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Clinquest Takes Stake in Enceladus

Investments provide boost for clinical development of Enceladus´ Nanocort®

AMSTERDAM, the Netherlands June 26th 2007--Enceladus Pharmaceuticals and Clinquest Group, both based in Amsterdam, the Netherlands, today announce the signing of an investment and collaboration agreement. Under the terms of the agreement, Clinquest acquires a stake in Enceladus and has led a syndicate of investors to provide additional funding. Financial details are not disclosed. Enceladus will use the new funds for the ongoing clinical development of its proprietary anti-inflammatory drug Nanocort® as a treatment for active Rheumatoid Arthritis.

"The participation of Clinquest in our activities allows us to complete the phase IIa clinical proof of concept trial with Nanocort that is currently ongoing in the Netherlands. Therefore this means a major boost to our clinical development track", said Bart Metselaar, founder and CEO of Enceladus. "Furthermore, this collaboration means that we can tap into Clinquest´s vast expertise in drug development and start development of Nanocort for other indications. I am particularly pleased that, as part of the deal, Clinquest´s CEO Cees Wortel will be joining the Enceladus management team as acting chief medical officer. This way, we can really benefit from his longstanding experience in clinical development."

Cees Wortel, CEO of Clinquest Group, commented on the agreement: "We strongly believe in Enceladus´ technology position and the promise of Nanocort. By entering in this risk-sharing arrangement, we are able to support the further development of Nanocort and the entire liposomal development platform most efficiently. "

About Enceladus Pharmaceuticals
Enceladus Pharmaceuticals is a young drug development company originating from Utrecht University, the Netherlands. Enceladus develops Nanocort®, an innovative pharmaceutical that consists of corticosteroids (anti-inflammatory agents) packaged in specifically designed small lipid vesicles. After intravenous injection, the vesicles selectively accumulate in diseased sites in the body, where they release their anti-inflammatory content. As such, Nanocort allows for target-specific corticosteroid therapy, which is expected to result in a higher efficacy and less side effects when compared with systemic corticosteroid treatment. Potential applications of Nanocort are inflammatory disorders such as Rheumatoid Arthritis (RA) and Multiple Sclerosis (MS) and certain types of cancer.
Nanocort is currently Enceladus´ main product. The company envisions finding inventive combinations of drugs and drug carrier systems, both of which in separate form have been previously evaluated in the clinic. Using this practical approach, Enceladus can effectively design new prototype therapeutics that require relatively straightforward clinical development tracks. The company is based in Amsterdam, the Netherlands.

About Clinquest Group
The Clinquest Group is a trusted Healthcare Product Development Organization (PDO), which offers comprehensive product development services to the bio-pharmaceutical, medical device, diagnostics and medical data industries worldwide. Clinquest provides high-level strategic consulting as well as hands-on implementation services. Clinquest is recognized as a leader in the development of new, breakthrough technologies, first-in-man clinical trials and complex clinical studies. The Clinquest Group operates through three wholly-owned subsidiaries: Clinquest Inc., Clinquest Europe and Clinquest Pharmaceutical Innovations. The company is headquartered in Amsterdam, the Netherlands, and has offices in the USA and Singapore.

Enceladus Pharmaceuticals B.V.
Bart Metselaar, CEO
T: +31 (0)626 946 014
Kruislaan 406
1098 SM Amsterdam
The Netherlands

Posted: June 2007