopeia's Phase 1 clinical studies and proposed Phase 2 clinical studies with respect to PS433540, including timing and expected outcomes of such studies, Pharmacopeia's estimates of the market opportunities for its product candidates, including PS433540, Pharmacopeia's ability to successfully perform under its collaborations with Cephalon, GlaxoSmithKline, Organon and Wyeth, Pharmacopeia's ability to build its pipeline of novel drug candidates through its own internally-funded drug discovery programs, third party collaborations and in-licensing, Pharmacopeia's ability to raise additional capital, Pharmacopeia's expectations concerning the development priorities of its collaborators, their ability to successfully develop compounds and its receipt of milestones and royalties from the collaborations, Pharmacopeia's anticipated operating results, financial condition, liquidity and capital resources, Pharmacopeia's expectations concerning the legal protections afforded by U.S. and international patent law, Pharmacopeia's ability to pursue the development of new compounds and other business matters without infringing the patent rights of others, additional competition, and changes in economic conditions. Further information about these and other relevant risks and uncertainties may be found in Pharmacopeia's Reports on Form 8-K, 10-Q and 10-K filed with the U.S. Securities and Exchange Commission. Pharmacopeia urges you to carefully review and consider the disclosures found in its filings which are available in the SEC EDGAR database at http://www.sec.gov/ and from Pharmacopeia at http://www.pharmacopeia.com/. All forward-looking statements in this press release and oral statements made with respect to information contained in this press release are qualified entirely by the cautionary statements included in this press release and such filings. These risks and uncertainties could cause actual results to differ materially from results expressed or implied by such forward-looking statements. These forward-looking statements speak only as of the date of this press release. Pharmacopeia undertakes no obligation to (and expressly disclaims any such obligation to) publicly update or revise the statements made herein or the risk factors that may relate thereto whether as a result of new information, future events, or otherwise. DATASOURCE: Pharmacopeia CONTACT: Brian M. Posner, Executive Vice President and Chief Financial Officer, Pharmacopeia, Inc., +1-609-452-3643, Web site: http://www.pharmacopeia.com/

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