FOR IMMEDIATE RELEASE

CONTACT: Dr. Craig Liddell
cliddell@amuletpharma.com
410-455-5747

Amulet Closes $1.7 Million in Series A Financing

ROCKVILLE , Md. (February 27, 2007) – Amulet Pharmaceuticals, Inc., a privately-held life science company, announced today the completion of its Series A financing of $1.7 million.

The investment was led by existing investor, Wilmington Investor Network (WIN), a private equity fund located in North Carolina . “Amulet is well positioned to develop breakthrough approaches that have important medical benefits,” says Michael G. Cain, managing member of Wilmington Investor Network. “Amulet has an exceptionally strong and experienced leader, novel technologies that represent commercial opportunities, and a major unmet need in nitric oxide treatment, which provides the company with a robust foundation to support growth.”

Additional financing came from Springboard Capital LLC, a member managed, early stage, private equity fund in Florida .

“Amulet Pharmaceuticals, Inc. is a shining example of the types of smart, innovative life sciences companies that we are so proud of here in Montgomery County, Maryland ,” said Pradeep Ganguly, Director, Montgomery County Department of Economic Development.  “This new funding will enable Amulet to advance its critical work in novel therapeutics and we wish them continued success in this most important endeavor,” added Ganguly.   

The company will use the equity funding to advance nitric oxide research and development of novel therapeutics for diabetic gastroparesis and cardiovascular medical devices. “This financing positions Amulet to move forward with several studies, expand our team, and fortify infrastructure to meet our aggressive goals for growth,” says CEO Craig Liddell, Ph.D.

Liddell was an executive at Gaithersburg-based Artesian Therapeutics Inc., which sold to CARDIOME Pharma Inc., and previously at North Carolina-based Paradigm Genetics Inc., which sold its' healthcare business to Clinical Data Inc. and sold the agricultural business to MONSANTO Corp. in 2004.

Amulet is developing small molecules and polymers that deliver nitric oxide throughout the body to act as anything from a sanitizer to a blood thinner.

The company has four ongoing pilots with three Fortune 500 companies in three therapeutic areas. The first pilot, with a contact lens case manufacturer, uses nitric oxide as a sanitizer for the cases. A second focuses on wound repair -- a condition nitric oxide can help. The third test involves a stent maker using nitric oxide to help reduce clotting associated with coronary stents.

Amulet raised $820,000 from angel investors during the third quarter last year and closed on the balance of the Series A financing in late December 2006. The company received $75,000 from the Maryland Technology Development Corp last April.

The nitric oxide technology was developed by the company's founder and chief scientific officer, Robert Raulli, who used $750,000 from a federal small business innovation research grant to prepare for trials.

Amulet, a five-year-old company, originated in the techcenter@UMBC incubator program. While still associated with the techcenter@UMBC through the Affiliate program, the company recently moved to Rockville 's biotech corridor.

“We are pleased to see companies that are born here stay in Maryland ,” says Ellen Hemmerly, executive director of techcenter@UMBC. “It really tells us that the state has valuable resources to support the growth of life science companies.”

About Amulet Pharmaceuticals, Inc.: Amulet was founded in 2001 by Robert Raulli, Ph.D., a leader in Nitric Oxide based therapeutics. During the first 3 years of operations, Amulet developed its own novel composition–of-matter intellectual property (NORTECH™) and began segmenting its NORTECH™ technology into dozens of well defined markets. This effort began with a sale of a NORTECH™ application to Noxilizer Inc. for the medical sterilization market.

Amulet seeks to partner with medical device and pharmaceutical companies to apply NORTECH™ technology into the widest possible range of application areas. The Company plans to develop products in several important additional product areas such as diabetes, pain, ophthalmology, wound and contact lens care. For more information about Amulet visit the website at www.amuletpharma.com.

About Wilmington Investor Network: Wilmington Investor Network ("WIN") is an angel investment group of successful business people that provides financial resources and business expertise to help high potential emerging companies. WIN co-invests with other early stage investors and continues supporting successful companies throughout their growth cycles. WIN is located in Wilmington , North Carolina (www.wilmingtoninvestor.com)

About Springboard Capital LLC: Located in Jacksonville , Florida , Springboard Capital is a member managed, early stage, private equity fund. Comprised exclusively of individual accredited investors, Springboard seeks investment opportunities in emerging companies in their pre-revenue and early revenue stages.  Springboard Capital I, LLC was formed in May 2002, and Springboard Capital II, LLC was formed in July 2005. For more information visit the website at www.springboardcapllc.com.

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