Larry G. Pickering Resigns from the Board of Directors

    NEW YORK, Feb. 12 /PRNewswire/ -- PeriCor Therapeutics today announced
the appointment of K. Tucker Andersen as a director of the Company's Board
of Directors effective February 7, 2008. Mr. Andersen is a retired
portfolio manager and security analyst and the sole proprietor of the
consulting firm Above All Advisors, LLC. The Company also announced that on
February 1, 2008, Larry G. Pickering resigned as a director of the Company.

    "We are very pleased that Tucker has agreed to join the PeriCor Board
of Directors," stated Richard R. Stover, President and CEO of PeriCor
Therapeutics. "Tucker brings a wealth of financial and corporate experience
to the company. His extensive background as an investor and director of a
variety of businesses will be an asset to the development of PeriCor
Therapeutics." Mr. Stover further stated, "We would also like to thank
Larry Pickering for his dedication and service to the Company. Mr.
Pickering made valuable contributions to the strategic direction of PeriCor
during his time as a director and we wish him well in the future."

    Before founding Above All Advisors, LLC, Mr. Andersen was co-Managing
Partner and Chief Investment Strategist for Cumberland Associates. He
currently serves as chairman of Artificial Cell Technologies, a
biotechnology-nanotechnology venture stage firm and serves on the boards of
the International Foundation for Research in Experimental Economics (headed
by Nobel Laureate Vernon Smith), the Cato Institute, GOPAC, the Questech
Corporation, the Foundation for the Advancement of Monetary Education, and
the Warren, Connecticut Congregational Church. He is also on the advisory
board of Brook Venture Partners, and has recently become a Founding Partner
of Value Insight Partners, a fund of funds investing in a select group of
value oriented hedge funds with diverse investment strategies. While
retired from his position as vice-president of the board of the Phillips
Exeter Academy, he still serves as a member of Exeter's investment
committee which he formerly chaired. Mr. Andersen is a Chartered Financial
Analyst and Associate Member of the Society of Actuaries. He received his
Bachelor's degree in Quantitative Studies from Wesleyan University and is
the recipient of Wesleyan's Distinguished Alumnus Award and of the
Founder's Day Award from Exeter.

    About PeriCor Therapeutics

    PeriCor Therapeutics, Inc. is a privately-held specialty
biopharmaceutical company focused on the development and commercialization
of a new class of medicines, adenosine regulating agents, to prevent the
perioperative complications of surgery and improve the treatment and
outcomes of acute cardiovascular care.

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