For Immediate Release

Voyager Pharmaceutical Corp. Achieves Important Clinical Milestone
Company Moves Closer to Late-Stage Development of Novel Implant to Treat Alzheimer's Disease

Raleigh, NC, January 27, 2005 - Voyager Pharmaceutical Corp., the specialty pharmaceutical company focused on diseases of aging and development, announced today its recently approved study for its DURIN™ - leuprolide implant is fully enrolled. The U.S. Food and Drug Administration's (FDA) accepted Voyager's Investigational New Drug Application (IND) and clinical protocol in late December, 2004 and Voyager is planning to use the novel implant in its Alzheimer's disease (AD) pivotal trials program set to begin during the second half of 2005 in the United States and Europe.

This unique formulation is being used in a study of healthy volunteers to evaluate the product's bioavailability, as well as determine its safety and tolerability following administration. Voyager has completed the enrollment and initial dosing of all screened subjects necessary to complete the trial. In addition to this research, Voyager is planning a mid-2005 meeting with the FDA to discuss the results of its recently completed Phase II dose ranging ALADDIN study in women, and an interim analysis of a similar Phase II ALADDIN study in men.

"The full enrollment of this study brings Voyager closer to introducing an innovative long-term care therapy for Alzheimer's patients," said Patrick S. Smith, President and CEO, Voyager Pharmaceutical Corp. "We are pleased with the recruiting and enrollment efficiency of SFBC, and fully expect our upcoming meeting with the FDA will result in an approval of our plans to proceed with our pivotal studies in September, 2005."

This milestone adds to the company's growing list of corporate and clinical achievements. In particular, Voyager recently announced the publication of "Living and Dying for Sex: A Theory of Aging Based on the Modulation of Cell Cycle Signaling by Reproductive Hormones" in the August issue of Gerontology. Co-authored by Voyager's Chief Scientist, Richard Bowen, M.D., the article details a new theory of aging which supports the company's broad platform in aging research.

Voyager has also made major steps since the December opening of its "Invention Center" in Research Triangle Park, NC. Dr. Christopher Gregory's team has initiated bench and animal model studies to expand beyond Voyager's current Alzheimer's disease treatment studies. Under Dr. Gregory's guidance, Voyager s scientific team is now engaged in the advancement of pre-clinical programs for Parkinson's disease, Hormone Refractory Prostate Cancer, Amyotrophic Lateral Sclerosis (Lou Gehrig's disease), brain cancer, and premature birth.

Voyager Pharmaceutical Corp. is a specialty pharmaceutical organization that is strategically focused on diseases of aging and development. The company's platform theories are based on the peer reviewed published work of Dr. Richard L. Bowen, one of Voyager's founders and Vice President of Scientific and Medical Affairs. Voyager was founded in March 2000 to focus on a treatment for Alzheimer's disease and is funded entirely by high net worth individuals, as opposed to institutional based investors. Its Shareholders, Officers and Employees are dedicated to "Cures for Mankind" and plan on providing profits and capital gains to charitable needs throughout the world.

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Investor Relations:
Mike Giannini
T. 919-846-4880
E. mgiannini@voyagerpharma.com

Media Relations:
Glenn Silver
T. 646-437-4851
E. gsilver@gsw-w.com

THIS NEWS RELEASE CONTAINS ARCHIVAL INFORMATION, WHICH SHOULD NOT BE CONSIDERED CURRENT AND MAY NO LONGER BE ACCURATE.