PRAECIS PHARMACEUTICALS INCORPORATED Receives the Cerep Award for Research Related to Its Investigational Drug Candidate, PPI-24

  
    
  
  
    
      PRAECIS PHARMACEUTICALS INCORPORATED (NASDAQ: PRCS) today announced that 
      it received the Cerep Award for Research with the greatest therapeutic 
      potential at the 14th International 
      Inflammation Research Association (IRA) Conference held in Cambridge, 
      Maryland last week. The award was given to PRAECIS for its presentation 
      entitled “Disease-modifying activity in a 
      model of rheumatoid arthritis with an orally available inhibitor of 
      methionine aminopeptidase type-2, PPI-2458,” 
      which was delivered by William Westlin, Ph.D., Senior Vice President, 
      Preclinical Research. Dr. Westlin presented preclinical data that 
      provide the scientific rationale for studying the investigational 
      compound PPI-2458 as a targeted molecular therapy for rheumatoid 
      arthritis. The presentation may be viewed on the Company’s 
      website (http://www.praecis.com) in 
      the “Investors” 
      section, under “Presentations.”
    
    
      The Inflammation Research Association is a non-profit organization 
      instituted to bring together scientists of all degree and experience 
      levels with an interest in inflammation research. The IRA encourages 
      communication and discussion of scientific and technological advances 
      that can be used to develop new therapeutic agents for the wide 
      diversity of serious diseases associated with inflammatory processes. 
      Commenting on this recognition, Dr. Westlin stated, “This 
      year’s IRA meeting had an extraordinary depth 
      of high quality science across a wide range of therapeutic areas. We are 
      proud that PPI-2458 has been given the Cerep Award and appreciate the 
      recognition from this organization and the scientific community of the 
      therapeutic potential of this molecule for patients with rheumatoid 
      arthritis.”
    
    
      PPI-2458 is a novel, proprietary, orally available small molecule that 
      specifically targets the enzyme, methionine aminopeptidase-2 (MetAP-2). 
      The research presented on PPI-2458 demonstrates the molecule’s 
      ability to inhibit angiogenesis and the proliferation of human 
      rheumatoid arthritis synovial cells that contribute to the pathogenesis 
      of the disease. Additionally, the presentation highlighted new mechanism 
      of action data that demonstrate significant protective effects of 
      PPI-2458 on bone and cartilage destruction and also described PPI-2458’s 
      disease-modifying activity in animal models of rheumatoid arthritis.
    
    
      “It is gratifying to see our work in this 
      area being recognized as important by the inflammation community. This 
      award underscores our belief in the potential of PPI-2458 as a treatment 
      for autoimmune diseases, like rheumatoid arthritis,” 
      said Kevin F. McLaughlin, PRAECIS’ President 
      and Chief Executive Officer.
    
    
      PRAECIS currently is conducting a Phase 1 clinical study of PPI-2458 in 
      cancer patients. The study is designed to assess the safety and 
      tolerability of orally administered PPI-2458. As a secondary endpoint, 
      the study will assess the pharmacodynamic activity of PPI-2458. Interim 
      data from this clinical trial will be presented at the upcoming 18th 
      EORTC-NCI-AACR Symposium on “Molecular 
      Targets and Cancer Therapeutics” being held 
      from Tuesday, November 7 to Friday, November 10, 2006 at the Prague 
      Congress Centre in Prague, Czech Republic. Additional information about 
      the Company’s ongoing clinical trial for 
      PPI-2458 can be accessed on the Internet at www.clinicaltrials.gov. 
      The Company is currently planning its Phase 2 clinical development 
      protocols in oncology and is evaluating the potential initiation of 
      clinical studies in rheumatoid arthritis.
    
    
      About PRAECIS
    
    
      PRAECIS PHARMACEUTICALS INCORPORATED is a biopharmaceutical company 
      focused on the discovery and development of novel compounds that have 
      the potential to address unmet medical needs or improve existing 
      therapies. PRAECIS has a novel MetAP-2 inhibitor, PPI-2458, in clinical 
      development for cancer indications, including non-Hodgkin’s 
      lymphoma and solid tumors, as well as an innovative drug discovery 
      technology, DirectSelect™, 
      which enables the generation and practical use of ultra-large libraries 
      for the discovery of orally active compounds for drug development.
    
    
      This news release contains forward-looking statements regarding the 
      Company’s continued development of PPI-2458 
      for cancer and autoimmune disorders. These statements are based on the 
      Company’s current beliefs and expectations as 
      to future outcomes and are not guarantees of such outcomes or of future 
      performance. These statements are subject to numerous risks, 
      uncertainties and assumptions that could cause actual events and results 
      to differ from those expected or anticipated, including, but not limited 
      to, the Company’s ability to continue 
      development of and successfully partner or otherwise obtain funding for 
      its PPI-2458 program, the Company’s ability 
      to continue to manage operating expenses and to retain key employees, 
      unexpected expenditures, the timing and content of decisions made by the 
      FDA, unexpected results in ongoing and future clinical or preclinical 
      trials, and the need for additional research and testing, including as a 
      result of unanticipated determinations by regulatory authorities, as 
      well as the risks set forth from time to time in the Company’s 
      filings with the Securities and Exchange Commission, including but not 
      limited to the various risks discussed in the Company’s 
      Quarterly Report on Form 10-Q for the quarter ended June 30, 2006. 
      The Company undertakes no obligation to update any forward-looking 
      statement made in this press release to reflect new information, events 
      or circumstances after the date of this release.
    
