ProQuest-Licensed Drug in Phase 1 Study

Guilford Pharmaceuticals, Inc., announced in June that it has activated an Investigational New Drug (IND) application for its novel, rapid-acting sedative/hypnotic, AQUAVAN™ Injection, a drug they licensed from HBC spin-off, ProQuest Pharmaceuticals. A proprietary water-soluble prodrug of propofol - the world's best-selling anesthetic - AQUAVAN™ Injection is now in a Phase I safety and tolerability study in the United States. AQUAVAN™ Injection has completed three Phase I studies in Europe. Initial clinical studies of AQUAVAN™ Injection show that it can rapidly induce sedation and anesthesia after intravenous administration, without causing any serious adverse reactions.

Guilford Pharmaceuticals Chairman and CEO Craig Smith said, "The Phase I safety and tolerability study of AQUAVAN™ Injection currently underway is the first of several studies we hope to carry out with AQUAVAN™ Injection in the United States this year. If our progress remains on target, we expect to begin additional studies of AQUAVAN™ Injection later this year, to evaluate its potential for use in conscious sedation during certain medical procedures."

AQUAVAN™ Injection is a proprietary water-soluble prodrug of propofol exclusively licensed by Guilford from ProQuest Pharmaceuticals. Unlike propofol, which is formulated in an oil or lipid-based emulsion, AQUAVAN™ Injection is formulated in a clear aqueous solution and is rapidly converted into propofol after intravenous injection, by an enzyme. Because of its water-soluble formulation and unique properties, Guilford anticipates that AQUAVAN™ Injection may minimize many of the side effects associated with propofol, and may not require an anesthesiologist to administer. •