Source: Manhattan Pharmaceuticals, Inc. Manhattan Pharmaceuticals Reports Update on Clinical Development Programs

Pharmaceuticals Reports Update on Clinical Development

April 28, 2006 (PRIMEZONE) -- Manhattan Pharmaceuticals, Inc. (AMEX:MHA

announced the following update regarding the development status of oral

Oleoyl-estrone for obesity and topical PTH (1-34) for psoriasis.

IIa protocol for Oleoyl-estrone in the treatment of obesity has received local

ethics committee approval and has been submitted to SwissMedic, the Swiss

medical regulatory authority, for review. The Company plans to initiate this

trial immediately upon receiving final regulatory approval.

topical PTH (1-34) in the Investigator IND-conducted Phase IIa study has been

delayed due to issues identified with the current formulation and the difficulty

of conducting a psoriasis study in the summer. Ideally, psoriasis trials are

conducted in the fall and winter due to the natural improvement of the disease

during the summer months.

Pharmaceuticals is working with formulation experts to assist in addressing

issues and anticipates a one- to two-quarter formulation effort. The Company

believes these formulation activities may lead to additional intellectual

property surrounding the product.

is committed to moving forward with topical PTH (1-34) in light of the highly

statistically significant clinical results demonstrated in the Investigator

conducted Phase I/II study published in the British Journal of Dermatology

(2003). In this study, over 60 percent of patients experienced complete clearing

of treated psoriasis lesions and 85 percent experienced at least partial

Manhattan Pharmaceuticals, Inc.

Pharmaceuticals, Inc. (AMEX:MHA

development stage pharmaceutical company, acquires and develops proprietary

prescription drugs for large, underserved patient populations. In view of the

worldwide obesity epidemic, the company is developing OE, an orally administered

novel therapeutic for weight loss. To meet the needs of other major, underserved

medical markets while lowering development risks, Manhattan Pharmaceuticals

also developing PTH (1-34), a peptide believed to be a regulator of epidermal

cell growth, for psoriasis and Propofol Lingual Spray, a convenient, proprietary

lingual spray formulation of propofol, the world's best-selling general

anesthetic, as a sedative-hypnotic for use during diagnostic and therapeutic

procedures. http://www.manhattanpharma.com

Regarding Forward-Looking Statements

release contains forward-looking statements within the meaning of the Private

Securities Litigation Reform Act of 1995. Such statements are valid only as

today, and we disclaim any obligation to update this information. These

statements are subject to known and unknown risks and uncertainties that may

cause actual future experience and results to differ materially from the

statements made. These statements are based on our current beliefs and

expectations as to such future outcomes. Drug discovery and development involve

a high degree of risk. Factors that might cause such a material difference

include, among others, uncertainties related to the ability to attract and

retain partners for our technologies, the identification of lead compounds,

successful preclinical development thereof, the completion of clinical trials,

the FDA review process and other governmental regulation, our pharmaceutical

collaborator's ability to successfully develop and commercialize drug

candidates, issues relating to drug formulation and manufacturing, competition

from other pharmaceutical companies, product pricing and third party

reimbursement, and other factors described in our filings with the Securities

and Exchange Commission.