Business Wire - October 5, 2004

-- Signs master collaboration agreement to produce clinical trial drug and full-scale manufacturing of pipeline drugs

-- Creates a virtual in-house facility; eliminating the hiring of contract manufacturers, savings could amount to as much as $500,000 per drug

-- Attractive tax breaks have turned Ireland into a major drug manufacturing center, with 13 of the top 15 drug makers now in Ireland.

Samaritan Pharmaceuticals Inc., a developer of innovative drugs to target AIDS, Alzheimer's and cardiovascular disease, and Pharmaplaz, an Athlone, Ireland pharmaceutical company, based outside of Dublin, Ireland, announced today that they have entered into a broad strategic collaboration agreement for the production and supply of Samaritan's lead compound SP-01A, and Samaritan's pipeline of drugs, that expand across a variety of therapeutic areas to include AIDS, Alzheimer's, cancer and cardiovascular disease.

Under the terms of the alliance, Pharmaplaz will collaborate with Samaritan's pipeline development, scaleup, and manufacturing requirements, while working on drug formulation and testing, production of pilot batches, development of analytical methods, drug specifications, process validations and drug optimization. The companies will also work together to secure regulatory approval by the FDA for selected products in the U.S. markets.

"This collaboration marks an important milestone in our development. To know we have a manufacturing arm and we are not dependent on contract manufacturers who favor large pharma is a relief. It also accelerates Samaritan's vision for SP-01A and its pipeline," said Dr. Janet Greeson, CEO of Samaritan Pharmaceuticals. Greeson further stated, "We have not only gained a reliable and FDA-experienced partner to produce quality drugs, we have saved an enormous amount of money and jumped a manufacturing hurdle for ourselves and potential pharmaceutical partners. Pharmaceuticals have been known to have manufacturing problems with their facilities being overbooked years ahead. Therefore, overcoming this manufacturing hurdle for major pharma could also make Samaritan's drugs an even more attractive partnering candidate."

Eugene Boyle, CFO of Samaritan Pharmaceuticals, stated, "In addition, a location in Ireland offers a shelter for companies such as Samaritan wishing to develop intellectual property (IP) there. Ireland offers zero percent tax on revenue earned through IP developed in Ireland, making it a very attractive investment location for Samaritan's drug delivery development. It is probably why Ireland has become the hub of pharmaceutical companies, with 13 of the top 15 pharmaceutical companies setting up there."

"We are delighted with this new relationship with Samaritan," said Michael J. Macken, chief executive officer of Pharmaplaz. "Combining Pharmaplaz's manufacturing capability with Samaritan's U.S. research and development capabilities will speed the introduction of Samaritan's pipeline into the U.S. We also believe that there is an excellent match between the strategies of our companies, which should lead to ongoing opportunities to work together."

About Samaritan Pharmaceuticals: "A Cure Is Closer Than You Think."

Samaritan Pharmaceuticals is working to ensure a longer and better life for patients suffering with AIDS, Alzheimer's, cancer and cardiovascular disease. Samaritan is an innovation-driven biopharmaceutical, with a clear focus on advancing innovative drugs through clinical development to become commercially valuable compounds.

Samaritan has in-licensed 12 innovations from Georgetown University and is concurrently advancing four drug programs: SP-01A (HIV) clinical trials; SP-10 (HIV) preIND status; SP-233 (Alzheimer's) preIND status; and SP-1000 (cardiovascular) animal studies; along with an STTR NIH grant to develop a simple blood test to diagnose Alzheimer's.

Samaritan's proprietary HIV drug SP-01A is the closest to commercialization. SP-01A is an easy-to-take, oral "entry inhibitor" drug that works by blocking the HIV virus' ability to infect a cell. Encouraging data from its FDA Phase I/II trial suggests SP-01A as a promising drug for patients experiencing "drug resistance."

Visit our Web site at www.samaritanpharma.com.

About Pharmaplaz

Pharmaplaz is a fully integrated pharmaceutical company located in Athlone, Ireland. Pharmaplaz's innovative strategy of providing a complete platform of services ensures that our partners gain tax-efficient income from fast-track research and development through to commercial production. Pharmaplaz develops patented pharmaceutical technologies and products for our partners, providing access to revenue streams that are exempt from taxation on a worldwide basis -- a benefit enjoyed by all Irish-based high-technology companies. At our state-of-the-art, purpose-built, regulatory approved ISO 9001:2000 accredited facility, the Pharmaplaz team enables our partners to develop their own intellectual property from bench to the market. Our dynamic approach to customer requirements ensures success in all areas including initial research, process development, clinical trials, regulatory submissions and product manufacturing. Pharmaplaz Web site: www.pharmaplaz.com.

Disclaimer

The company disclaims any information that is created by an outside party and endorses only information that is communicated by its press releases, filings and Web site. This news release contains forward-looking statements that reflect management's current beliefs about the potential for its drug candidates, science and technology. However, as with any biopharmaceutical under development, there are significant risks and uncertainties in the process of development and regulatory review. There are no guarantees that products will prove to be commercially successful. For additional information about the factors that affect the company's business, please read the company's latest Form 10-K filed April 14, 2004. The company undertakes no duty to update forward-looking statements.

CONTACT: Samaritan Pharmaceuticals Inc., Las Vegas

Gene Boyle, 702-735-7001

Fax: 702-737-7016

E-mail: GeneBoyle@aol.com

SOURCE: Samaritan Pharmaceuticals Inc.

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