For Immediate Release

Voyager Pharmaceutical Files for Initial Public Offering

RALEIGH, NC — September 9, 2005 – Voyager Pharmaceutical Corporation announced today that it has filed a registration statement with the Securities and Exchange Commission relating to the initial public offering of its common stock. All of the shares being offered are to be sold by the Company. WR Hambrecht + Co is acting as the sole manager of the OpenIPO® auction offering.

The offering will be made only by means of a prospectus. A copy of the preliminary prospectus may be obtained, when available, from WR Hambrecht + Co, Attention: Prospectus Department, 539 Bryant Street, San Francisco, CA 94107, 877-828-5200.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Voyager Pharmaceutical Corporation
Voyager Pharmaceutical Corporation is a biopharmaceutical company focused on developing drugs for diseases associated with aging and development. Voyager's scientific approach is based on the observation that many diseases of aging may be caused by changes in human reproductive hormone levels that are characteristic of the aging process. Voyager's most advanced product candidate is Memryte, a proprietary, small, biodegradable implant that is comprised of leuprolide acetate and a polymer, that it is developing for the treatment of mild to moderate Alzheimer's disease. Voyager was founded in 2001 and is headquartered in Raleigh, N.C.

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Contact:
Patrick Smith, President and CEO
T. 919-846-4880
E. mgiannini@voyagerpharma.com