Biopharmaceuticals Oncology Licensing

 News Release - January 5, 2006

Innovive Pharmaceuticals Licenses Potent Dual Bcr-Abl/Lyn Kinase Inhibitor

Initial development target is Chronic Myelogenous Leukemia

New York, N.Y. (January 5, 2006) – Innovive Pharmaceuticals, Inc., a biopharmaceutical company headquartered in Manhattan, announced today that it has licensed worldwide development rights for NS-187 in all countries except Japan, from Nippon Shinyaku Co. Ltd., a Kyoto- based pharmaceutical company. INNOVIVE will develop NS-187 for the treatment of chronic myelogenous leukemia (CML) and anticipates commencing Phase I trials this year.

NS-187 is an orally bioavailable, rationally designed, dual Bcr-Abl and Lyn-kinase inhibitor. Bcr-Abl is commonly recognized as the primary molecular target in the treatment of CML. According to a study published in the journal Blood (Dec. 1, 2005), NS-187 is 25 to 55 times more potent than imatinib mesylate (GleevecÔ) in vitro, and at least 10 times as effective as imatinib mesylate in suppressing the growth of Bcr-Abl bearing tumors. NS-187 also demonstrated activity in 12 of 13 Gleevec- resistant cell lines.

In addition to its Bcr-Abl inhibitory properties, NS-187 was designed to inhibit Lyn kinase. Lyn kinase activity is upregulated in some CML patients when resistance to Gleevec has developed. Lyn kinase activation has also been documented in a variety of solid tumors, including prostate cancer.

“CML is becoming a chronic condition in which patients will need several different treatment options. I am very excited about NS-187 because of its potent inhibition of Bcr-Abl and its specificity for Lyn which could contribute to a unique efficacy and toxicity profile,” said Hagop M. Kantarjian, M.D., chairman of the Department of Leukemia at the M.D. Anderson Cancer Center.

“We are pleased to add NS-187 to INNOVIVE’s oncology pipeline. The compound shows great promise over existing treatments for CML,” said Steven Kelly, president and chief executive officer, Innovive Pharmaceuticals, Inc.

“Nippon Shinyaku is confident that NS-187 will be professionally and responsibly developed by INNOVIVE. We look forward to the drug’s progress so it can help the thousands of people worldwide diagnosed each year with CML,” said Kazuto Hatsuyama, President, Nippon Shinyaku, Co. Ltd.

About CML

Chronic myelogenous leukemia is a slow-growing form of leukemia, a cancer of the bone-marrow and blood. It starts in the blood-forming cells of the bone marrow and can spread to a variety of organs. CML is capable of changing to acute leukemia, which is fast-growing and can spread to any organ in the body. Approximately 4,300 people are diagnosed with CML each year in the United States, and 1,700 die each year from the disease. The current prevalence of CML in the US is estimated at over 20,000. This figure is expected to grow significantly as the recent approval of Bcr-Abl inhibitors has increased survival by many years. The most common first line treatment of CML is imatinib mesylate. Even with this powerful new agent, imatinib mesylate resistant and refractory patients occur at a rate of 4-13% of the treated population per year.

About Innovive Pharmaceuticals

Innovive Pharmaceuticals, Inc. is a privately held biopharmaceutical company headquartered in New York, N.Y. The company’s mission is to acquire, develop and commercialize novel therapeutics addressing significant unmet medical needs in the fields of oncology and hematology. INNOVIVE currently is developing INNO-105, a naturally occurring peptide that inhibits cell growth and division by interacting with OGFr, a unique receptor found on the nuclear membrane of a wide range of malignant cells. The company recently announced it had enrolled the first patients in a Phase I clinical trial of INNO-105 in adult patients with advanced solid malignancies. For additional information visit www.innovivepharma.com .

About Nippon Shinyaku Co., Ltd. Nippon Shinyaku, based in Kyoto, Japan, was founded in 1919 and is an R&D-oriented pharmaceutical company specializing in the development, manufacture, and sale of ethical drugs for the treatment of urological, inflammatory and allergic diseases and hematological malignancies. Nippon Shinyaku currently employs about 1800 employees and the total revenue in fiscal 2005 is reported about US $ 500 million. For additional information please visit www.nippon-shinyaku.co.jp .

This press release contains forward-looking statements that involve risks and uncertainties that could cause INNOVIVE's actual results to differ materially from the anticipated results and expectations expressed in these forward-looking statements. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties, which could cause actual outcomes and results to differ materially from these statements. Among other things, there can be no assurances that any of INNOVIVE’s development efforts relating to its product candidates will be successful. Other risks that may affect forward-looking information contained in this press release include the possibility of being unable to obtain regulatory approval of INNOVIVE’s product candidates, the risk that the results of clinical trials may not support INNOVIVE’s claims, INNOVIVE’s reliance on third party researchers to develop its product candidates and its lack of experience in developing pharmaceutical products. INNOVIVE assumes no obligation to update these forward-looking statements, except as required by law.

Source: INNOVIVE Pharmaceuticals

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