Biopharmaceuticals

 News Release - December 18, 2006

Pipex Pharmaceuticals, Inc. Completes Corporate Name Change and New Ticker Symbol

Stock to Trade Under New Ticker Symbol 'PPXP'

ANN ARBOR, MI--(Healthcare Sales & Marketing Network)--Dec 18, 2006 -- Pipex Pharmaceuticals, Inc. (the "Company" or "Pipex") (OTC BB:PPXP.OB ), a specialty pharmaceutical company developing innovative late-stage oral drug candidates for the treatment of neurologic and fibrotic diseases, announced today that they have completed a corporate name change from Sheffield Pharmaceuticals, Inc. (OTC BB:SFPH.OB ) to Pipex Pharmaceuticals, Inc. As a result of the name change, the Over-The-Counter Market on the NASD Electronic Bulletin Board (OTCBB) will begin to trade Pipex's shares of common stock as of today under the new ticker symbol "PPXP."

About Pipex Pharmaceuticals, Inc.

Pipex Pharmaceuticals, Inc. ("Pipex") is a specialty pharmaceutical company that is developing proprietary, late-stage drug candidates for the treatment of neurologic and fibrotic diseases. Pipex's strategy is to exclusively in-license proprietary, clinical-stage drug candidates and complete the further clinical testing, manufacturing and regulatory requirements sufficient to seek marketing authorizations via the filing of New Drug Applications (NDAs) with the FDA in the U.S. and Marketing Application Authorizations (MAAs) with the European Medicines Evaluation Agency (EMEA). Pipex has five majority owned subsidiaries, Pipex Therapeutics, Inc., Effective Pharmaceuticals, Inc., CD4 Biosciences, Inc., Putney Drug Corp. and Solovax, Inc. For further information, please visit www.pipexpharma.com.

Statements contained in the in this press release and associated websites relating to the products of the Company are qualified in their entirety by the Form 8-K, as amended, filed with the Securities and Exchange Commission on November 7, 2006 and on Form SB2 filed on December 14, 2006. This press release contains forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, including statements that may reflect Pipex Pharmaceuticals, Inc. (the "Company," "we" or "our" "Pipex") current expectations about its future results, performance, prospects and opportunities. Where possible, the Company has tried to identify these forward-looking statements by using words such as "anticipates," "believes," "intends," or similar expressions. These statements are subject to a number of risks, uncertainties and other factors that could cause actual events or results in future periods to differ materially from what is expressed in, or implied by, these statements. We cannot assure you that we will be able to successfully develop or commercialize products based on our technologies, including COPREXA(TM), TRIMESTA(TM), Anti-CD4 802-2, CORRECTA(TM), EFFIRMA(TM) and SOLOVAX(TM) or particularly in light of the significant uncertainty inherent in developing, manufacturing and conducting preclinical and clinical trials of new pharmaceuticals and obtaining regulatory approvals, that our technologies will prove to be safe and effective, that our cash expenditures will not exceed projected levels, that we will be able to obtain future financing or funds when needed, that product development and commercialization efforts will not be reduced or discontinued due to difficulties or delays in clinical trials or due to lack of progress or positive results from research and development efforts, that we will be able to successfully obtain any further grants and awards, maintain our existing grants which are subject to performance, that we will be able to patent, register or protect our technology from challenge and products from competition or maintain or expand our license agreements with our current licensors, or that our business strategy will be successful. All forward-looking statements made in this press release are made as of the date hereof, and the Company assumes no obligation to update the forward-looking statements included in this news release whether as a result of new information, future events, or otherwise. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements.

Source: Pipex Pharmaceuticals

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