COLEY PHARMACEUTICAL GROUP SETS PRICE FOR INITIAL PUBLIC OFFERING

Coley Pharmaceutical Group, Inc. today announced the initial public offering of 6,000,000 shares of its common stock at a price of $16.00 per share, before underwriting discounts and commissions. Shares of Coley's common stock will be traded on the Nasdaq National Market beginning August 10, 2005 under the trading symbol "COLY". Coley has granted the underwriters of the initial public offering a 30-day over-allotment option to purchase an additional 900,000 shares. In a separate private placement, an additional 625,000 shares will be purchased by Coley's collaboration partner, Pfizer, Inc., at $16.00 per share, under the terms of a worldwide license agreement announced with Coley in March 2005.

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