Manhattan Pharmaceuticals Announces Results of Phase 2a Study of Topical PTH (1-34)...

Manhattan Pharmaceuticals Announces Results of Phase 2a Study of Topical PTH
(1-34) for the Treatment of Psoriasis

NEW YORK, July 31, 2008 (PRIME NEWSWIRE) -- Manhattan Pharmaceuticals, Inc.
(OTCBB:MHAN) today announced top-line results from its Phase 2a clinical study
of topical PTH (1-34) for the treatment of psoriasis. This multi-center,
randomized, double-blind, vehicle-controlled, parallel group study was designed
to assess the safety and preliminary efficacy of two dose levels of topical PTH
(1-34) for the treatment of mild to moderate plaque psoriasis. While the study
did achieve the primary safety objective, the data did not demonstrate a
statistically significant improvement in the overall disease severity of
treatment lesions or signs and symptoms of psoriasis (redness, scaling, plaque
thickness, and itch) as compared to the vehicle (placebo) gel. Topical PTH
(1-34) appeared to be well tolerated with no hypercalcemia or serious adverse
events reported. Manhattan Pharmaceuticals intends to further analyze and asses
these data in order to determine appropriate next steps for the program

The company continues to dedicate its efforts and resources to advancing Hedrin
toward regulatory approval as a medical device as well as securing a
commercialization and marketing partner for the product. In June 2008, Manhattan
Pharmaceuticals announced that Hedrin, a next generation, non-insecticide
treatment for pediculosis (head lice), had been directed to the Center for
Device and Radiological Health division of the United States Food and Drug
Administration for review as a medical device. The product is currently being
developed for the North American market by Hedrin Pharmaceuticals K/S, a joint
venture between Manhattan Pharmaceuticals and Nordic Biotech Venture Fund II
K/S.

About Manhattan Pharmaceuticals, Inc.

Manhattan Pharmaceuticals, Inc. is a specialty pharmaceutical company that
acquires and develops novel, high-value drug candidates primarily for the
treatment of dermatologic disorders. With a pipeline consisting of four clinical
stage product candidates, the company is currently developing Hedrin(tm), a
novel, non-insecticide treatment for pediculosis (head lice); Topical PTH (1-34)
for the treatment of psoriasis; Altoderm(tm) (topical cromolyn sodium) for the
treatment of pruritus associated with dermatologic conditions including atopic
dermatitis; and Altolyn(tm) (oral tablet cromolyn sodium) for the treatment of
mastocytosis. (http://www.manhattanpharma.com)

Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements involve risks
and uncertainties that could cause Manhattan Pharmaceuticals, Inc.'s actual
results to differ materially from the anticipated results and expectations
expressed in these forward-looking statements. These statements are often, but
not always, made through the use of words or phrases such as "anticipates,"
"expects," "plans," "believes," "intends," "will," and similar words or phrases.
These statements are based on Manhattan Pharmaceuticals, Inc.'s current
expectations, forecasts and assumptions, which are subject to risks and
uncertainties, which could cause actual outcomes and results to differ
materially from these statements. Among other things, there can be no assurances
that Manhattan Pharmaceuticals, Inc.'s development efforts relating to its PTH
(1-34), Altoderm(tm), or Altolyn(tm) product candidates, or the Hedrin(tm)
product candidate being developed by our joint venture with Nordic Biotech
Venture Fund, or any future product candidates, will be successful, or that
Manhattan Pharmaceuticals, Inc. will be able to out-license its discontinued
programs to other companies on terms acceptable to Manhattan Pharmaceuticals,
Inc. or at all. Other risks that may affect forward-looking information
contained in this press release include, without limitation, the company's
extremely limited capital resources, the possibility of being unable to obtain
regulatory approval of Manhattan Pharmaceuticals, Inc.'s product candidates, the
risk that the results of clinical trials may not support the company's claims,
the risk that the company's product candidates may not achieve market acceptance
in North America or elsewhere, the company's reliance on third-party researchers
to develop its product candidates, availability of patent protection, the risk
that sufficient capital may not be available to develop and commercialize the
company's product candidates, the company's lack of experience in developing and
commercializing pharmaceutical products, and that trading in the company's stock
may be adversely impacted by the company's voluntary delisting of its common
stock from the American Stock Exchange. Additional risks are described in the
company's filings with the Securities and Exchange Commission, including its
Annual Report on Form 10-K for the year ended December 31, 2007. Manhattan
Pharmaceuticals, Inc. assumes no obligation to update the information contained
in this press release, whether as a result of new information, future events or
otherwise.

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CONTACT: Manhattan Pharmaceuticals, Inc.
Michelle Carroll, Associate Director, Strategic
Development & Investor Relations
(212) 582-3950