Planet Biopharmaceuticals Announces Annual Meeting and Results of Clinical Trials

RIDGEFIELD, CT and LIBERTY, MO--(Marketwire - November 25, 2009) - Planet Biopharmaceuticals, Inc. (PINKSHEETS: PBPH) and its wholly owned subsidiaries (collectively, “Planet”), a specialty pharmaceutical company focused on providing products for allergy and asthma sufferers, today announced that it will hold its annual shareholder’s meeting on December 1, 2009 at 9:00 a.m. local time, at 888 Seventh Avenue, Thirtieth Floor, New York, New York 10106.

Planet also announced the results of initial phase 2 clinical trials for its sublingual immunotherapy (“SLIT”) clinical development program. SLIT is the administration of immunotherapy through drops of allergenic extract being placed under the tongue. The company believes that an FDA-approved SLIT product could ultimately expand the U.S. market for allergen immunotherapy. Planet has completed the analysis of its phase 2 study of cat hair allergenic extract given by sublingual dosing. Both low and high doses of study medication were very well tolerated and provided statistically significant reductions in symptom scores in patients exposed to cat hair antigen after 20 weeks of treatment. Symptoms were reduced by more than 40% by both low dose and high dose treatments. This level of improvement met Planet’s expectations for a positive drug response. Unfortunately, the study results are complicated by a response within the placebo group that was higher than expected. All three treatment groups improved significantly compared to baseline, so the difference between the groups was not clear. As a result, additional phase 2 research will be required before entering phase 3 trials. The Company intends to focus on operations to improve the Company’s operating results, and will evaluate options for moving forward with SLIT development.

Forward-Looking Statement

This press release contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and involve risks and uncertainties, which may cause results to differ materially from those set forth in the statements. The forward-looking statements may include statements regarding product development, product potential or financial performance. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Planet undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Forward-looking statements in this press release should be evaluated together with the many uncertainties that affect Planet’s business.

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