Ribonomics Receives $663,000 in Grants from the National Institutes of Health

Funding Advances Diabetes Drug Discovery Programs

May 7, 2004

Durham, NC-May 7, 2004-Ribonomics, Inc. has been awarded two Small Business Innovation Research (SBIR) grants by the National Institutes of Health totaling $663,000. One grant is entitled “RNA Binding Proteins and Beta-Cell Function” and involves application of the Companies’ proprietary RAS™ technology for understanding signaling processes important to beta-cell function. The second grant is entitled “Ribonomic Dissection of LRb-expressing Cells and Neurons” and is aimed at identifying signaling pathways involved in leptin receptor-regulated physiology. These grants represent a significant validation of Ribonomics’ technologies. The funds derived from these awards will be used to further the Company’s diabetes drug discovery program.

Ribonomics makes the drug discovery and development process more efficient. The Company’s RAS™ platform demonstrates cellular pathways that cannot be elucidated using other genomic and proteomic technologies. The Company’s RiboLert™ platform is a predictive chemogenomic application that enables rapid assessment of the pharmacology and toxicology of preclinical compounds. “These are exciting times at Ribonomics”, stated Barry S. Henderson, Ph.D., Director of Platform Technologies. “The scientific community has recognized the value of our technologies for elucidating cellular pathways and for rapidly translating those finding into drug discovery opportunities.”

Ribonomics will use this funding to continue research in two key areas; the regulation of insulin production and pancreatic beta cell function by RNA binding proteins, and discovery of novel therapeutic targets and cellular pathways involved in obesity. “We are quite pleased that the NIH has recognized Ribonomics’ potential and is sponsoring this research”, stated Bentley Cheatham, Ph.D., Director of Biology. “Better understanding of the biology surrounding these areas will lead to more effective development of drugs to fight diabetes and other metabolic syndromes.”

Ribonomics, Inc. (www.ribonomics.com), a privately held biotechnology company in Durham, NC, applies proprietary technologies to the drug discovery process. The Company is developing next-generation drug discovery and development tools for deployment in conjunction with pharmaceutical partners. Ribonomics’ RAS™ technology provides high-content analyses for target identification. The Company’s RiboLert™ application provides a cost effective and flexible screen to quickly ascertain the efficacy, toxicity and off-target effects of drug candidates.

Contact:

Christopher B. Kelly, President
Ribonomics, Inc.
3908 Patriot Drive
Durham, NC 27703
(919) 544-1023 x2117
chris.kelly@ribonomics.com