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Bolder BioTechnology Awarded NIH Grant to Continue Development of Novel Arthritis Treatment

Boulder, Colorado - August 24, 2007 - Bolder BioTechnology, Inc. today announced that it has been awarded a $685,984 Phase II Small Business Innovation Research (SBIR) grant from the National Institute of Arthritis and Musculoskeletal and Skin Diseases of The National Institutes of Health. The grant provides funds to continue research to optimize a human protein to enhance its ability to inhibit formation of new blood vessels, which may provide a novel approach for the treatment of rheumatoid arthritis. Rheumatoid arthritis, which afflicts 2.1 million Americans, is a chronic inflammatory disease that results in destruction of cartilage and bone in affected joints, eventually leading to physical deformities and disabilities. Formation of new blood vessels is one of the earliest changes observed in affected joints of patients with rheumatoid arthritis. The new blood vessels are believed to support growth of the inflammatory cells that damage cartilage and bone. Published studies suggest blocking growth of these blood vessels suppresses new and established disease in animal models of arthritis.

The SBIR program is a peer-reviewed grant program that provides research support to small businesses to discover and develop innovative biomedical products for the treatment of serious unmet medical needs. Bolder BioTechnology previously received a $100,000 Phase I SBIR grant award from The National Institute of Arthritis and Musculoskeletal and Skin Diseases, which was used to demonstrate the feasibility of producing long-acting, highly potent VEGF inhibitor proteins using the company's targeted PEGylation technology.

Bolder BioTechnology, Inc. uses advanced protein engineering technologies to create proprietary, long-acting human protein pharmaceuticals for the treatment of hematopoietic and endocrine disorders, cancer and infectious diseases. For additional information about Bolder BioTechnology, Inc., please visit our web site atwww.bolderbio.com.

Statements contained herein that are not historical facts are forward-looking statements that are subject to a variety of risks and uncertainties. There are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the Company. These factors include, but are not limited to: (1) the Company's ability to successfully complete product research and development, including pre-clinical and clinical studies, and commercialization; (2) the Company's ability to obtain required government approvals; (3) the Company's ability to attract and/or maintain manufacturing, sales, distribution and marketing partners; and (4) the Company's ability to develop and commercialize its products before its competitors.

Contact information:          Joe Cox, Ph.D., President          (303) 420-4420 ext.202