Cellona Therapeutics, Inc. Awarded Qualifying Therapeutic Discovery Project (QTDP) Grant for CT-10 Novel Targeted Cancer Compound

COLUMBIA, MD (November 3, 2010) -- Cellona TherapeuticsTM, a pharmaceutical company focused on development and commercialization of novel targeted cancer drugs, today announced it has qualified for a $244,479 grant award from the U.S. government QTDP program. As enacted by Congress under the Patient Protection and Affordable Care Act of 2010, the QTDP program supports development of Cellona Therapeutics' lead compound CT-10, a new class of potent and selective geranylgeranyl transferase (GGTase) inhibitor. CT-10 is being developed as a targeted small molecule drug for treatment of human cancers.

"We are pleased that our innovative molecular targeted approach and CT-10's potential as a novel treatment for various cancers have been recognized by this grant award," said Brad Fackler, Chief Executive Officer of Cellona Therapeutics. "Our company is appreciative of this additional source of non-dilutive capital to advance potential new targeted therapies to treat cancer and address unmet medical needs."

The QTDP grant program provides support for innovative projects that are determined by the U.S. Department of Health and Human Services to have reasonable potential to result in a new therapy, reduce health care costs, or significantly advance the goal of curing cancer.

About Cellona Therapeutics

Cellona Therapeutics, Inc. is a privately held pharmaceutical company developing and commercializing targeted therapeutics to improve survival paradigms in cancer patients. Our oncology compounds target novel signaling pathways, and have potential indications in large therapeutic markets with considerable unmet needs. Cellona Therapeutics is developing a new class of cancer drug to inhibit the RAS family of cancer proteins. Mutation and hyperactivity of RAS family members occurs in, and is a driver of, most human cancers. Our compounds offer selective inhibition of these onco-proteins that mediate and control cancer genesis and growth. For more information visit http://www.cellonatherapeutics.com

Contact: Cellona Therapeutics, Inc. Wendy Tsai, Vice President, tsaiw@cellonatherapeutics.com.