ImaRx Therapeutics Files Registration Statement For Initial Public Offering

TUCSON, Ariz.--(BUSINESS WIRE)--May 22, 2006--ImaRx Therapeutics, Inc., a biopharmaceutical company focused on developing and commercializing innovative therapies for vascular disorders associated with blood clots, today announced that it has filed a registration statement on Form S-1 with the Securities and Exchange Commission for an initial public offering of shares of its common stock.

CIBC World Markets Corp. is acting as book-running manager, Jefferies & Company, Inc. is acting as co-lead manager and First Albany Capital is acting as co-manager. The number of shares to be offered and the price range for the offering have not yet been determined.

The offering will only be made by means of a prospectus. Copies of prospectuses relating to the offering may be obtained from CIBC World Markets Corp.'s Prospectus Department, 425 Lexington Avenue, 5th floor, New York, New York 10017, useprospectus@us.cibc.com, (212) 667-7200 or (866) 895-5637.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of any offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state.

About ImaRx Therapeutics

The "Clotbusting" Company(TM).

ImaRx Therapeutics is developing and commercializing innovative therapies for vascular disorders associated with blood clots based on two platforms, thrombolytics and SonoLysis, a technology combining our proprietary nanobubbles with ultrasound to treat stroke, and other vascular diseases. At ImaRx, our goal is to improve patient outcomes by restoring critical blood flow to vital organs and tissues such as the brain and lungs following acute ischemic or thrombotic events.

Contact: ImaRx Therapeutics, Inc. Greg Cobb, 520-770-1259 gcobb@imarx.com or Lippert/Heilshorn & Associates Bruce Voss or Don Markley, 310-691-7100 dmarkley@lhai.com

Source: ImaRx Therapeutics, Inc.

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