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

Agency Contact: Ira Weingarten/Steve Chizzik
Equity Communications
(805) 897-1880

Hemoxymed to Market Unique Animal Model for Alzheimer's Disease

Genetically Altered Mice to be used by Industry to Develop new Therapeutics

Vernon Hills, IL September 16, 2003 - Hemoxymed, Inc. (OTC BB: HMYD) today announced plans to bring to market the first research animals that develop a key pathology most researchers today believe to be an essential characteristic of Alzheimer's disease.

These animals, which are called htau transgenic mice, have a segment of human DNA inserted into their genes. As a result, they grow as mice while expressing certain genetic characteristics that resemble Alzheimer’s disease in humans.

According to Peter Davies, Ph. D and Cathy Andorfer, Ph. D of Albert Einstein College of Medicine and Karen Duff, Ph. D of New York State Nathan S. Kline Research Institute, the principal developers of the transgenic mice, "Currently, there are transgenic mice available that develop some of the pathology associated with Alzheimer's, but they do not exhibit neuronal death, which is the major consequence of this disease. By overcoming these and other difficulties, the htau mice now available from Hemoxymed represent an important scientific advancement."

According to Hemoxymed Chairman & CEO, Bruce N. Barron, ”The absence of an adequate animal model has been a major factor in the high cost and relatively poor results obtained thus far from efforts by major pharmaceutical companies to discover and develop new therapeutics that slow the progression of Alzheimer's disease.”

Barron said Hemoxymed has already received several inquiries from potential customers after an August 2003 article appeared in the Journal of Neurochemistry (Volume 86 (3), pages 582-590) describing the new htau mice in considerable detail, and expects news of their availability to generate significant commercial interest.

According to the Company’s founding scientist, Dr. Peter Davies, who is the Burton P. and Judith Resnick Professor of Alzheimer’s Disease Research at Albert Einstein, “The most significant distinction between our htau mice and earlier attempts from other researchers, is that our mice develop an Alzheimer’s disease pathology called neurofibrillary tangles resulting from the insertion of normal human tau into the mouse’s genes. Previously, scientists had attempted to develop transgenic mice with Alzheimer's disease pathology by inserting mutated tau."

Davies said "The htau mice, however, have a distribution of pathology that is much closer to that in humans with AD, with tangles forming in regions such as the cerebral cortex and the hippocampus. In further studies, there is good evidence showing neuronal degeneration and death following the appearance of the neurofibrillary tangles in the htau mice, and this is something we really need to see in an animal model for Alzheimer's disease."

As a result of these important distinctions, Dr. Davies said, "We expect these mice to be uniquely useful in testing compounds thought to inhibit neurofibrillary tangle formation and cell death associated with Alzheimer’s disease."

Headquartered in Vernon Hills, IL, the company was founded in 1992 to commercialize the discoveries of Dr. Peter Davies and his colleagues at the Albert Einstein College of Medicine. After raising approximately $28 million from private sources, the Company became public in September 2002 by merging with Hemoxymed, Inc., an already public company.

In addition to its transgenic mice, Hemoxymed is in the advanced stages of developing diagnostic products to detect Alzheimer’s disease. The company is also involved in the discovery and development of a unique therapeutic to stop the progression of Alzheimer's. Hemoxymed also owns technology that has application in the areas of improving tissue oxygenation and treating cancer.

This press release contains forward-looking statements. Hemoxymed 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 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 review the company's 10-QSB and 10-KSB filings with the Securities and Exchange Commission.