Argolyn Bioscience Appoints James R. McNab, Jr. as Executive Chairman

North Charleston, South Carolina - July 24, 2006 - Argolyn Bioscience Inc. announced today that James R. McNab, Jr. has been appointed to the position of Executive Chairman of the Board of Directors.

Mr. McNab has more than 20 years of industry leadership experience in both large and small life science technology companies. He is the founder and Chairman of the Board of Curis, a NASDAQ listed drug discovery company based in Cambridge, Massachusetts. He is founder and Chairman of eNOS Pharmaceuticals in Lexington, Massachusetts. He was also a founder and CEO of Sontra Medical, a drug delivery device company based on technology licensed from MIT, and he was the founder of Parker Medical Associates, an orthopedic device company sold to Smith & Nephew in 1996.

"This is great news for Argolyn Bioscience," said Argolyn Bioscience CEO Pearce Gilbert. "Jim McNab brings to Argolyn a wealth of experience in establishing biopharmaceutical industry relationships and in building successful life science companies. I'm very excited about working with him."

"I am impressed with the Argolyn technology and with what the company has been able to accomplish," said Mr. McNab. "The drug candidates currently in development target novel pathways and the underlying platform from which these drugs were derived could prove to have broad application in a number of areas. Also, I'm joining a Board of Directors already endowed with tremendous business, technical, and financial expertise. The Argolyn team has made remarkable progress in the last several years and now has two product candidates very close to the start of clinical development. I am enthusiastic about helping move the company forward."

Mr. McNab is a graduate of Davidson College and earned his MBA at the University of North Carolina in Chapel Hill.

About Argolyn Bioscience Inc.:

Argolyn Bioscience, Inc. is a privately held biopharmaceutical company dedicated to the discovery and development of novel drug candidates to address major unmet medical needs including psychosis, pain, and other serious diseases and disorders. Argolyn's most advanced development candidate is ABS201, a first-in-class peptide derivative currently in preclinical development for the treatment of schizophrenia. A second development candidate, ABS212, also is in preclinical development as a first-in-class therapy for pain. These, and other product candidates, were developed using a proprietary amino acid analog substitution technology which enables the rapid and efficient discovery of novel drug candidates. For more information, contact the company or visit the website at www.argolyn.com.

Contact: Pearce Gilbert Argolyn Bioscience Inc. Tel: (843) 266-0851 Fax: (843) 266-0894 info@argolyn.com