Osprey Pharmaceuticals Limited Announces Issuance of 3 U.S. Patents

    Patents Broadly Protect Core Technology Behind Chemokine-based Therapeutic

    MONTREAL, April 16 /CNW/ -- Osprey Pharmaceuticals Limited, a privately
held biotechnology company focused on treating chronic diseases through a
family of first-in-class therapeutic proteins, announced today that it has
been granted three patents by the U.S. Patent Office.  The patents protect the
use of conjugated chemokines to selectively and systematically eliminate
overactive leukocytes implicated in most chronic diseases, the core technology
behind Osprey's Leukocyte Population Modulator (LPM) platform.
    "These patents confirm our unique position to commercialize the only
therapeutic approach capable of addressing the in-common biological hallmark
of many known diseases: over-expression of chemokines and chemokine receptors
by overabundant and overactive leukocytes," said John McDonald, PhD, co-
founder of Osprey Pharmaceuticals. "The timing of the patent issuance comes at
an important stage of the company's development, as we move our first LPM for
the treatment of chronic kidney disease into the clinic later this year."
    The 99 collective claims covered by these patents mirror those issued in
Europe and protect broad methods of treatment and compositions of matter. The
specific patents issued are:

    -- US Patent 7,157,418 entitled "Methods and Compositions for Treating
       Secondary Tissue Damage and Other Inflammatory Conditions and
    -- US Patent 7,166,702 entitled "Cytotoxic Conjugates Comprising a
       Chemokine Receptor Targeting Agent"
    -- US Patent 7,192,736 entitled "Nucleic Acid Molecules Encoding Cytotoxic
       Conjugates That Contain a Chemokine Receptor Targeting Agent"

    Osprey's LPMs are chemokine-leukocyte network targeting agents that have
multiple applications in acute and chronic diseases. The company's initial 12
preclinical candidates target those diseases that are fueled by a failed or
failing chemokine-leukocyte network including chronic kidney disease, multiple
sclerosis, many forms of cancer, asthma, and atherosclerosis.  Unlike
chemokine antagonists, which simply block chemokine receptors, Osprey's LPMs
address the root cause of disease by infiltrating the chemokine system and
removing the leukocytes propagating the disease.

    About Osprey Pharmaceuticals Ltd.
    Osprey Pharmaceuticals Limited is a privately held biotechnology company
focused on commercializing a unique family of therapeutic proteins capable of
treating chronic diseases.  Osprey's broad technology platform is based on the
critical insight that many common diseases are propagated by overabundant and
overactive leukocytes.  The company's patented Leukocyte Population Modulators
selectively and systematically destroy these disease-related leukocytes by
infiltrating the chemokine system - a complex network of small proteins and
their receptors that regulate the movement and activity of leukocytes.  The
company expects to initiate a Phase I/II trial for chronic kidney disease in
the second half of 2007.
    Osprey has developed a portfolio of 12 preclinical LPM product candidates
addressing a variety of diseases including cancer, cardiovascular disease, and
immunological and neurological disorders, and the company anticipates
initiating at least one clinical trial annually over the next three years.
Osprey minimizes the risks inherent to drug development and commercialization
by using a technology that can rapidly generate new product candidates, and
then uniformly applying standardized testing and manufacturing protocols
across its portfolio. Osprey Pharmaceuticals is based in Montreal, Canada and
can be found online at www.ospreypharma.com.


    Phil Coggins, PhD
    President & CEO

    Robert Wagstaff
    Vice President, Finance
    Tel: 514-336-3118

    Or Susan Thomas or John Cummings from Burns McClellan on behalf of Osprey
    Tel: 415-352-6262


For further information:

For further information: Phil Coggins, PhD, President & CEO, 
coggins@ospreypharma.com, or Robert Wagstaff, Vice President, Finance, 
wagstaff@ospreypharma.com, +1-514-336-3118; Or Susan Thomas, 
sthomas@burnsmc.com, or John Cummings, jcummings@burnsmc.com, both of  Burns
McClellan on behalf of Osprey, +1-415-352-6262 Web Site:

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