MethylGene to Present at Biotech Showcase 2011

MONTREAL, QUEBEC--(Marketwire - January 06, 2011) - MethylGene Inc. (TSX: MYG), today announced that Mr. Charles Grubsztajn, President and Chief Executive Officer of MethylGene will present an overview of the Company at Biotech Showcase 2011 which will be held in San Francisco. Mr. Grubsztajn will be speaking on Tuesday, January 11th at 1:45 p.m. PST (4:45 p.m. EST).

About MethylGene

MethylGene Inc. (TSX: MYG) is a clinical-stage biopharmaceutical company that develops novel therapeutics with a focus on cancer. The Company’s product candidates include: MGCD265, an oral Met/VEGF receptor kinase inhibitor that is in multiple clinical trials for solid tumor cancers; MGCD290, a fungal Hos2 inhibitor for use in combination with fluconazole for fungal infections, which has completed Phase 1 clinical studies; and mocetinostat (MGCD0103), an oral, isoform-selective histone deacetylase inhibitor for hematological cancers that is currently in a Phase 2 clinical trial in relapsed/refractory follicular lymphoma. The Company’s partners include Otsuka Pharmaceutical Co. Ltd., Taiho Pharmaceutical Co. Ltd., and EnVivo Pharmaceuticals Inc. For further information, please visit www.methylgene.com.

Certain statements contained in this news release, other than statements of fact that are independently verifiable at the date hereof, may constitute forward-looking statements. Such statements, based as they are on the current expectations of management of MethylGene, inherently involve numerous risks and uncertainties, known and unknown, many of which are beyond MethylGene’s control. These risks and uncertainties could cause future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Such results, performance or achievements include, but are not limited to, the timing and effects of regulatory action; the continuation of collaborations; the results of clinical trials; the timing of enrollment or completion of clinical trials; the success, efficacy or safety of MGCD265, MGCD290 or mocetinostat (MGCD0103); the ability to scale up, formulate and manufacture sufficient GMP, clinical or commercialization quantities of MGCD265, MGCD290 or mocetinostat, and the relative success or the lack of success in developing and gaining regulatory approval and/or market acceptance for any compound or new product including MGCD265, MGCD290 or mocetinostat. Such risks include, but are not limited to, the impact of general economic conditions, economic conditions in the pharmaceutical industry, changes in the regulatory environment in the jurisdictions in which MethylGene does business, stock market volatility, fluctuations in costs, expectations with respect to our intellectual property position and our ability to protect our intellectual property and operate our business without infringing upon the intellectual property rights of others, changes in the competitive landscape including changes in the standard of care for the various indications in which MethylGene is involved, and changes to the competitive environment due to consolidation, as well as other risks, as described in MethylGene’s Annual Information Form for the fiscal year ending December 31, 2009, under the heading “Risk Factors” which you are urged to read and all other documents filed by the Company that can be found at www.sedar.com. Consequently, actual future results may differ materially from the anticipated results expressed in the forward-looking statements. The reader should not place undue reliance on the forward-looking statements included in this presentation. These statements speak only as an update on the date they are made and MethylGene is under no obligation to revise such statements as a result of any event, circumstance or otherwise except in accordance with law.