Rho Venture Capital: 2004 News

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Gloucester Pharmaceuticals Announces Senior Executive Appointments

Cambridge, MA
November 16, 2004

Gloucester Pharmaceuticals, Inc., aprivately held cancer therapeutics development company, today announced the appointment of two key senior executives. William McCulloch M.B., Ch.B, F.R.C.P. (Glasg), F.F.P.M. joins the company as Executive Vice President and Chief Medical Officer and John McBride joins as Executive
Vice President and Chief Operating Officer.

"I am extremely pleased that these respected experts in the oncology arena have joined Gloucester in such critical roles," commented Joseph S. "Jay" Mohr, President and Chief Executive Officer of Gloucester. "With our core team in place and our recent financing completed, we can now direct our full attention to the development of our most advanced product candidate, FK228, for the treatment of cutaneous T-cell lymphoma," he concluded.

Dr. McCulloch most recently was President of Alba BioPharm Advisors Inc., a clinical development consulting firm that he founded, and which provides strategic clinical/regulatory and due diligence services to a range of biopharmaceutical companies, as well as leading venture capital organizations. Prior to founding Alba, Dr. McCulloch was Executive Vice President & Medical Director of A. M. Pappas & Associates, LLC, a life sciences venture development firm, where he developed and managed the company's international pharmaceutical and biotechnology advisory practice. Previously Dr. McCulloch served as Senior Vice President of
R&D for Sparta Pharmaceuticals, and Vice President of Clinical R&D for U.S. Bioscience. While residing in Europe, he held senior executive positions with Bristol-Myers Co., Celltech Ltd., and Astra Alab, a division of Astra AB (now Astra Zeneca). Dr. McCulloch earned his M.B., Ch.B. (M.D. equivalent) from the University of Glasgow in Scotland, is a Member of the Royal College of Physicians (UK), a Fellow of the Royal College of Physicians (Glasgow) and a Fellow of the Faculty of
Pharmaceutical Medicine (UK). In addition, he holds a Diploma from the Royal College of Obstetricians and Gynaecologists, as well as a Diploma in Pharmaceutical Medicine, both from the U.K. He is a member of the American Society of Clinical Oncology.

Mr. McBride is a 20-year veteran of the biotechnology/pharmaceutical industry. Prior to joining Gloucester he was Global Head of Oncology Licensing at Pharmacia Corporation where he was involved in numerous in-licensing and out-licensing projects. Previously he served as Executive Vice President, Business Operations and Chief Financial Officer at CytoTherapeutics, Inc. Mr. McBride has also served as Vice President, Business Development and Treasurer at Phytera, Inc., Vice
President, Commercial Development at Sparta Pharmaceuticals, Vice President, Business Development at US Bioscience, and held various positions with Eastman Kodak and Atlantic Richfield Company. Mr. McBride holds a BS in Biochemistry and an MS in Chemical Engineering from the University of Wisconsin and an MBA from the Wharton School, University of Pennsylvania.

About FK228
FK228 (depsipeptide) is one of a new class of anti-cancer agents, known as histone deacetylase (HDAC) inhibitors, and is the only bicyclic peptide in this group. FK228 was granted Fast Track designation by the Food and Drug Administration as a monotherapy for the treatment of cutaneous T-cell lymphoma (CTCL) in patients who have relapsed following, or become refractory to, one other systemic therapy. Theproduct is in Phase 2 studies for CTCL, as well as renal cell carcinoma and hormone refractory prostate cancer. In numerous preclinical studies performed by Fujisawa, the NCI and others, the inhibition of histone deacetylation caused cell cycle arrest, differentiation and apoptotic cell death in cancer cells of various types. Phase 2 data reported at the 2004 Annual Meeting of the American Society of Clinical Oncology (ASCO) showed an overall response rate of fifty percent (50%) in patients with cutaneous T-cell lymphoma. Gloucester acquired the rights to FK228 from Fujisawa Pharmaceutical Co, Ltd. in April 2004 under an exclusive, worldwide license agreement.

About Gloucester Pharmaceuticals, Inc.
Gloucester Pharmaceuticals, Inc. is a privately held, venture-backed company that develops and commercializes innovative products for the treatment of cancer. The company employs an in-licensing strategy to build a diversified product portfolio to address the significant unmet medical need in the management of cancer. Gloucester's first product is FK228, a novel HDAC inhibitor in Phase 2 studies, which the company acquired from Fujisawa Pharmaceutical Co, Ltd. in April 2004.
Gloucester is headquartered in Cambridge, MA.

For more information visit our newly enhanced website at
www.gloucesterpharma.com.

This press release contains forward-looking statements concerning Gloucester that involve a number of risks and uncertainties. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words, "believes," "anticipates," "plans," "expects," "estimates," "intends," "should," "could," "will," "may," and similar expressions are intended to identify forward-looking statements. There are a number of important factors that could cause Gloucester's actual results to differ materially from those indicated by such forward-looking statements, including risks as to whether results obtained in pre-clinical and early clinical studies such as the results referred to in this release will be indicative of results obtained in future clinical trials; whether FK228 will advance through the clinical
trial process and receive approval from the United States Food and Drug
Administration or equivalent foreign regulatory agencies and for which indications, if any; and whether the patent and patent applications owned or licensed by Gloucester will protect the Company's technology and prevent others from infringing it. Gloucester disclaims any intention or obligation to update any forward-looking statements.