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May 7, 2007

License Agreement for NM-702, a Drug for the Treatment of Arteriosclerosis Obliterans, with Milford Sound Sciences, Inc.

Nissan Chemical Industries, Ltd. [Headquarter: Chiyoda-ku, Tokyo, President: Nobuichiro Fujimoto] (hereinafter, Nissan Chemical) and Taisho Pharmaceutical Co., Ltd. [Headquarter: Toshima-ku, Tokyo, President: Akira Uehara] (hereinafter, Taisho) today announced the conclusion of a licensing agreement for NM-702 (development code in Japan: NT-702) with Milford Sound Sciences, Inc. of the USA (hereinafter, Milford). Nissan Chemical and Taisho have been jointly developing NM-702, a drug for the treatment of arteriosclerosis obliterans.

Under this agreement, Nissan Chemical and Taisho granted Milford exclusive development and marketing rights worldwide, except in Japan, South Korea, China and Taiwan. In return, Milford will make a one-off payment on the execution of the license followed by milestone payments based on the development progress and royalty payments based on sales.

NM-702 is an orally active inhibitor of phosphodiesterase and thromboxane synthetase. In Japan, Phase 2 studies are being conducted for intermittent claudication caused by arteriosclerosis obliterans, intermittent claudication caused by spinal canal stenosis, and asthma. In the USA, a Phase 2 study for intermittent claudication caused by arteriosclerosis obliterans has been successfully completed.

Intermittent claudication is a major symptom of arteriosclerosis obliterans. It is caused by insufficient oxygen supply to exercising muscles in the lower extremities due to decreased blood flow as a result of sclerosis of peripheral arteries. It is estimated that about 6 million people suffer from intermittent claudication in the USA, with only 10 percent of these people currently receiving treatment. Furthermore, there are only a few effective drugs in this field, and Nissan Chemical, Taisho and Milford believe NM-702 will significantly contribute to the treatment of intermittent claudication. Milford plans to begin Phase 3 trials in the USA in 2008.

About Milford Sound Sciences, Inc.

1. Headquarters:
787 Seventh Avenue New York, NY 10019, USA
2. Business Overview:
A specialty pharmaceutical company focused on developing novel therapeutics for cardiovascular diseases. Milford in-licenses, develops and markets late pre-clinical and clinical stage assets for the North American and European markets.
3. Milford is a portfolio company of Paramount BioSciences, LLC
4. Paramount BioSciences Overview:
A global drug development and healthcare investment firm focused on the in-licensing of novel therapeutics, and the formation of new biotechnology companies. For nearly 20 years since its founding, Paramount BioSciences has created and/or substantially financed almost 50 biotechnology companies. Paramount BioSciences' current portfolio companies have about 50 product candidates in clinical trials and others in pre-clinical development. This includes several technologies licensed from Japanese pharmaceutical companies.
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