  
PRAECIS PHARMACEUTICALS INCORPORATED (NASDAQ: PRCS) today
announced that it received the Cerep Award for Research with the
greatest therapeutic potential at the 14th International Inflammation
Research Association (IRA) Conference held in Cambridge, Maryland last
week. The award was given to PRAECIS for its presentation entitled
"Disease-modifying activity in a model of rheumatoid arthritis with an
orally available inhibitor of methionine aminopeptidase type-2,
PPI-2458," which was delivered by William Westlin, Ph.D., Senior Vice
President, Preclinical Research. Dr. Westlin presented preclinical
data that provide the scientific rationale for studying the
investigational compound PPI-2458 as a targeted molecular therapy for
rheumatoid arthritis. The presentation may be viewed on the Company's
website (http://www.praecis.com) in the "Investors" section, under
"Presentations."

   The Inflammation Research Association is a non-profit organization
instituted to bring together scientists of all degree and experience
levels with an interest in inflammation research. The IRA encourages
communication and discussion of scientific and technological advances
that can be used to develop new therapeutic agents for the wide
diversity of serious diseases associated with inflammatory processes.
Commenting on this recognition, Dr. Westlin stated, "This year's IRA
meeting had an extraordinary depth of high quality science across a
wide range of therapeutic areas. We are proud that PPI-2458 has been
given the Cerep Award and appreciate the recognition from this
organization and the scientific community of the therapeutic potential
of this molecule for patients with rheumatoid arthritis."

   PPI-2458 is a novel, proprietary, orally available small molecule
that specifically targets the enzyme, methionine aminopeptidase-2
(MetAP-2). The research presented on PPI-2458 demonstrates the
molecule's ability to inhibit angiogenesis and the proliferation of
human rheumatoid arthritis synovial cells that contribute to the
pathogenesis of the disease. Additionally, the presentation
highlighted new mechanism of action data that demonstrate significant
protective effects of PPI-2458 on bone and cartilage destruction and
also described PPI-2458's disease-modifying activity in animal models
of rheumatoid arthritis.

   "It is gratifying to see our work in this area being recognized as
important by the inflammation community. This award underscores our
belief in the potential of PPI-2458 as a treatment for autoimmune
diseases, like rheumatoid arthritis," said Kevin F. McLaughlin,
PRAECIS' President and Chief Executive Officer.

   PRAECIS currently is conducting a Phase 1 clinical study of
PPI-2458 in cancer patients. The study is designed to assess the
safety and tolerability of orally administered PPI-2458. As a
secondary endpoint, the study will assess the pharmacodynamic activity
of PPI-2458. Interim data from this clinical trial will be presented
at the upcoming 18th EORTC-NCI-AACR Symposium on "Molecular Targets
and Cancer Therapeutics" being held from Tuesday, November 7 to
Friday, November 10, 2006 at the Prague Congress Centre in Prague,
Czech Republic. Additional information about the Company's ongoing
clinical trial for PPI-2458 can be accessed on the Internet at
www.clinicaltrials.gov. The Company is currently planning its Phase 2
clinical development protocols in oncology and is evaluating the
potential initiation of clinical studies in rheumatoid arthritis.

   About PRAECIS

   PRAECIS PHARMACEUTICALS INCORPORATED is a biopharmaceutical
company focused on the discovery and development of novel compounds
that have the potential to address unmet medical needs or improve
existing therapies. PRAECIS has a novel MetAP-2 inhibitor, PPI-2458,
in clinical development for cancer indications, including
non-Hodgkin's lymphoma and solid tumors, as well as an innovative drug
discovery technology, DirectSelect(TM), which enables the generation
and practical use of ultra-large libraries for the discovery of orally
active compounds for drug development.

   This news release contains forward-looking statements regarding
the Company's continued development of PPI-2458 for cancer and
autoimmune disorders. These statements are based on the Company's
current beliefs and expectations as to future outcomes and are not
guarantees of such outcomes or of future performance. These statements
are subject to numerous risks, uncertainties and assumptions that
could cause actual events and results to differ from those expected or
anticipated, including, but not limited to, the Company's ability to
continue development of and successfully partner or otherwise obtain
funding for its PPI-2458 program, the Company's ability to continue to
manage operating expenses and to retain key employees, unexpected
expenditures, the timing and content of decisions made by the FDA,
unexpected results in ongoing and future clinical or preclinical
trials, and the need for additional research and testing, including as
a result of unanticipated determinations by regulatory authorities, as
well as the risks set forth from time to time in the Company's filings
with the Securities and Exchange Commission, including but not limited
to the various risks discussed in the Company's Quarterly Report on
Form 10-Q for the quarter ended June 30, 2006. The Company undertakes
no obligation to update any forward-looking statement made in this
press release to reflect new information, events or circumstances
after the date of this release.