Press Release – March 1, 2006

Covington Associates Advises Dynogen Pharmaceuticals, Inc. on Sale of Research Facility

Waltham, Mass. and Tokyo, Japan — March 1, 2006 — Dynogen Pharmaceuticals, Inc. and Astellas Pharma, Inc. announced today that Astellas has acquired Dynogen’s North Carolina-based research facility. Financial details regarding the sale were not disclosed. The research facility specializes in state-of-the-art preclinical studies for genitourinary disorders.

“We’ve built an impressive clinical and preclinical pipeline through our unique understanding of the neuroscience underlying gastrointestinal and genitourinary disorders, leveraging that knowledge to generate strong intellectual property and utilizing that intellectual property to enable an aggressive in-licensing program,” said Lee R. Brettman, M.D., President and CEO of Dynogen. “We’ve maximized the value of the North Carolina facility in this effort, and now will focus all of our efforts on advancing the development of our five clinical programs and our late-stage preclinical programs.”

“Dynogen has built a facility with first-class capabilities for evaluating the clinical potential of urological development candidates especially in the area of lower urinary tract disorders. The acquisition of this research facility will strengthen our capabilities in this key area,” said Isao Yanagisawa, Ph.D., Senior Corporate Officer of Astellas Pharma, Inc.

About Dynogen Pharmaceuticals, Inc.

Dynogen is a privately held company that is rapidly building a clinical-stage pipeline of products for disorders of the gastrointestinal (GI) and genitourinary (GU) systems. The Company is currently developing products with the potential to address what are currently large unmet needs. To date, Dynogen’s product engine, strategic licensing initiatives and development expertise have yielded three clinical-stage products with opportunities across five GI and GU indications.  Dynogen is a privately held neuroscience based pharmaceutical company.  It was founded in 2002 by Karl B. Thor, Ph.D., an internationally recognized expert in neural control of the GU system. In three short years, Dynogen was successful in raising nearly $65 million in financing.

About Covington Associates LLC

Covington Associates is a specialty investment banking firm founded in 1991 serving business service, consumer, industrial, healthcare and technology companies throughout the country.  Focused on mergers and acquisitions, debt and equity capital raising, debt and equity restructuring, and strategic advisory assignments for middle market companies, Covington Associates has completed transactions ranging in value from $10 million to over $1 billion for both private and publicly traded companies.  To learn more about Covington Associates, visit www.covingtonassociates.com.