ORYX PHARMACEUTICALS ANNOUNCES LAUNCH OF NAPRELAN™

Mississauga, Ontario July 16th, 2007 - Oryx Pharmaceuticals Inc. (Oryx) is pleased to announce the introduction of prescription NAPRELAN™ tablets (naproxen sodium tablets) for the management of the signs and symptoms of osteoarthritis and rheumatoid arthritis.

NAPRELAN™ is a novel, controlled-release formulation of naproxen sodium, developed by Elan Corporation plc. It uses Elan's Intestinal Protective Drug Absorption System (IPDAS™ Technology), which is designed to provide rapid attainment of effective plasma concentrations and to maintain therapeutic concentrations over a 24-hour period. NAPRELAN™ was developed in an attempt to reduce the impact on the mucosa of the stomach and duodenum compared with standard naproxen formulations.

NAPRELAN™ is approved in Canada for the management of signs and symptoms of rheumatoid arthritis and osteoarthritis and is available in strengths of 375 mg and 500 mg, which is equivalent to 375 and 500 mg of naproxen base respectively. Naproxen has been available in Canada for over thirty years and remains one of the gold standards for the treatment of pain that is inflammatory in origin.

NAPRELAN™ offers patients and physicians the benefits of "fast on and lasts long" due to the design characteristics of the IPDAS™ Technology and the administration of the active ingredient in multiparticulate form. The rapid disintegration of the tablet is intended to provide an immediately available portion (approximately 30%) of naproxen sodium from the tablet matrix while the remaining 70% of the dose is dispersed throughout the upper GI tract in the form of sustained-release micro-particles. Furthermore, NAPRELAN™ offers patients a therapy that has been demonstrated to be at least as efficacious as naproxen but offers the additional benefits of less dyspepsia and once daily dosing which may improve patient compliance.

"The launch of NAPRELAN™ in Canada represents a significant milestone for Oryx as it is our first product in the field of pain management", stated Douglas Reynolds, President of Oryx. According to IMS Health Canada the market for anti-arthritic products recorded sales of approximately $680 million in 2006 with a corresponding annual growth rate of +15%.

About Oryx:
Oryx (www.oryxpharma.com) is a Canadian specialty pharmaceutical company that provides several prescription pharmaceutical products in the cardiovascular, CNS, urology and oncology areas.

Disease Prevalence and Incidence:
Osteoarthritis and rheumatoid arthritis affect nearly 4 million Canadians aged 15 years and older. Osteoarthritis is the most common type of arthritis, affecting an estimated 10% of Canadian adults. Rheumatoid arthritis affects approximately 1% of Canadian adults, and at least twice as many women as men. The prevalence of arthritis among Canadians 15 years of age and older is projected to increase by almost 1% every five years, with a projected prevalence of more than 20% by the year 2026. (Source: Arthritis in Canada: An Ongoing Challenge www.arthritis.ca).

NAPRELAN™ trade mark is owned by Elan Corporation, plc; IPDAS™ trade mark is owned by Elan Pharma International Limited.


Primary Contact Information:

Doug Reynolds
President
Oryx Pharmaceuticals Inc.
Tel. (866) 260-6291 (toll free) Ext. 6773
dougr@oryxpharma.ca


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