Apan Development Update

"The Company anticipates completing its Phase 1b dose escalation study in Alzheimer's disease patients during the second half of 2004. This study is designed to determine the maximum tolerated dose of its investigational drug candidate, Apan, in Alzheimer's patients. During the second half of 2004, the Company also anticipates initiating a Phase 1/2a study that will evaluate the safety and efficacy of a multiple dose regimen of Apan administered to Alzheimer's patients, assuming FDA concurrence on the protocol and on safety based upon its review of chronic toxicology studies."