Phrixus Pharmaceuticals Announces $890,000 in NIH Funding

PHRIXUS PHARMACEUTICALS, INC. ANNOUNCES $890,000 IN NIH FUNDING FOR ITS
PROGRAMS IN DUCHENNE MUSCULAR DYSTROPHY AND HEART FAILURE

Awards to fund respiratory studies for Carmeseal™ in Duchenne muscular dystrophy and
mechanism of action studies in heart failure

ANN ARBOR, Mich. (April 5 2011)
Phrixus Pharmaceuticals, Inc., a clinical-stage, specialty
pharmaceutical company focused on innovative therapies for Duchenne muscular dystrophy
(DMD) and heart failure, today announced that it has received a total of $890,000 in awards
from the National Institutes of Health (NIH). Funding is in the form of one SBIR Phase 1 award
titled “Effects of P-188 on Respiratory Function and Diaphragm Degeneration in the mdx
Mouse” and one STTR Phase 1 award titled “Poloxamer 188 Mechanism of Action in Ischemic
Heart Failure.” The latter award is in collaboration with Dr. Joseph M. Metzger, Chair of
Integrative Biology and Physiology at the University of Minnesota.

“This funding constitutes validation for the potential utility of Carmeseal not just in
cardiomyopathy but also in respiratory disease in patients with DMD, for whom it is the leading
killer” said Thomas A. Collet, president and CEO. “Completion of the work funded by these
grants will significantly advance our knowledge of how Carmeseal achieves its dramatic effects,”
adds Dr. Bruce Markham, Vice President of Research and Chief Scientific Officer.

DMD is the most devastating of the muscular dystrophies. No drug is approved for its
treatment. It is a genetic disease that affects about one out of every 3,500 boys. Approximately
20,000 boys and young men live with this disease in the United States. The hallmarks of DMD
are skeletal muscle weakness, respiratory distress, and cardiomyopathy. It is a degenerative
disease that leads to premature death.

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