Iroko Pharmaceuticals, LLC

Further senior leadership appointments made to executive team

PHILADELPHIA, PA, June 7, 2007 — Iroko Pharmaceuticals, LLC announced today the appointment of Dr. Susan Langer as Chief Medical Officer and Vice President of Research & Development effective June 4, 2007 reporting to Iroko President and CEO John Vavricka. In addition, the company announced the appointment of additional members of its executive team.

"We are thrilled to welcome highly skilled seasoned professionals with significant industry experience to our executive team," said John Vavricka. "In addition, our Chief Medical officer brings a broad range of experience in clinical research and development which will enable Iroko to maximize life cycle development through new formulations and indications."

Dr. Langer has over 20 years of clinical development and regulatory strategy experience in the pharmaceutical industry. Dr. Langer has global development expertise in numerous therapeutic areas including analgesia, neurosciences, cardiovascular diseases and diabetes. For the past 15 years, Dr. Langer has held various positions of increasing responsibility at Bristol-Myers Squibb (BMS). Most recently, Dr. Langer was the Executive Director Global Pharmacovigilance and Epidemiology for BMS.

A board-certified psychiatrist, Dr. Langer received her M.D. at the University of Rochester School of Medicine, completed an internship and residency at the Yale-New Haven Affiliated Hospitals and served as a fellow at Children's Hospital of Boston/Harvard Medical School.

Additional appointments to the executive team:

Veenita B. Bleznak has been appointed Vice President and General Counsel effective June 4, 2007. Ms. Bleznak will oversee all legal matters of Iroko Pharmaceuticals. Ms. Bleznak brings over 12 years of comprehensive and diverse transactional, securities and venture investment experience. She has broad legal and consulting experience having served as general counsel for companies over several years. Ms. Bleznak received a J.D. from the University of Pennsylvania Law School.

Humphrey Harte has been appointed Vice President Commercial Operations Europe. Mr. Harte will oversee commercial operations including strategic alliances, distribution and regional partnerships. Mr. Harte has 19 years of pharmaceutical commercial business experience throughout the European Union, Russia and Central and Eastern Europe. His most recent position was Vice President Commercial Operations Europe for Novartis Vaccines.

Michael Spector has been appointed Vice President Commercial Operations International and North America effective May 21, 2007. Mr. Spector will oversee commercial operations including strategic alliances, distribution and regional partnerships. Mr. Spector has over 17 years of global pharmaceutical experience with significant operational experience in the United States, Brazil and South Africa. Most recently, Mr. Spector was Vice President of Global Product Strategy for GlaxoSmithKline.

Company History:

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

Aldomet[R] is indicated for use in hypertension. Indocin[R] 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 revenues of acquired products through focused selling and marketing efforts and product life cycle management activities including development of relevant formulations to improve patient treatment.

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.