Iroko Pharmaceuticals Makes Strategic Additions to Executive Team with Appointment of Clarence L. Young, M.D. as Chief Medical Officer and Moji James as General Counsel

Key Hires from Novartis and Pfizer to Support Development and Commercialization of Novel Sub-micron Particle NSAIDS

PHILADELPHIA, April 18, 2012 — Iroko Pharmaceuticals, LLC announces two key additions to its management team, Clarence L. Young, M.D., as Chief Medical Officer and Moji James as General Counsel and Vice President. Dr. Young will lead Iroko’s extensive clinical programs for the company’s investigational nonsteroidal anti-inflammatory drugs (NSAID) and Ms. James will oversee Iroko’s legal and compliance activities. Both Dr. Young and Ms. James will report to John Vavricka, President and Chief Executive Officer (CEO) of Iroko Pharmaceuticals.

“Over the past five years, Iroko has been able to attract a top-notch management team of proven industry veterans with a clear vision for bringing scientific innovation to established therapeutics, particularly in the area of pain management,” said John Vavricka, Iroko’s CEO. “Clarence and Moji join the Iroko family at an important and exciting time. With two marketed products and four novel pain medications in late stage development along with Iroko’s robust pipeline, their significant experience will be critical in helping shape the future of Iroko Pharmaceuticals.”

With a career spanning nearly 25 years, Dr. Young brings extensive drug development and research experience from the pharmaceutical industry as well as academia. He joins Iroko from Novartis Pharmaceuticals Corporation where he was the Vice President Targeted Therapies and Integrated Hospital Care, responsible for leading cross-functional teams in development, global registration and commercialization of small and large molecules. He previously held senior research positions at SmithKline Beecham, GlaxoSmithKline and Protez Pharmaceuticals. He has served on key industry boards and has authored numerous scientific papers published in primary, peer-reviewed journals. Dr. Young has also received many awards and honors from the industry, non-profit organizations and governmental agencies over the course of his career. He is a graduate of Harvard Medical School.

“What attracted me to Iroko is their conviction that innovation using new technology, can improve existing medications to address unmet medical needs,” said Dr. Young. “Iroko is making significant contributions in the area of pain management and their dedication is evident in their clinical development programs. I am excited to join a company with such clear focus and look forward to helping to bring meaningful therapies to patients.”

Ms. James brings two decades of experience to Iroko, most recently filling the role of Global Product Counsel at Pfizer and prior to that as Senior Attorney at Wyeth Pharmaceuticals (which became part of Pfizer in 2009). During her combined Wyeth-Pfizer tenure, she served as the primary business lawyer for several therapeutic areas including transplant, neuroscience and U.S. vaccines and supported the development and launch of several key products. Ms. James also worked on Pfizer’s rare disease franchise. Prior to joining Wyeth, she was a litigator with Shearman & Sterling in New York and later joined Blank Rome as a senior litigator where she focused her practice on complex litigation matters. She has a Bachelor of Laws degree from Warwick University, England and a Master of Laws from London University.

Moji James commented, “Iroko aims to be a game changer in the industry with our developmental NSAIDs. I am pleased to be joining the Iroko team at this exciting time and look forward to providing counsel and strategic guidance on our promising intellectual property, pipeline, as well as currently marketed products.”

“We are pleased to welcome Clarence and Moji to Iroko, thereby further enhancing the depth and breadth of our seasoned executive team as we look forward to the launch of our new low dose NSAID products,” said Osagie Imasogie, Iroko’s Chairman and Senior Managing Partner of Phoenix IP Ventures.

About Iroko Pharmaceuticals, LLC:

Iroko is a pharmaceutical company focused on the development and commercialization of innovative specialty therapeutic products. The company acquires, develops and maximizes the potential of currently marketed products on a global basis through focused selling and marketing efforts and product-life-cycle management activities including development of new formulations that meet patient needs. In addition to Iroko’s two marketed products – Indocin® (indomethacin) and Aldomet® (methyldopa) – and commercial infrastructure in 48 countries, the company has a robust pipeline with several late stage NSAID sub-micron technology candidates using the proprietary SoluMatrix™ platform. For more information visit www.iroko.com.

About Phoenix IP Ventures:

A fully integrated Private Equity and Venture Capital Fund which specializes in life sciences, principally in the pharmaceutical sector. The Firm acquires intellectual property protected assets that meet its criteria for value maximization. Phoenix IP Ventures works in collaboration with major players in the financial community to scale its own proprietary investments in transactions identified and managed by the Firm.

Lisa Gray, Phoenix IP Ventures/Iroko Pharmaceuticals, 267-765-3233

Smitha Dwarakanath, 212-798-9744