New Venture Funding for Alzheimer's Disease Drug Developer

MADISON, Wis., Jan. 12 /PRNewswire/ -- Mithridion, Inc., a drug development
company focusing on serious Central Nervous System disorders, including
Alzheimer's disease (AD), announced today that it held an initial closing of
$2.9 million in Series B Preferred Stock financing. The company will use the
funds for the clinical development of MCD-386, its lead drug candidate, aimed
at stopping or slowing down disease progression and improving memory and
cognition in this devastating disorder. The company has raised $7.4 million
to date in equity funding.

Venture Investors (VI - Madison, Wis.) led this latest round of financing. The
State of Wisconsin Investment Board and Wisconsin Investment Partners, both of
Madison, Wis., and Rocket Venture Fund (Toledo. Ohio), all existing
shareholders, also participated in the latest funding. Mithridion plans to
hold a final closing with respect to this financing on or before March 31,
2009.

John Neis, Managing Director of VI, will join Mithridion's board of directors.

"This new funding will enable Mithridion not only to advance MCD-386 in Phase
I trial, but will also support the development of exciting drug leads for AD
and schizophrenia in our preclinical pipeline," said Trevor M. Twose, Ph.D.,
the company's Chief Executive. "We greatly appreciate the continued support of
our shareholders," he added.

Five million Americans suffer from Alzheimer's disease today, and the number
will grow as baby-boomers age. The market for Alzheimer's disease drugs
exceeds $4 billion, but is currently underserved, and may grow to greater than
$10 billion with the development of drugs that are more effective.

MCD-386 is highly selective for the M1-type muscarinic receptor. In
preclinical laboratory tests, MCD-386 appears to replace deficient brain
acetylcholine activity, similar to that caused by AD. This drug is intended
to improve memory and cognition, with improved tolerability compared to
previously tested M1-selective muscarinic drugs. MCD-386 also appeared to
activate alpha-secretase enzymes, which might reduce or prevent the loss of
brain cells in AD by preventing the formation of amyloid beta. In preclinical
laboratory tests, MCD-386 appeared to be superior to the best first-generation
drug candidates of this type.

Four of the five currently approved drugs slow down the breakdown of
acetylcholine, thereby boosting its concentration to overcome the deficiency
in AD. However, unlike these drugs, MCD-386 is designed to mimic only the M1
activity of acetylcholine, with potentially greater efficacy and less
side-effects.

Mithridion's headquarters and preclinical drug research laboratories are in
Madison, Wis., and its semi-virtual clinical drug development team operates
out of Toledo, Ohio. The Company commenced operations in February 2006.
During 2008, Mithridion acquired Cognitive Pharmaceuticals Ltd., (Toledo,
Ohio), raised $2.3 million of Series B funding, and successfully completed the
first stage of Phase I clinical trials of MCD-386.

Venture Investors is a venture capital firm with $190 million under
management. The firm invests in seed and early-stage life science and
technology companies in the Midwest, with a primary focus on opportunities
that spin out of the region's leading research universities. Formed in 1982,
Venture Investors has offices strategically located next to the country's
third and fourth largest research institutions in Ann Arbor, Mich., and
Madison, Wisc. For additional information on the firm, visit
www.ventureinvestors.com.

SOURCE Mithridion, Inc.

Trevor M Twose, Chief Executive Officer of Mithridion, Inc., Cell,
+1-608-332-8319; or Paul M Weiss PhD MBA, Venture Investors LLC, Cell,
+1-608-445-8960