Javelin Pharmaceuticals and Baxter Healthcare Corporation Expand Commercial Supply...

Javelin Pharmaceuticals and Baxter Healthcare Corporation Expand Commercial Supply Relationship for Anticipated Dyloject(TM) Global Growth

New Supply Agreement Covers Expansion of European Dyloject
Production with Premier Global Hospital Products Manufacturer
CAMBRIDGE, Mass.--(Business Wire)--
Javelin Pharmaceuticals, Inc. (AMEX: JAV), a leading developer of
novel products for pain management, today announced an agreement to
expand its commercial supply relationship with Baxter Healthcare
Corporation. The new supply agreement relates to Dyloject(TM),
Javelin's proprietary injectable diclofenac product currently marketed
in the United Kingdom and in the second of two pivotal trials in the
United States, for acute post-operative pain. The expanded
relationship provides additional manufacturing capacity for Dyloject,
principally for distribution in the European Union, and builds on the
existing manufacturing agreement executed between Javelin and Baxter
for the United States.

"We are pleased to strengthen our relationship with Baxter. This
expanded commercial supply agreement will provide increased capacity
for Dyloject in Europe as we grow sales of the product in the U.K. and
prepare for the anticipated launch of the product in multiple European
countries in the near future." said Martin Driscoll, Javelin's Chief
Executive Officer.

"I am pleased we have completed this multi-year expansion of our
Dyloject supply agreement with Baxter, which has the potential to
significantly improve Dyloject's gross margins, as the product's sales
volume increases in the UK and additional approvals are gained across
Europe," stated John Taylor, Vice President of Business Development
for Javelin. "Solidifying our supply chain for Dyloject should improve
the Company's position in our on-going partnership discussions."

About Dyloject:

Dyloject is an injectable NSAID with analgesic, anti-inflammatory
and antipyretic activity. Diclofenac, the active ingredient in
Dyloject, is a leading analgesic for the treatment of
moderate-to-severe postsurgical pain and has a demonstrated history of
efficacy and safety since its initial approval in 1981. Historically,
diclofenac has been used to treat pain from inflammatory and
degenerative forms of osteoarthritis, musculoskeletal conditions,
acute attacks of gout, kidney stones, and after surgical operations or
trauma.

In October 2007, Dyloject received Marketing Authorization
Application (MAA) approval and favorable pricing in the UK, where it
is currently marketed. In its pivotal UK registration trial,
Dyloject's efficacy and safety were shown to be significantly superior
to those of the IV formulation of diclofenac currently marketed in the
UK. Each dose of the competitive formulation requires buffering,
dilution and slow infusion. Dyloject comes ready to use for immediate
IV bolus administration, works faster, and according to a recent
study, has the potential to save the UK NHS up to GBP 50 per
postoperative patient. This pharmacoeconomic benefit, coupled with
Dyloject's superior clinical attributes, differentiates Dyloject from
the competitive diclofenac product, as well as from any of the other
marketed IV NSAID products.

About Javelin Pharmaceuticals, Inc.:

With corporate headquarters in Cambridge, MA, Javelin applies
innovative proprietary technologies to develop new drugs and improved
formulations of existing drugs to target unmet and underserved medical
needs in the pain management market. The Company has three drug
candidates in US Phase 3 clinical development. Previous clinical
trials have demonstrated its safety and rapid onset of action. For
additional information about Javelin, please visit the company's
website at http://www.javelinpharmaceuticals.com.

Forward Looking Statement:

This news release contains forward-looking statements. Such
statements are valid only as of today, and we disclaim any obligation
to update this information. These statements are subject to known and
unknown risks and uncertainties that may cause actual future
experience and results to differ materially from the statements made.
These statements are based on our current beliefs and expectations as
to such future outcomes. Drug discovery and development involve a high
degree of risk. Factors that might cause such a material difference
include, among others, uncertainties related to the ability to attract
and retain partners for our technologies, the identification of lead
compounds, the successful preclinical development thereof, the
completion of clinical trials, the FDA review process and other
governmental regulation, our ability to obtain working capital, our
ability to successfully develop and commercialize drug candidates, and
competition from other pharmaceutical companies.

JAV-G

Investor Relations
Javelin Pharmaceuticals, Inc.
Rick Pierce, 617-349-4500
VP, Investor Relations
rpierce@javelinpharma.com
or
Media Contacts:
Richard Lewis Communications, Inc.
Gregory Tiberend, 212-827-0020
gtiberend@rlcinc.com
or
Megan Dubroski, 212-827-0020
mdubroski@rlcinc.com

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