San Diego, CA – September 15, 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(TM) 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.

Ronald Demuth, SVP & General Manager, ChemDiv, Inc.
6605 Nancy Ridge Drive, San Diego, CA 92121
Phone: (858) 794-4860
Fax: (858)794-4931

Yan Lavrovsky,CEO, Avineuro Pharmaceuticals, Inc.
6605 Nancy Ridge Drive, Suite 126
San Diego, CA 92121
Tel 858-436-1537 / 858-436-1540
Fax 858-228-9798