For Immediate Release
Contact: Kristen Bridges (850) 222-2140
Tuesday, October 21, 2008

Sarasota, Fla. – A team of world-renowned scientists today announced the launch of Archer Pharmaceuticals, Inc., a new company that will use modern technologies for the identification of novel treatments for Alzheimer’s disease. Archer Pharmaceuticals, Inc., led by Chief Executive Officer Michael Mullan, M.B.B.S., Ph.D. and Chief Technical Officer Fiona Crawford, Ph.D., was created based on the groundbreaking research that their team has been conducting in Florida for the past five years.

Archer Pharmaceuticals, Inc. has several compounds that are ready to enter clinical development, including ARC029 and ARC031. These compounds have been manufactured at the Sarasota-based facility to U.S. Food and Drug Administration (FDA) regulatory standards (GMP). Both are targeted at the reduction of soluble amyloid proteins in the brain – thought by many to be the main culprits in degeneration of neurons in the brains of Alzheimer’s disease sufferers. In addition, Archer Pharmaceuticals, Inc. has several other agents in the preclinical stage, including Gamma Secretase Inhibitors and BACE Inhibitors. These approaches are designed to attack the Alzheimer’s disease soluble amyloid in different ways, providing complementary approaches to the lead compounds. ARC029 was selected from approximately 2,000 agents as Archer Pharmaceuticals, Inc.’s first-line treatment for Alzheimer’s because it was one of the most proficient at lowering amyloid levels in preclinical models. In these models ARC029 reduces brain amyloid levels by largely unexplored biological mechanisms.

“ARC029 acts to lower the soluble forms of amyloid before they damage the brain’s neurons,” said Dr. Mullan. “We believe that the soluble, rather than the deposited forms, are the real culprits in the disease, and so reducing them is our goal with this compound.”

“Alzheimer’s disease is a growing problem around the world, with devastating consequences for patients, caregivers and families,” said Dr. Crawford. “We now have strategies to tackle the cause, not just the consequences, of Alzheimer’s disease. We are confident that the expertise and dedication of the Archer staff will lead to effective treatments for this terrible disease.”

A Phase I/IIA clinical trial, that is currently being conducted in Europe, was designed to evaluate the safety of Nilvadipine, the active ingredient of ARC029, in Alzheimer’s sufferers. The study has shown that the drug was well tolerated in Alzheimer’s patients. While neither ARC029 nor ARC031 is currently available in the United States (U.S.), Archer Pharmaceuticals, Inc. is expecting to proceed with U.S. clinical studies within the next few months. Archer Pharmaceuticals, Inc. intends to fast track ARC029 and ARC031, while continuing to work on other therapeutic approaches. Archer Pharmaceuticals, Inc. is a fully independent health care company dedicated to enhancing and extending healthy human life. For more information or to invest in Archer Pharmaceuticals, Inc., please contact at (941) 755-6644 or visit www.ArcherPharma.com.

All statements contained in this press releases, and oral statements that may be made by the Company or any of its officers, directors, employees or representatives acting on the Company’s behalf, that are not statements of historical fact, including, but not limited to, the projected financial information contained in this Memorandum, statements regarding the Company’s current business strategy, future operations, technical capabilities, funding needs, financial sources, pricing, markets, financial position, estimated revenues, projected costs, prospects, plans and objectives of management, as well as information concerning expected actions of third parties, such as suppliers, and expected characteristics of competing products are based upon current expectations and constitute “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. Such forward looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results to be materially different from historical results or from any future results expressed or implied by such forward looking statements. The Company wishes to caution readers not to place undue reliance on any forward looking statements. The Company has disclosed important factors that could cause the actual results to differ materially from expectations (“cautionary statements”) under the heading “Risk Factors” and elsewhere in this Memorandum. The cautionary statements qualify all forward looking statements attributable to the Company or persons acting on the Company’s behalf. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements that include the terms “believe,” “belief,” “expect,” “plan,” “anticipate,” “intend,” “estimate,” “project” or the like to be uncertain and forward looking. The Company does not have any obligation to update or revise publicly any forward looking statements, whether as a result of new information, future events or otherwise. Although the Company believes that the expectations underlying the forward looking statements are reasonable, it cannot assure that such expectations will prove to be correct.