Benjamin L. Palleiko Named Chief Financial Officer of Ore Pharmaceuticals

GAITHERSBURG, Md.--Ore Pharmaceuticals Inc. (Nasdaq:ORXE), announced today the appointment of Benjamin L. Palleiko as Senior Vice President and Chief Financial Officer, reporting to the President and CEO. In this role, Mr. Palleiko will lead all corporate financial activities, as well as work with the rest of the management team to drive Ore’s strategy and growth.

“We are extremely pleased to add Ben to our management team at this exciting point in Ore’s history,” said Mark J. Gabrielson, President and CEO. “Ben brings great depth and experience to Ore with his proven financial and strategic skills, and I look forward to working closely with him as we grow Ore into a successful pharmaceutical asset development company.”

Mr. Palleiko has lengthy industry experience as both a public pharmaceuticals company CFO and as an investment banker focused on the life sciences sector. Prior to joining the Company, Mr. Palleiko served as Principal of Intrepid Merchant Partners, LLC, a healthcare advisory and investments firm he founded in March 2006. From June 2006 to January 2009, Mr. Palleiko was Senior Vice President, Corporate Development and Chief Financial Officer of Penwest Pharmaceuticals Co., a publicly held specialty pharmaceuticals company. From March 2003 to March 2006, Mr. Palleiko served as Director, Head of Life Sciences Investment Banking at Suntrust Robinson Humphrey and from 2000 to 2002, he was Vice President, Investment Banking at Robertson Stephens, Inc. He has worked on over 40 financial and strategic transactions in his career that have raised in excess of $2 billion in capital. Mr. Palleiko is 43 years old and holds a MBA in Finance and a MA in International Relations from the University of Chicago, and a BA in Quantitative Economics from Tufts University. He is a veteran of the US Navy, with 14 years of active and reserve service as a Naval Aviator.

Mr. Palleiko said, “I’m excited to join Ore as it continues its evolution into a pharmaceutical asset development company. I believe that the strategy of Ore represents a unique solution to many of the challenges facing the industry today, and I look forward to contributing to the success of the company.”

Mr. Palleiko will be based in the Company’s office in Cambridge, MA.

Ore Pharmaceuticals Overview

Ore Pharmaceuticals Inc. (the “Company”) is a drug asset development company with a focus on acquiring and developing clinical-stage drug candidates that have already undergone substantial safety testing in humans. The Company currently has three compounds in its development pipeline: ORE1001, our lead compound, ORE5002 (tiapamil) and ORE5007 (romazarit). New therapeutic uses for each of these compounds were identified through the Company’s now discontinued drug repositioning program. In the fourth quarter of 2008, the Company completed a multiple ascending dose human tolerability Phase I clinical trial of ORE1001 under an Investigative New Drug Application (“IND”) filed with the FDA and expects to advance the compound into additional clinical trials as a potential treatment for inflammatory bowel disease.

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