King of Prussia PA, March 11, 2004 - BioRexis Pharmaceutical Corporation, a privately-held biopharmaceutical company, announced today that it has raised $30 million in a Series B private equity financing led by Prism Venture Partners of Westwood, Massachusetts and Quaker BioVentures of Philadelphia, Pennsylvania.

The financing was oversubscribed and included new investors Johnson & Johnson Development Corporation, Gund Investment Corporation and Anthem Capital and existing investors ProQuest Investments and Tullis-Dickerson & Company. BioRexis has raised over $38 million since its inception in July 2002.

As part of the financing, Duane Mason, Co-founder and General Partner of Prism Venture Partners will join BioRexis' board of directors. Duane Mason commented, "BioRexis is using unique protein engineering technology to advance an impressive product pipeline to the clinic. We believe BioRexis has the potential to develop many exciting, innovative, best-in-class protein and peptide therapeutics."

P. Sherrill Neff, Managing Partner of Quaker BioVentures added, "We are delighted to increase our investment in BioRexis, which was our fund's first investment. We have been impressed with the company's progress to date, and we are particularly pleased with the recent positive preclinical results for their lead drug candidate for type 2 diabetes."

The funds raised in the Series B round will be used to advance BioRexis' pipeline of biopharmaceuticals through preclinical testing and clinical trials. BioRexis' proprietary protein engineering technology provides novel protein and peptide drugs with superior pharmacology and Trans-bodiesTM to replace conventional monoclonal antibodies ("MAbs"). BioRexis' technology involves fusion of peptides and proteins to a modified version of the blood serum protein transferrin, thereby prolonging their circulatory half-life, improving efficacy, decreasing side effects and reducing dosage. The company's lead product is a peptide fusion, currently in preclinical trials for type 2 diabetes. Additional biopharmaceutical products under development include a novel longer-acting interferon and an erythropoietin receptor agonist.

BioRexis' CEO, David R. King, said "We are delighted to have attracted such a high caliber group of investors and appreciate their endorsement of our technology and strategic direction. This financing will enable us to accelerate the advancement of our preclinical programs into the clinic so that we can commercialize proprietary improved biopharmaceuticals using our protein engineering technology and manufacturing systems."

About BioRexis Pharmaceutical Corporation
BioRexisTM Pharmaceutical Corporation develops novel, extended half-life protein and peptide drugs with superior pharmacology and Trans-bodiesTM to replace conventional monoclonal antibodies ("MAbs"). Both can be produced in highly efficient manufacturing systems that use Saccharomyces cerevisiae (baker's yeast) instead of expensive mammalian cell culture.

Many proteins and peptides face difficulties in development and commercialization due to their poor pharmacokinetic profiles, requiring both high and frequent dosing which often leads to side effects. This reduces therapeutic benefit and can limit the range of indications for which the drug can be used. High dosing per patient also places a further burden on already limited manufacturing capacity, driving up the cost of treatment (as in the case of MAbs and other high priced biopharmaceuticals).

BioRexis solves these problems through its proprietary protein engineering approach, using a natural variant of the human serum protein transferrin as a carrier protein and as a scaffold for the effective presentation of proteins and peptides. BioRexis developed and solely owns this technology, which gives it great flexibility in transactions with pharmaceutical companies. For additional information, please visit http://www.biorexis.com/.

About Prism Venture Partners
Prism Venture Partners, Westwood, MA, is a leading venture capital firm with early-stage investments in communications, business infrastructure software and systems and healthcare. Since inception in 1996, Prism has rapidly gained industry recognition through the firm's depth of entrepreneurial experience among its investment team and active role with its portfolio companies. With over $1 billion in capital under management, Prism's access to a growing pool of seasoned entrepreneurs, collaborative approach to working with portfolio companies and integrated network of investors contribute to the firm's investment success. Additional information on Prism Venture Partners can be found at http://www.prismventure.com.

About Quaker BioVentures
Quaker BioVentures is a dedicated life science venture capital firm, focused on companies in the Mid-Atlantic region, from New York to North Carolina. Quaker BioVentures leads investments in companies at all stages of development and across the life sciences industry. The firm is particularly interested in companies developing human therapeutics and platform technologies for the biopharmaceutical industry. In addition, Quaker BioVentures, will consider companies developing medical devices, human diagnostics, healthcare information technologies, and healthcare services. Additional information on Quaker BioVentures can be found at http://www.quakerbio.com.

For Information Contact:

David R. King
Chief Executive Officer
BioRexis Pharmaceutical Corporation
(610) 313-4001
dking@biorexis.com