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Company Contact: Bruce N. Barron, CEO
(847) 573-8025 ext. 240

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Independent Study Concludes Applied NeuroSolutions’ Alzheimer’s Test Exceeds Industry Goals and Standards

Vernon Hills, IL January 26, 2004 - Applied NeuroSolutions (BB:APNS) headquartered here, said today that a major study involving three public companies, as well as universities in Munich, Stockholm and New York City, has concluded that its diagnostic test for Alzheimer's disease (AD) exceeds the industry goals and standards established for a diagnostic test to detect Alzheimer’s disease. The study also confirmed that APNS’ diagnostic test out-performed its nearest competitor in four of five categories studied.

As reported in the current January issue of Archives of General Psychiatry, a publication of the American Medical Association, researchers confirmed that diagnostic tests developed by APNS, Innogenetics (Euronext 100: INNX) and Mitsubishi Chemical Corporation (Tokyo: 4010) each were successful in distinguishing between patients that had Alzheimer's disease and patients that had no disease at all. In addition, the Innogenetics and APNS diagnostic tests were also successful in distinguishing between patients with Alzheimer's disease, and patients with other forms of dementia, as well as patients with various mild psychiatric or neurologic symptoms.

In head-to-head comparisons, the APNS diagnostic test out-performed both the Innogentics and Mitsubishi tests in four of the five categories, especially in the differentiation of frontotemporal dementia from AD.
The study consisted of 206 patient samples of which 108 had Alzheimer's disease, 52 had other forms of dementia, 22 had mild psychotic or neurological symptoms, and the rest were normal controls.

The researchers also investigated whether combining these tests would improve results and concluded, "…we found that p-tau231 (the APNS test) accounted for maximal group discrimination, whereas the other p-tau subtypes (the other companies’ tests) added no additional discriminatory power."

The success standard used in this study was established by the National Institute on Aging and the Ronald and Nancy Reagan Research Institute of the Alzheimer's Association in a "Consensus Report" published in 1998 in which a Working Group decided that a successful core biological marker would be one that had a sensitivity level and specificity level of at least 80%.

According to Dr. John DeBernardis, APNS President and Chief Operating Officer, "The study we announce today represents a major step in an emerging consensus that Applied NeuroSolutions has indeed developed a test for Alzheimer's disease that more than meets the goals established by the industry five years ago. The bar has been set, the race has been on for five years, and we believe that APNS has established itself as the leader in the development of a diagnostic test for AD."

To review a summary of this article, which is entitled "Measurement of Phosphorylated Tau Epitopes in the Differential Diagnosis of Alzheimer's Disease," please see the company's website www.appliedneurosolutions.com. To order a copy of the full article, please go to this link: http://archpsyc.ama-assn.org/cgi/content/abstract/61/1/95. The 1998 "Consensus Report of the Working Group" is available in its entirety on the APNS website.

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This press release contains forward-looking statements. Applied NeuroSolutions wishes to caution the readers of this press release that actual results may differ from those discussed in the forward-looking statements and may be adversely affected by, among other things, the need to raise substantial additional equity capital, and the risks associated with new product development and commercialization, clinical trials, intellectual property, regulatory approvals, and potential competitive offerings. For further information, please visit the company's website at www.appliedneurosolutions.com, and review the company's filings with the Securities and Exchange Commission.