Iroko Pharmaceuticals, LLC

PHILADELPHIA, PA, April 18, 2007 — Iroko Pharmaceuticals, LLC announced today the appointment of John Vavricka as President and Chief Executive Officer effective May 1, 2007. In addition, the company announced the appointment of several members of its executive team reporting to Mr. Vavricka.

Mr. Vavricka will oversee the day-to-day operations of Iroko Pharmaceuticals and focus on maximizing the potential of existing brands, securing additional acquisitions and building infrastructure for future growth.

Mr. Vavricka brings with him 20 years of experience in the pharmaceutical industry and joins Iroko Pharmaceuticals from Novartis Vaccines and Diagnostics where he was the Vice President responsible for Commercial Operations Americas and Europe. Prior to that, he spent 16 years with GlaxoSmithKline in positions of increasing responsibility.

"John's experience and expertise brings a seasoned perspective to the company upon which we aim to further grow Iroko Pharmaceuticals," said Osagie Imasogie, Iroko's Chairman and Senior Managing Partner of Phoenix IP Ventures. "The quality of the individuals of the new executive team and the rich heritage of the brands provides an outstanding platform for us to grow the company's business."

"I am very pleased to join Iroko Pharmaceuticals at this stage of its evolution," said John Vavricka. "I am particularly pleased for the opportunity to provide leadership for the company's operations and help build an outstanding and experienced management team to drive our growth."

Additional appointments to the executive team:

Fred C. Krieger, MBA CPA has been appointed Chief Financial Officer. Mr. Krieger will oversee all financial matters of Iroko Pharmaceuticals. Mr. Krieger brings significant years of experience leading worldwide financial organizations. Mr. Krieger retired after spending 25 years with GlaxoSmithKline in positions of increasing responsibility. His most recent position was Vice President Financial Planning, Reporting and Control of the $5 billion R&D division.

Rohit C. Mehta has been appointed Vice President of Corporate Development. Mr. Mehta will oversee business development strategies including product acquisitions, contract manufacturing and international product distribution. Mr. Mehta has over 17 years of global business development experience. Most recently, Mr. Mehta was a principal in Jay Consulting, providing strategic business consulting to venture capital firms, pharmaceutical, biotech and nutraceutical companies in the US and Asia.

Joseph C. Crea has been appointed Executive Director Manufacturing effective May 1, 2007. Mr. Crea brings significant years of experience in manufacturing and quality control working with diverse products and processes including pharmaceuticals, medical devices, biologics and consumer products. Prior to joining Iroko, Mr. Crea worked for Johnson & Johnson, Inc. for 19 years in positions of increasing responsibility.

Hanna Zyruk has been appointed Director of Regulatory Affairs effective April 26, 2007. Ms. Zyruk has over 15 years experience in new product registrations, global labeling and regulatory activities associated with chemistry, manufacturing and control. Ms. Zyruk's geographic regulatory responsibilities have included US, Europe, Latin America and the Middle East. Prior to joining Iroko, Ms. Zyruk was managing Global Labeling at Wyeth Pharmaceuticals. Ms. Zyruk will report to the Chief Medical Officer (CMO). The CMO, who has been identified, has extensive research, development and regulatory expertise and will be named in a future announcement with other additional members of Iroko Pharmaceuticals' executive team.

Company History:

On March 26, 2007, Iroko Pharmaceuticals, LLC announced the acquisition of two prescription pharmaceutical products, Indocin® (indomethacin) capsules, suppositories and oral suspension, and Aldomet® (methyldopa) from Merck & Co., Inc. in most countries around the world.

Aldomet® is indicated for use in hypertension. Indocin® is indicated for use in a variety of conditions, including, moderate to severe rheumatoid arthritis, moderate to severe osteoarthritis, and acute painful shoulder (bursitis and/or tendonitis).

This acquisition of the two products is Iroko's first transaction with a major pharmaceutical company and provides a strong base for additional acquisitions. The acquisition also provides Iroko with a U.S. and global footprint on which to grow the company's business.

In addition, Iroko will assess the opportunity to seek approval and expand the use of these products in additional territories.

About Iroko Pharmaceuticals, LLC: Iroko is a pharmaceutical company focused on specialty therapeutic areas. The company acquires, develops, and maximizes the potential of currently marketed pharmaceutical products. Iroko increases the sales of acquired products through focused selling and marketing efforts and product life cycle management activities that focus on developing new formulations and new indications.

About Phoenix IP Ventures: An Intellectual Property Merchant Bank which works in partnership with life sciences companies to maximize the potential value of intellectual property based assets. Phoenix IPV works in collaboration with major players in the financial community to scale its own proprietary investments in transactions identified and managed by the Firm.

Contact: Iroko Pharmaceuticals, LLC by Phoenix IP Ventures Lisa Gray, +1-267-765-3233, lisa@phoenixipv.com