Guilford Pharmaceuticals Completes Sale and Leaseback and Receives $19.4 Million in Net Proceeds

Guilford Pharmaceuticals Completes Sale and Leaseback and
Receives $19.4 Million in Net Proceeds 


BALTIMORE, Dec. 17  /PRNewswire-FirstCall/ -- Guilford Pharmaceuticals Inc.
(NASDAQ:GLFD) today announced that it has completed a sale and leaseback of its
facilities in Baltimore, Maryland with BioMed Realty Trust, Inc., a real estate
investment trust focused on acquiring, owning, leasing and developing
laboratory and office space for life science, biotechnology and pharmaceutical
companies.  The net proceeds of this transaction to Guilford were $19.4
million.  In connection with this transaction, Guilford has entered into a
long-term lease with BioMed for the facilities. Guilford intends to use the
proceeds for general corporate purposes, including providing additional working
capital to support its development pipeline and the continued advancement of
the Company's AQUAVAN(R) Injection development program, currently in Phase III
clinical testing.

About Guilford

Guilford Pharmaceuticals Inc. is a pharmaceutical company engaged in the
research, development and commercialization of proprietary drugs that target
the hospital and neurology markets.  Presently, Guilford markets two commercial
products, GLIADEL(R) Wafer (polifeprosan 20 with carmustine implant), for the
treatment of certain types of brain tumor in combination with radiation and
surgery, and AGGRASTAT(R) Injection (tirofiban hydrochloride), a glycoprotein
GP IIb/IIIa receptor antagonist, for the treatment of acute coronary syndrome
(ACS). Guilford's product pipeline includes AQUAVAN(R) Injection, an
investigational sedative/anesthetic drug, and drugs for treating peripheral
nerve injury.  For full prescribing information, please visit
http://www.guilfordpharm.com/ under Products / Marketed Products.

  Contact: Guilford Pharmaceuticals Inc.
           Stacey Jurchison 410.631.5022
           

  Internet addresses: http://www.guilfordpharm.com/

DATASOURCE: Guilford Pharmaceuticals Inc.



CONTACT:  Stacey Jurchison of Guilford Pharmaceuticals Inc.,

[phone], 



Web site:  http://www.guilfordpharm.com/ 



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