For Immediate Release

Voyager Pharmaceutical Corpo. Appoints Alzheimer's Association President and CEO Sheldon Goldberg to New Post on Senior Management Team

Goldberg Joins Biopharmaceutical Company As Senior Vice President of Corporate Development

Raleigh, NC, March 7, 2005 - Voyager Pharmaceutical Corp., the biopharmaceutical company with a primary focus on introducing a new treatment for Alzheimer's disease (AD), today announced that Sheldon Goldberg will be leaving his position as President and Chief Executive Officer of the Alzheimer's Association to join the company as a Senior Vice President of Corporate Development . Goldberg will also support the company in its efforts to research and develop a robust pipeline of therapies for other diseases of aging.

"Joining Voyager is the natural next step in my personal quest to provide patients and caregivers with an effective medical treatment for Alzheimer's disease," said Sheldon Goldberg. "I take great pride in having supported many ambitious research programs during my time at the Alzheimer's Association, and believe that my efforts at Voyager may finally give rise to an effective therapy that we all have been looking for."

Goldberg will draw from his longstanding experience to implement key advocacy, business and public policy functions that support the company's novel AD therapeutic approach and anticipated pivotal studies. He brings more than 30 years experience to this new post, including President and Chief Executive Officer positions at both the Jewish Home and Hospital and American Association of Homes and Services for the Aging (AAHSA). He is also currently the Chairman of the Board of the business venture side of AARP Services Inc.

"Sheldon's lifelong commitment to healthcare and his knowledge of the aging and geriatric arena will be an enormous asset to Voyager," said Patrick S. Smith, President and Chief Executive Officer. "His unequaled expertise working across the entire breadth of healthcare on behalf of Alzheimer's disease patients and their families brings the company rapidly closer in achieving its mission to deliver cures for the diseases of aging."

The addition of Sheldon Goldberg to the Voyager management team adds to the company's growing list of corporate and clinical milestones. Voyager recently announced the completion of its 48-week Phase II AD study involving 109 female patients and expects to see the results of this double blind, placebo controlled multi-center trial in the next few weeks. Interim data from approximately 40 subjects in the company's complementary Phase II AD study in men will be available soon thereafter. Voyager plans to present these two studies, along with the bioavailability data from human trials using its patented implant, to the Food and Drug Administration (FDA) in mid-2005. A favorable review will facilitate the commencement of the U.S. and international pivotal studies in September 2005.

About Alzheimer's Disease

An estimated 12 million people worldwide have AD with 4.5 million cases in the United States alone. In addition, approximately half of all nursing home residents suffer from the disease or a related disorder. Patients usually live from eight to 10 years after diagnosis, and the average lifetime cost per individual can be as high as $174,000 U.S. Experts anticipate that AD will affect millions more in the coming years if an effective treatment to stop its progression is not made available.

About Voyager Pharmaceutical Corporation

Voyager Pharmaceutical Corporation is a biopharmaceutical organization dedicated to "Cures for Mankind" that is strategically focused on diseases of aging and development. The company's scientific platform is based on the peer reviewed published work of Dr. Richard L. Bowen, Voyager's Chief Scientific Officer and one of Voyager's founders. Voyager was founded in March 2000 to focus on a treatment for Alzheimer's disease and is funded entirely by high net worth individuals, with no institutional investors.

Voyager's Invention Center, headed by Dr. Christopher Gregory is conducting preclinical work in prostate cancer, A.L.S., brain cancer, Parkinson's disease and improving the post-natal development of premature infants. The company expects to have many of these programs moved to the clinic by the end of 2005

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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.