Pipex Pharmaceuticals to Provide Clinical Update and Report First Quarter 2008 Results on Thursday, May 15

ANN ARBOR, MI , a specialty pharmaceutical company developing innovative late-stage drug candidates for the treatment of neurologic and autoimmune diseases, announced that it will release its financial results for the first quarter of fiscal year 2008 on Thursday, May 15th. The Company will host a teleconference call at 4:30 p.m. EDT that day to discuss the results; at that time Pipex will also provide a review of the Company's clinical pipeline. There will be a question-and-answer session directly following the presentation of the results.

In order to participate in the conference call, please call toll free: 800-355-4959 (US); international dial-in: 416-695-6622. An audio recording of the call will be available for replay for a period of at least 15 days after the call's completion at http://www.pipexinc.com.

About Pipex Pharmaceuticals, Inc.

Pipex Pharmaceuticals, Inc. ("Pipex") is a specialty pharmaceutical company that is developing four proprietary, late-stage drug candidates for the treatment of neurologic and fibrotic diseases. Pipex's strategy is to exclusively in-license proprietary, clinical-stage drug candidates and to complete the further clinical testing, manufacturing and regulatory requirements sufficient to seek marketing authorizations via the filing of New Drug Applications (NDAs). Pipex's drug candidates address the following market opportunities, Multiple Sclerosis (MS), Dry Age-Related Macular Degeneration (AMD), Fibromyalgia, Huntington's Disease, Alzheimer's Disease, neurologic Wilson's disease and Idiopathic Pulmonary Fibrosis. For further information please visit www.pipexinc.com.

For Further Information, Contact: Steve H. Kanzer, CPA, Esq. Chairman and Chief Executive Officer 734-332-7800 Thomas Redington Investor Relations Redington Inc. 203-222-7399 www.redingtoninc.com