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PHENOMIX APPOINTS HANS-PETER GULER, M.D. VICE PRESIDENT OF CLINICAL DEVELOPMENT

San Diego, CA, August 25, 2004 — Phenomix Corporation, a drug discovery and development company, today announced the appointment of Hans-Peter Guler, M.D. to the position of vice president of clinical development. Dr. Guler joins Phenomix as the company advances its compounds in metabolic syndrome and immune disorders towards clinical trials.

"Hans-Peter's breadth and depth of knowledge in the areas of metabolic and immune diseases make him an outstanding addition to our executive management team," said Laura Shawver, Ph.D., president and CEO of Phenomix. "He brings a tremendous amount of experience in clinical development to Phenomix at a time when the company is moving its lead drug candidate to treat type 2 diabetes toward the clinic."

As vice president of clinical development, Dr. Guler will be responsible for the clinical development of promising drug candidates and the design of clinical strategies that will be necessary for an effective and rapid regulatory approval of these compounds. Dr. Guler has more than 15 years of experience in the biotechnology and pharmaceutical industries. Prior to joining Phenomix, he served as vice president of clinical sciences for Regeneron Pharmaceuticals where he was instrumental in the design and execution of all clinical programs, including programs in obesity/diabetes, rheumatoid arthritis, cancer and asthma. He has also served as senior director of clinical development for Chiron Technologies and associate director of drug development at CIBA-GEIGY Corporation.

Dr. Guler holds an M.D. from the University of Zurich, Switzerland and is a member of many professional organizations including the American Diabetes Association and the American Federation for Clinical Research. He has authored six patents, 25 scientific publications and various book chapters with his colleagues in the field.

"I am very pleased to join Phenomix and look forward to working with such an outstanding management team," said Hans-Peter Guler, M.D. "Phenomix' approach to drug discovery and development provides in vivo information early and throughout the drug development process. This information will be invaluable as we begin to design and implement clinical trials."

About Phenomix Corporation

Phenomix is a drug discovery and development company building a therapeutic portfolio for treatment of immune disease and metabolic syndrome. The company’s lead programs for treatment of type 2 diabetes and multiple sclerosis are in preclinical development. By generating detailed physiological data in a mammalian system, Phenomix’ in vivo technology provides biological insight that allows earlier and better informed decisions across discovery and development. The company’s platform is complemented by expertise in drug discovery, translational medicine and clinical development. Phenomix is based in San Diego, California and Canberra, Australia. For more information, visit www.phenomix.com.

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