Pipex Pharmaceuticals to Present at the Maxim Group Growth Conference on October 7th

  Pipex Pharmaceuticals, Inc. (AMEX: PP), a
specialty pharmaceutical company developing innovative late-stage drug
candidates for the treatment of autoimmune and central nervous system
diseases, announces that it will present at the Maxim Group Growth
Conference on Tuesday, October 7, at 9:30 a.m. EDT at the Grand Hyatt Hotel
in New York City.

Mr. Nicholas Stergis, Chief Executive Officer of Pipex will discuss the Company's business strategy and provide an update on its product pipeline. The presentation will be webcast live and can be accessed by logging on to our website at www.pipexinc.com.

About Pipex

Pipex Pharmaceuticals, Inc. ("Pipex") is a specialty pharmaceutical company that is developing proprietary, late-stage drug candidates for the treatment of central nervous system and autoimmune diseases. Pipex's strategy is to exclusively in-license clinical-stage drug candidates for the treatment of unmet medical diseases. Pipex is focused on developing products to treat rheumatoid arthritis, dry age-related macular degeneration (AMD), multiple sclerosis, and fibromyalgia. For further information, please visit www.pipexinc.com.

This press release contains forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, that reflect Pipex Pharmaceuticals, Inc.'s current expectations about its future results, performance, prospects and opportunities regarding the Company and its pipeline. Where possible, the Company has tried to identify these forward-looking statements by using words such as "anticipates," "believes," "intends," or similar expressions. These statements are subject to a number of risks, uncertainties and other factors that could cause actual events or results in future periods to differ materially from what is expressed in, or implied by, these statements including the risks set forth in our Form 10-Q and other filings with the Securities and Exchange Commission. We cannot assure you that we will be able to successfully develop or commercialize products based on our technologies, including, dnaJP1, TRIMESTA, Zinthionein, oral flupirtine, SOLOVAX, oral TTM, or CD4 inhibitors, particularly in light of the significant uncertainty inherent in developing, manufacturing and conducting preclinical and clinical trials of new pharmaceuticals, and obtaining regulatory approvals, that our technologies will prove to be safe and effective, that our cash expenditures will not exceed projected levels, that we will be able to obtain future financing or funds when needed, that product development and commercialization efforts will not be reduced or discontinued due to difficulties or delays in clinical trials or due to lack of progress or positive results from research and development efforts, that we will be able to successfully obtain any further grants and awards, maintain our existing grants which are subject to performance, that we will be able to patent, register or protect our technology from challenge and products from competition or maintain or expand our license agreements with our current licensors, or that our business strategy will be successful. All forward-looking statements made in this press release are made as of the date hereof, and the Company assumes no obligation to update the forward-looking statements included in this news release whether as a result of new information, future events, or otherwise.

For Further Information Contact: Nicholas Stergis Chief Executive Officer [phone] Redington, Inc. Thomas Redington 203-222-7399 www.redingtoninc.com