Bolder BioTechnology Receives Phase II SBIR Grant to Develop Long-Acting Cytokine Conjugates for Treating Thrombocytopenia

Wheat Ridge, Colorado  December 11, 2002 - Bolder BioTechnology, Inc. today announced that it has been awarded a $798,000 Phase II Small Business Innovation Research (SBIR) grant from the National Cancer Institute of The National Institutes of Health (NIH).  The grant, entitled  Cytokine Conjugates for Treating Thrombocytopenia , supports research to develop long-acting, second generation forms of interleukin-11 (IL-11) for the treatment of chemotherapy-induced thrombocytopenia.  Receipt of the entire grant award is contingent upon the achievement of certain research milestones.

George (Joe) Cox, Ph.D., Company President and Principal Investigator for the grant, stated  This continuing grant award recognizes both the great need for better medicines for treating thrombocytopenia (low platelet counts) and the excellent progress our scientists have made in developing such medicines.  Cancer patients receiving chemotherapy commonly experience severe reductions in their blood platelet levels, which greatly increases their risk for bleeding complications.  Historically, thrombocytopenia has been managed by platelet transfusions, or dose reductions or delays in chemotherapy, each of which has disadvantages.  Platelet transfusions are expensive and increase the risk for transmission of blood-borne infectious diseases and immunological complications.  Dose reductions or delays in chemotherapy reduce the likelihood that chemotherapy will be effective.  IL-11 is a human protein that stimulates the body to produce more platelets.  Platelet growth factors such as IL-11 provide an exciting new approach for treating thrombocytopenia.  Recombinant IL-11 has proven effective in clinical trials for preventing thrombocytopenia and reducing the need for platelet transfusions in cancer patients receiving chemotherapy.  However, the current commercial form of recombinant IL-11 must be administered to patients in high doses by daily injection for up to 21 days per chemotherapy cycle due to rapid clearance of the protein from the body.  The goal of this grant is the development of second-generation IL-11 proteins that last longer in the body, which would allow the protein to be administered less frequently, optimally only once per chemotherapy cycle. Long-acting forms of IL-11 also may reduce the amount of protein required by patients and result in more constant levels of the protein in the body, which may potentially improve the safety profile of the protein.

The NIH 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 Cancer Institute to demonstrate the feasibility of producing biologically active conjugates of IL-11.

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 at www.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.101