Axikin Pharmaceuticals Spins out of Actimis

SAN DIEGO, Jan. 22 /PRNewswire/ -- Axikin Pharmaceuticals, Inc., a startup
company dedicated to developing and commercializing small molecule
therapeutics for respiratory and inflammatory diseases, today announced a $3
million private placement of its Series A stock. The financing was led by
Sanderling Ventures of San Mateo, California. Additional investors include
Mitsui & Co. Venture Partners of New York.

Axikin Pharmaceuticals, Inc., was formed as a spin-out from Actimis
Pharmaceuticals, Inc., (www.actimis.com) following the acquisition of Actimis'
lead program by Boehringer Ingelheim in a structured buyout in June 2008.
Axikin's pipeline includes an advanced pre-clinical program with multiple
highly optimized small-molecule lead candidates, as well as two additional
novel target research programs. These programs are expected to have broad
applications across respiratory and allergic diseases including asthma,
allergic rhinitis and chronic obstructive pulmonary disease (COPD) with,
potentially, broader applications in inflammation, autoimmunity, oncology and
cardiovascular disease.

"The establishment of Axikin Pharmaceuticals, Inc., and the additional funding
we have received to progress these assets, allows us to hit the ground running
and provide significant continuity in the quest to bring our lead candidates
to the clinic," said Kevin B. Bacon, Ph.D., founder, President and Chief
Scientific Officer of Axikin, and original founder of Actimis. "Building on
our excellent relationship with our prior investor partners, and retaining the
same team of highly-dedicated scientists greatly facilitates our goal of
filing an investigational new drug application (IND) for our lead program in
the very near future."

"The investors are delighted to be backing the same proven team again in this
new spin-out Company," said Peter C. M. McWilliams, Ph.D., Chairman and Acting
CEO, and a Principal with Sanderling Ventures. "We feel there are some very
interesting and novel technologies in the Axikin portfolio and over the next
several months we will continue to rationalize and prioritize these with a
view to selecting our first clinical program this year."

About Axikin Pharmaceuticals, Inc.
Axikin Pharmaceuticals, Inc. is a privately held biopharmaceutical company
focused exclusively on the development and commercialization of small molecule
therapeutics for severe respiratory, inflammatory and autoimmune diseases such
as asthma, chronic obstructive pulmonary disease (COPD), inflammatory
dermatoses, inflammatory bowel disease and rheumatoid arthritis. Axikin was
spun out from Actimis Pharmaceuticals, in June 2008. Investors include
Sanderling Ventures and Mitsui & Co. Venture Partners. www.axikin.com

About Sanderling Ventures
Founded in 1979, Sanderling is among the oldest investment firms dedicated to
biomedical investing. Sanderling's unique approach combines a specialized
investment focus with active management and long-term commitment. Since its
inception, Sanderling has supported over 40 biomedical companies from very
early stages through commercial development. www.sanderling.com

About Mitsui & Co. Venture Partners
Mitsui & Co. Venture Partners (MCVP) is a New York based venture capital firm
that invests primarily in life science and technology companies in North
America. MCVP has created three funds totaling approximately $300 million in
capital. Having offices in New York, Tokyo and Palo Alto, the firm actively
seeks technology and business seeds in Japan and offers North American
start-up companies value-added opportunities in Japan and Asia.
www.mitsuiventures.com

SOURCE Axikin Pharmaceuticals, Inc.

Kevin B. Bacon, Ph.D., Founder, President, CSO of Axikin Pharmaceuticals,
Inc., +1-858-458-1890, kbacon@axikin.com; or Karen Sparks of Mentus,
+1-858-455-5500, ext. 275, karen@mentus.com, for Axikin Pharmaceuticals, Inc.