ANN ARBOR, MI -- (MARKET WIRE) -- April 25, 2007 -- Pipex Pharmaceuticals, Inc. (the "Company" or "Pipex") (OTCBB: PPEX), a specialty pharmaceutical company developing innovative late-stage oral drug candidates for the treatment of neurologic and fibrotic diseases, announced today that in preparation for a proposed listing on the American Stock Exchange (AMEX), it has completed the previously disclosed reverse stock split of Pipex's common stock on a 1:3 basis. As a result of the reverse split, Pipex now has approximately 16.9 million shares outstanding and the Over-The-Counter Market on the NASD Electronic Bulletin Board (OTCBB) will begin to trade Pipex's shares of common stock as of today under the new ticker symbol "PPEX."
