ANN ARBOR, MI , a specialty pharmaceutical company developing innovative late-stage drug candidates for the treatment of central nervous systems and autoimmune diseases, today announced that it will hold a conference call on Wednesday, July 9, 2008 at 10:15 a.m. ET to discuss the results of its double-blind, placebo-controlled phase II clinical trial results in the treatment of dry age-related macular degeneration (AMD) with oral Z-Monocys. Nicholas Stergis, Vice Chairman and Chief Executive Officer of Pipex, will host the call.

In order to participate in the webcast/conference call, please call toll free: (US): 800-952-4972; international dial-in: 416-641-2140, conference ID: Pipex. A visual presentation will be available at: http://www.visualwebcaster.com/event.asp?id=49757. The audio recording and visual presentation will be available for replay at http://www.pipexinc.com for a period of at least 15 days after the call.

About Pipex Pharmaceuticals, Inc.

Pipex Pharmaceuticals, Inc. is a specialty pharmaceutical company that is developing proprietary, late-stage drug candidates for the treatment of central nervous system and autoimmune diseases. Pipex's strategy is to exclusively in-license proprietary, clinical-stage drug candidates and to complete the further clinical testing, manufacturing and regulatory requirements and seek marketing authorizations. Pipex is focused on treating Dry Age-Related Macular Degeneration (AMD), multiple sclerosis, and fibromyalgia. For further information, please visit, www.pipexinc.com.

For Further Information Contact: Nicholas Stergis Vice Chairman and Chief Executive Officer (734) 332-7800 Redington, Inc. (Investor Relations) Thomas Redington 203-222-7399 www.redingtoninc.com

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