PRESS RELEASE: Asphelia Pharmaceuticals Appoints New CEO

Asphelia Pharmaceuticals Appoints New CEO

SAN DIEGO, Sept. 27, 2007 -- Asphelia Pharmaceuticals, Inc., a Paramount BioSciences-founded company committed to the development of new treatments for patients living with Inflammatory Bowel Disease (Crohn's Disease and Ulcerative Colitis) and other immunological and inflammatory disorders, today announced that Francois-Xavier Frapaise, M.D., has joined Asphelia Pharmaceuticals as its President and Chief Executive Officer. Dr. Frapaise also serves as a member of the Company's board of directors.

``Dr. Frapaise brings to Asphelia Pharmaceuticals an extensive background in drug development as well as executive leadership in various roles,'' said Bertrand Liang, M.D., Vice Chairman of Paramount BioSciences. ``Dr. Frapaise's distinguished career and accomplishments in the immunotherapeutic and related fields will be an invaluable asset in moving Asphelia Pharmaceuticals' technologies forward into the market place.''

Prior to joining Asphelia Pharmaceuticals, from April 2006 to July 2007, Dr. Frapaise was Chief Medical Officer at Ocera Therapeutics Inc., where he led the development of a small molecule in different indications including Inflammatory Bowel Disease. Dr. Frapaise was the Corporate Officer and Vice President of R&D at TAP Pharmaceuticals, where he led the clinical development of different compounds with a main focus on Gastroenterology from October 2001 to April 2006. Prior thereto, he held the position of Vice President Scientific Affairs at Abbott International Division based in Abbott Park, Illinois, from January 1999 to October 2001. His previous positions include Head of Medical Affairs at Bayer Europe, Medical Director at Bayer France, VP of R&D at Delagrange, Head of Anti-thrombotics Strategic Marketing at Sanofi, and Medical Director at Choay. His development and regulatory experience include gastroenterology, anti-thrombotics, anti-infectives, diabetes, and cardio-vascular products.

Dr. Frapaise holds an M.D. degree from Faculte de Medecine Rene Descartes in Paris, France, and is an INSEAD alumnus. Dr. Frapaise held an academic position at the Thrombosis Research Center of Loyola Medical Center in Maywood, Illinois.

``The position of President and Chief Executive Officer of Asphelia Pharmaceuticals is an outstanding opportunity to lead a company with a promising future,'' said Dr. Frapaise. ``I look forward to advancing our strong pipeline of products through the clinic and into the market to deliver innovative and efficacious products to patients.''

About Asphelia Pharmaceuticals, Inc.

Founded in August 2007 by Paramount BioSciences, Asphelia Pharmaceuticals, Inc. is a San Diego, CA-based immunotherapeutic company focused on the development of therapies for Inflammatory Bowel Disease (Crohn's Disease and Ulcerative Colitis) and other immunological and inflammatory disorders, including multiple sclerosis and asthma. The word "Asphelia'' means "safety'' in ancient Greek.

About Paramount BioSciences, LLC

Paramount BioSciences, LLC is a global pharmaceutical development and healthcare investment firm that conceives, nurtures, and supports new biotechnology companies. For additional information about Paramount BioSciences, please visit http://www.paramountbio.com.

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