Manhattan Pharmaceuticals Acquires Tarpan Therapeutics

April 4, 2005

Manhattan Pharmaceuticals has acquired Tarpan Therapeutics, a privately held, New York-based pharmaceutical company, in an all stock transaction that resulted in Tarpan shareholders owning approximately 20% of the shares of Manhattan on a fully-diluted basis. Douglas Abel, formerly CEO of Tarpan, has been named President and Chief Executive Officer of Manhattan as of the completion of the transaction. Abel is a biotech and specialty pharmaceutical veteran with more than 15 years of high-level experience in the field. He has also been appointed to Manhattan's board of directors.

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