For Immediate Release

Voyager Pharmaceutical Corporation Completes Phase II Clinical Study For Alzheimer's Disease

90 Percent of Subjects Elect to Enroll in Extension Study

Raleigh, NC, February 16, 2005 - Voyager Pharmaceutical Corporation tannounced today the completion of its 48-week Phase II Alzheimer's disease study - a major clinical achievement for the biopharmaceutical company focused on diseases of aging and development.

The double blind, placebo controlled multi-center trial enrolled 109 female Alzheimer's disease patients in 2003. Voyager expects to receive the results of the double blind study in the next few weeks. Interim data from approximately 40 subjects in Voyager's complementary Phase II study in men will be available soon thereafter. Voyager plans to present the findings from 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 of this submission will facilitate the commencement of U.S. and international pivotal studies in September 2005.

"We are grateful for the work done by our clinical trial sites and very optimistic about what the data will show," said Patrick S. Smith, President and CEO, Voyager Pharmaceutical Corp. "We expect the clinical endpoints to be consistent with our expectations and bring us closer to delivering a new medication for the millions of Alzheimer's patients in the U.S. and throughout the world. We are also enthused about the fact that 90 percent of the Phase II completers have chosen to continue their participation in the extension study."

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.