FOR IMMEDIATE RELEASE

VACCINEX AWARDED NIH GRANT TO STUDY THE MOLECULAR MECHANISMS INVOLVED IN OSTEOPOROSIS

Rochester, N.Y. April 24, 2002 Vaccinex, Inc. announced today that it has been awarded a Phase I Small Business Innovation Research (SBIR) grant from the National Institute of Aging of the National Institutes of Health. The grant, entitled "Genetic Selection System to Clone Osteogenic Regulators" proposes a novel method for the identification of the genes involved in osteoblast differentiation.

Osteoblasts are the cells that function in the body as the builders of bone. Genes that increase the activity of osteoblasts represent targets for the treatment of diseases that result from the damage or loss of bone. For example, osteoporosis, a disease that results from a loss of bone density, is estimated to affect over 44 million people in the United States today.

Principal Investigator, Dr. Mark Paris, stated, "We are very enthusiastic about applying our functional selection strategy to osteoblast biology. This grant is an important validation of our methods and enables us to continue to make significant strides toward product development."

Vaccinex, Inc., headquartered in Rochester, New York, is a privately owned biopharmaceutical company engaged in the development of therapeutic monoclonal antibodies and vaccines to treat cancer and other diseases. Founded in 1997, the company is at the forefront of the genomics revolution, leveraging a powerful proprietary technology platform to identify target genes involved in the development of a variety of diseases, and then using this newly acquired knowledge to develop effective therapies. Please visit the company's website at www.vaccinex.com.


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