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CONTACTS : Reiko Sato (Japan)
Y's Therapeutics Co., Ltd.
+011 81 3 5784-2762
media.relations@ysthera.com

Debra Bannister (US Media)
530 676-8001
debban@pacbell.net

Y's Therapeutics Raises 2.4 billion yen (US $22 million) in Series B Financing
- One of the Largest Private Equity Financings in Japanese Biotech Industry -

Tokyo, Japan - February 23, 2004 - Y's Therapeutics Co., Ltd., a privately held biotechnology company, today announced it has raised a total of 2.4 billion yen (US $22 million) through a Series B financing from new and existing investors. The financing was led by Softbank Investment Corp., through its managed investment fund. Zenkoku Hosho Co., Ltd. and Biovision Capital Corp. (through its managed investment fund), as well as venture capital investors, also participated in this round.

"We are pleased that Y's Therapeutics has such strong support by highly qualified investors. This significant funding will enable us to accelerate the development of our five main projects. Our priority is to move the programs forward as quickly as possible, through preclinical and clinical development," said Mr. Masanori Murayama, Co-founder, President and Chief Executive Officer of Y's Therapeutics.

Proceeds from the financing will be used to advance the company's product development pipeline. These projects include both antibody therapeutics and small molecule products for the treatment of oncology and autoimmune diseases. One of the company's oncology program is YSCMA, a humanized monoclonal antibody. The target antigen is a transmembrane surface glycoprotein found on a number of tissues including leukocyte subsets and epithelial cells. It is considered a novel target for immune mediated disease and oncology. The selected monoclonal antibodies have demonstrated anti-tumor activity in a xenografted mouse model.

About Y's Therapeutics
Y's Therapeutics is a privately held drug development biotechnology company developing truly effective next-generation drugs with a focus on antibody therapeutics and small molecule products for cancer, autoimmune diseases and inflammatory diseases. Y's Therapeutics was founded in March 2003 on the study of Chikao Morimoto, M.D., Ph.D., Professor, The Institute of Medical Science, University of Tokyo and University of Texas, MD Anderson Cancer Center (UTMDACC), and Nam Hoang Dang, M.D., Ph.D., Assistant Professor, UTMDACC. Y's Therapeutics currently has five potential projects in the pipeline and is headquartered in Tokyo, Japan.

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