Press Release: Tapestry Pharmaceuticals Withdraws Registration Statement for Public Offering

Tapestry Pharmaceuticals Withdraws Registration Statement for Public Offering BOULDER, Colo., June 12 --- Tapestry Pharmaceuticals, Inc. announced today that it has withdrawn its registration statement on Form S-1 that had been filed with the SEC in conjunction with a proposed offering of $40 million of common stock. "Given the encouraging data we recently presented at the annual meetings of both the American Association for Cancer Research (AACR) and American Society of Clinical Oncology (ASCO) and the Company's overall financial position, we have decided to withdraw the proposed public offering and consider other financing options," commented Leonard Shaykin, Chairman and CEO of Tapestry Pharmaceuticals, Inc. About Tapestry Pharmaceuticals, Inc. Tapestry Pharmaceuticals, Inc. is a company focused on the development of proprietary therapies for the treatment of cancer. For more information about Tapestry and its technologies, visit Tapestry's web site at http://www.tapestrypharma.com. This press release contains forward-looking statements. These statements relate to future events or to our future financial performance and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performances or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Each of these statements is based only on current information, estimates and expectations that are inherently subject to change and involve a number of risks and uncertainties. Forward-looking statements include, but are not limited to, statements regarding any future financing options, the adequacy of the Company's balance sheet, and the nature of the Company's clinical data relating to TPI 287. Such risks, uncertainties and other factors include risks that no financing options will be available, that the Company's resources will be inadequate to fund future development, and that human clinical trials may show that TPI 287 is unsafe and/or ineffective in treating cancer in humans. Additional risks, uncertainties and other factors are identified under the captions "Risk Factors" and "Special Note Regarding Forward-Looking Statements" in the Company's reports filed from time to time with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 27, 2006. The Company disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new or additional information, future events or otherwise. Contact: Tapestry Pharmaceuticals, Inc. Investor: Lilian Stern Gordon Link Stern Investor Relations, Inc. Senior Vice President, 212-362-1200 Chief Financial Officer [email protected] 303-516-8500 [email protected] Elma Hawkins, Ph.D. Media: Dana Conti Communications and Corporate Schwartz Communications, Inc. Development 781-684-0770 212-400-3019 [email protected]@tapestrypharma.com Tapestry Pharmaceuticals, Inc. CONTACT: Gordon Link, Senior Vice President, Chief Financial Officer,+1-303-516-8500, [email protected], or Elma Hawkins, Ph.D.,Communications and Corporate Development, +1-212-400-3019,[email protected], both of Tapestry Pharmaceuticals, Inc.; orLilian Stern of Stern Investor Relations, Inc., for TapestryPharmaceuticals, Inc., +1-212-362-1200, [email protected]; or Dana Contiof Schwartz Communications, Inc., for Tapestry Pharmaceuticals, Inc.,+1-781-684-0770, [email protected]

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