Company Prepares to Submit NDA for Lead Program and Advance Others in Clinical Development

Washington, D.C. – December 6, 2004 – Prestwick Pharmaceuticals, Inc., a CNS specialty pharmaceutical company, announced today that it has raised $37 million in a Series B financing. The funds will be used to develop and commercialize its pipeline of products for central nervous system (CNS) disorders. The financing was led by Pequot Ventures, with investments from Sofinnova Ventures, Vivo Ventures, Atlas Ventures, BA Venture Partners, and CNF Investments.

“ This financing validates our approach to identifying and developing drugs that uniquely meet patient needs,” said Kathleen Clarence-Smith, M.D., Ph.D., acting CEO. “Our products are exciting to the patient community, as well as to physicians who have been waiting for new solutions to CNS disorders that significantly impact quality of life.”

Prestwick currently markets tetrabenazine in Canada under the brand name Nitoman®, and recently announced positive Phase III results of tetrabenazine in chorea associated with Huntington’s Disease. The company anticipates filing a New Drug Application (NDA) for tetrabenazine with the U.S. Food and Drug Administration (FDA) in the near future.

Patrick Enright, Partner at Pequot Ventures commented, “We believe Prestwick has a world-class management team with a proven track record of success. We expect the Prestwick late stage pipeline to yield multiple approvals, with increasing market opportunities, in a reasonably short period of time.” Mr. Enright will serve on the Prestwick Board of Directors.

“ We are very pleased to have completed this round of financing for Prestwick,” added Mel Booth, Executive Chairman of the Board of Directors. “Prestwick is now well positioned to expand and develop a promising pipeline with an experienced management team and a strong capital structure in place.”

About Prestwick Pharmaceuticals
Prestwick Pharmaceuticals, Inc. is an emerging specialty pharmaceutical company that focuses on treatments for CNS disorders. The company has multiple product candidates in clinical development for Huntington’s Disease, Parkinson’s disease and schizophrenia.
Prestwick’s lead compound, tetrabenazine, was granted fast track and orphan drug status by the FDA. Tetrabenazine is available in some European markets and Australia as Xenazine™ and in Canada as Nitoman® for the treatment of hyperkinetic movement disorders. For more information, visit www.prestwickpharma.com.