Pharmacopeia (Nasdaq: 
PCOP), an innovator in the discovery and development of novel small   
molecule therapeutics, announced that PS433540, its first-in-class 
Dual Acting Receptor Antagonist (DARA), showed statistically significant 
blood pressure reductions in a Phase 2a study in patients with mild to 
moderate hypertension. PS433540 is being developed as a potential treatment 
for both hypertension and diabetic nephropathy and is a novel blood 
pressure product candidate that possesses two validated mechanisms of 
action in a single molecule. The data will be presented today at the Recent 
and Late Breaking Clinical Trials Session at the American Society of 
Hypertension (ASH) Twenty-Third Annual Scientific Meeting and Exposition in 
New Orleans.     
The Phase 2a study met its primary endpoint by showing a statistically   
significant reduction in mean 24-hour systolic ambulatory blood pressure 
over placebo. The study also showed statistically significant improvements 
over placebo in mean 24-hour diastolic ambulatory blood pressure as well as 
seated blood pressure. In this double-blind, placebo-controlled study, 
patients treated with 200 mg of PS433540 once daily experienced a 12/9mmHg 
drop in mean 24-hour systolic and diastolic blood pressure and those 
treated with 500 mg experienced a 15/10mmHg drop in mean 24-hour systolic 
and diastolic blood pressure. These reductions were highly statistically 
significant vs. placebo (P									     
"These positive results indicate that PS433540 may be a unique new  
treatment option for physicians and patients," said Joel Neutel, M.D., 
Associate Professor of Medicine in the Department of Medicine at the 
University of California in Irvine, and Medical Director of Clinical 
Pharmacology at the Orange County Research Center in Tustin, CA, who was 
the lead investigator of the Phase 2a study. "The magnitude of the blood 
pressure reductions we saw in this study were very impressive, and we look 
forward to further evaluating the benefits of this novel compound."     
An estimated 73 million Americans suffer from high blood pressure, a   
major risk factor for cardiovascular events and heart disease.(3) More than 
half of people diagnosed and treated with high blood pressure never reach 
suggested treatment goals and those who do often require two or more 
medications.(4) PS433540 is the first and only compound specifically 
designed to incorporate two proven mechanisms -- endothelin (ETA) and 
angiotensin (AT1) receptor blockade -- in one molecule to treat high blood 
pressure.     
"We are very pleased with the results of this important Phase 2a trial 
and look forward to future studies which will further assess the potential 
of PS433540, perhaps even beyond blood pressure lowering," said Joseph A. 
Mollica, Ph.D., Chairman of the Board and Interim President and Chief 
Executive Officer of Pharmacopeia. "We believe PS433540's dual mechanism of 
action may have a positive effect on diabetic kidney disease."     
Patients with diabetes are at an increased risk for many complications, 
including high blood pressure and diabetic kidney disease. Up to 73 percent  
of patients with diabetes have been or are being treated for high blood 
pressure,(5) and an estimated 20-30 percent of diabetic patients will 
progress to diabetic kidney disease,(6) a devastating disease that may 
require patients to undergo dialysis or a kidney transplant.(7)     
Pharmacopeia recently initiated a 12-week, Phase 2b clinical trial with 
PS433540 to evaluate the compound's safety and efficacy at three different 
doses versus placebo in 375 subjects with Stage I and Stage II 
hypertension. The study will also compare blood pressure reductions for 
each dose with irbesartan. Pharmacopeia anticipates completion of the Phase 
2b trial at the end of 2008.     
About the Phase 2a study    
In this prospective study, 234 men and women with Stage I and Stage II  
hypertension entered into a single blind placebo run-in period for 3-4 
weeks, after which 114 were randomized to receive double blind study 
medication for four weeks. At the time of the database lock, 108 subjects 
were available for evaluation, 93 of whom had both baseline and follow-up 
ambulatory blood pressure measurements (placebo: 25; PS433540 200mg: 35; 
PS433540 500mg: 33). The primary endpoint was the subjects' change from 
baseline in mean 24-hour systolic ambulatory blood pressure after 4 weeks 
of treatment. Additionally, investigators evaluated 24-hour diastolic 
ambulatory blood pressure and mean seated office systolic and diastolic 
blood pressure as well as a number of other endpoints.     
About PS433540    
PS433540 is the first and only blood pressure product candidate in a 
new class of antihypertensives known as Dual Acting Receptor Antagonists 
(DARAs). PS433540 is being developed as a potential treatment for 
hypertension and diabetic nephropathy. PS433540 possesses two clinically  
validated mechanisms of action in a single molecule. There is preclinical 
and initial clinical data suggesting that compared to either mechanism 
alone, simultaneously blocking angiotensin II and endothelin 1 at their 
respective receptors, AT1 and ETA, may provide an improved treatment option 
for several cardiovascular diseases. Because PS433540 is highly selective 
for the AT1 and ETA receptors it is able to block the blood 
pressure-raising actions of angiotensin and endothelin when they bind to 
these receptors.     
