FOR IMMEDIATE RELEASE

VACCINEX OPENS NEW STATE-OF-THE-ART RESEARCH FACILITY AND CORPORATE HEADQUARTERS

Rochester, N.Y. May 14, 2002 Vaccinex, Inc. announced today the Grand Opening of its new state-of-the-art biotech research facility and corporate headquarters at 1895 Mt. Hope Avenue.

The new, 33,000-square-foot facility includes three major research laboratory suites, each of which contains cutting edge research tools and equipment. Other facility features of note include: web-enabled facility and process monitoring systems, ergonomically designed employee work stations and collaborative work areas, as well as technologically advanced security and safety systems.

Maurice Zauderer, Ph.D., President & CEO of Vaccinex stated, "The completion of our new facility represents a significant milestone for Vaccinex. It is a reflection of our past progress and our future promise. In these new laboratories and offices we will be able to advance and expand our program to develop treatments for cancer and other diseases."

Vaccinex is rapidly establishing itself as a leader in one of the country's fastest growing industries, biotechnology. Vaccinex's move into its new facility is a direct result of its rapid growth and expanding opportunities. The company has been recognized nationally and internationally for its research advances and has been able to develop significant collaborative relationships with leading cancer research institutions including the National Cancer Institute and the Ludwig Institute for Cancer Research. Vaccinex currently employs 30 scientists, researchers, and management staff. The new facility was designed to provide scientific, technical and administrative support for as many as 100 employees. Vaccinex's move represents another step in continued expansion of the biotechnology industry in Rochester.

Headquartered in Rochester, NY, Vaccinex, Inc. is a privately owned biotechnology company developing treatments that harness the power of the body's immune system to fight cancer and other diseases. The company has developed a suite of powerful technologies to identify genes that regulate various biological processes. Vaccinex utilizes the knowledge derived from these technologies in the development of monoclonal antibody-based therapeutics and therapeutic vaccines. Additionally, the company markets its antibody selection technology as a research service. For more information, please visit the company's website at www.vaccinex.com.


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