Clinical Development Milestones Achieved for Avineuro CNS Collaboration with ChemDiv, Inc.

SAN DIEGO, CA--(Marketwire - September 16, 2009) - ChemDiv Inc. of San Diego, CA, and Avineuro Pharmaceuticals Inc. of San Diego, CA, announced successful milestones reached under ongoing research and development collaboration in area of neurodegenerative and psychiatric disorders. R&D services were provided by ChemDiv's subsidiary Chemical Diversity Research Institute, based in Moscow, Russia. The existing agreement provides for research funding for developing clinical candidate compounds to obtain Proof of Concept in man. Avineuro is responsible for further clinical development and commercialization of drug candidates, and additional compounds that may be nominated for development from the ongoing research and discovery under the agreement. In September 2008, ChemDiv entered into a collaboration agreement with Avineuro to develop multiple pre-clinical compounds for Alzheimer Disease and schizophrenia. Under the agreement ChemDiv provided pre-clinical development services to nominate additional backup leads and candidates for Avineuro. This collaboration led to the initiation of Phase I studies for two of the molecules in Avineuro's pipeline, as well as successful completion of Phase I studies and initiation of Phase II studies for the third molecule in Avineuro's pipeline.

About ChemDiv

ChemDiv Inc. (Chemical Diversity) is a global contract research organization accelerating external discovery and development of novel therapies through comprehensive Discovery outsource™ services, including discovery biology, medicinal and synthetic chemistry, and pre-clinical and clinical development.

About Avineuro Pharmaceuticals

Avineuro Pharmaceuticals, Inc. discovers and develops novel small molecules for unmet medical needs in neurology and psychiatry.