About Pharmacopeia    
Pharmacopeia is a clinical development stage biopharmaceutical company  
dedicated to discovering and developing novel small molecule therapeutics 
to address significant medical needs. The company has a broad portfolio of 
clinical and preclinical candidates under development internally or by 
partners including eight clinical compounds in Phase 2 or Phase 1 
development addressing multiple indications including hypertension, 
diabetic nephropathy, muscle wasting, inflammation and respiratory disease.  
The company is leveraging its fully integrated drug discovery platform to 
sustain the growth of its development pipeline. Pharmacopeia has 
established strategic alliances with major pharmaceutical and biotechnology 
companies, including Bristol-Myers Squibb, Celgene, Cephalon, 
GlaxoSmithKline, Schering-Plough, and Wyeth Pharmaceuticals. For more 
information please visit the company's website at 
pharmacopeia. 
This press release, and oral statements made with respect to 
information contained in this press release, constitute forward-looking   
statements within the meaning of the Private Securities Litigation Reform 
Act of 1995. Such forward-looking statements include those which express 
plan, anticipation, intent, goal, contingency or future development and/or 
otherwise are not statements of historical fact. These statements are based 
upon management's current expectations and are subject to risks and 
uncertainties, known and unknown, which could cause actual results and 
developments to differ materially from those expressed or implied in such 
statements. These forward- looking statements include, but are not limited 
to, statements about the results of Pharmacopeia's Phase 2a clinical study 
of PS433540, a product candidate from its DARA program, Pharmacopeia's 
plans to develop PS433540, Pharmacopeia's other Phase 2 and Phase 1 
clinical studies with respect to PS433540, including timing and expected 
outcomes of such studies, Pharmacopeia's estimates of the market 
opportunities for PS433540, the implementation of Pharmacopeia's strategic  
plans, Pharmacopeia's plans to develop PS178990, a product candidate from 
its SARM program, Pharmacopeia's Phase 1 clinical studies with respect to 
PS178990, including timing and expected outcomes of such studies, 
Pharmacopeia's plans to develop PS031291, a product candidate from its 
chemokine receptor CCR1 program, Pharmacopeia's estimates of the market 
opportunities for its other product candidates, including PS178990 and 
PS031291, Pharmacopeia's ability to raise additional capital, 
Pharmacopeia's anticipated operating results, financial condition, 
liquidity and capital resources, Pharmacopeia's ability to successfully 
perform under its collaborations with Bristol-Myers Squibb, Cephalon, 
GlaxoSmithKline, Schering-Plough and Wyeth, Pharmacopeia's ability to build 
its pipeline of novel drug candidates through its own internally-funded 
drug discovery programs, third party collaborations and in-licensing,  
Pharmacopeia's expectations concerning the development priorities of its 
collaborators, their ability to successfully develop compounds and its 
receipt of milestones and royalties from the collaborations, Pharmacopeia's    
expectations concerning the legal protections afforded by U.S. and 
international patent law, Pharmacopeia's ability to pursue the development 
of new compounds and other business matters without infringing the patent 
rights of others, additional competition, and changes in economic 
conditions.     
Further information about these and other relevant risks and 
uncertainties may be found in Pharmacopeia's Reports on Form 8-K, 10-Q and  
10-K filed with the U.S. Securities and Exchange Commission. Pharmacopeia 
urges you to carefully review and consider the disclosures found in its 
filings which are available in the SEC EDGAR database at sec 
and from Pharmacopeia at pharmacopeia. All forward-looking 
statements in this press release and oral statements made with respect to 
information contained in this press release are qualified entirely by the 
cautionary statements included in this press release and such filings. 
These risks and uncertainties could cause actual results to differ 
materially from results expressed or implied by such forward-looking 
statements. These forward-looking statements speak only as of the date of 
this press release. Pharmacopeia undertakes no obligation to (and expressly 
disclaims any such obligation to) publicly update or revise the statements 
made herein or the risk factors that may relate thereto whether as a result 
of new information, future events, or otherwise. 
References
    (1) Prescribing Information for Coreg CR(R), Lotensin(R), Avapro(R),  
        Benicar(R) and Norvasc(R) 
    (2) American Heart Association news release. 
        americanheart.mediaroom/index.php?s=43&item=59. Accessed 
        April 7, 2008.  
    (3) AHA 2007 Heart Disease and Stroke Statistics, p. 3.  
    (4) Chobanian AV, Bakris GL, Black HR, et al.  The Seventh Report of the 
        Joint National Committee on Prevention, Detection, valuation, and   
        Treatment of High Blood Pressure.  Journal of the American Medical 
        Association. 2003;289:p.2560-2572. 
    (5) American Diabetes Association: 
diabetes/utils/printthispage.jsp?PageID=STATISTICS_233192. 
        Accessed April 4, 2008.     
(6) Diabetes Care, Volume 27, Supplement 1, January 2004.    
(7) National Institute of Diabetes and Digestive and Kidney Diseases.        
Pharmacopeia
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