Incyte Genomics and Odyssey Pharmaceuticals Announce Collaboration to Functionally Characterize Human Proteins Palo Alto and San Ramon, CA, May 9, 2001 - Incyte Genomics, Inc. (Nasdaq: INCY), the leading genomic information company, and Odyssey Pharmaceuticals, Inc., a privately held San Francisco area-based company, today announced plans to collaborate on the functional characterization of proteins encoded by Incyte proprietary gene transcripts. Financial terms were not disclosed. Odyssey Pharmaceuticals' PCA (Protein Contact Assay) technology combines genomics and proteomics in a single step and will be used to evaluate protein interactions involving Incyte proprietary gene transcripts in living human cells. Odyssey's PCA technology is believed to be the only approach that allows rapid and accurate quantitative detection of protein interactions in living cells. The study of these protein interactions is crucial for understanding the biology of a specific disease pathway and is a key step in moving from gene sequence and expression data to validated drug targets and compounds. "Using our comprehensive gene transcript data, gene expression, genetic information and suite of bioinformatic tools, Incyte scientists have discovered over 100 genes that appear to be involved in insulin signaling pathways. Together with Odyssey we will validate as many of these genes as possible as drug targets for the treatment of diabetes" said Roy A. Whitfield, Chief Executive Officer of Incyte. "We expect the combination of Odyssey's technology with Incyte's genomic information to enable the discovery of the most functionally relevant protein interactions and speed the identification and validation of drug targets, both in Incyte's internal programs and in collaboration with our pharmaceutical partners''. "We are very pleased that Incyte Genomics has chosen Odyssey to help advance a number of Incyte's proprietary human gene transcripts to validated pharmaceutical targets", said Dr. Marnie MacDonald, Chief Business Officer of Odyssey Pharmaceuticals, Inc. "We believe that the combination of Odyssey's proprietary functional validation technologies, and Incyte's vast knowledge and inventory of genomic information and resources, will establish a powerful new paradigm for pharmaceutical target discovery and validation.'' Incyte Genomics, Inc. is the leading provider of an integrated platform of genomic technologies designed to aid in the understanding of the molecular basis of disease. Incyte develops and markets genomic databases and partnership programs, genomic data management software, microarray-based gene expression services, related reagents and services. These products, programs and services assist pharmaceutical and biotechnology researchers with all phases of drug discovery and development including gene discovery, understanding disease pathways, identifying new disease targets and the discovery and correlation of gene sequence variation to disease. For more information, visit Incyte's web site at http://www.incyte.com. Odyssey Pharmaceuticals, Inc., is a privately held San Francisco Bay Area company that has pioneered rapid and robust strategies to identify and validate new pharmaceutical targets and drugs arising from the human genome. Odyssey has developed proprietary technologies to convert genes to targets and to move directly from genes to drugs. These strategies combine genomics and proteomics in a single step, enabling real-time, high-throughput identification of active proteins. For company information, visit Odyssey on the World Wide Web at http://www.odysseypharma.com. Except for the historical information contained herein, the matters set forth in this press release, including statements as to the unparalleled capabilities and utility of Odyssey's PCA Technology; the objectives and anticipated outcomes of the Incyte and Odyssey collaboration; the parties' success in the validation of genes as drug targets and the speed with which such validation may occur; and the ability of the parties' products, programs, services and technologies to assist third parties in their research objectives; are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including, without limitation, risks associated with the development and application of new technologies; the impact of new technologies that compete with, improve upon or are more successful than Odyssey's PCA Technology; the impact of technological advances and competition, generally, on both Incyte and Odyssey; changes to the business plan of either Incyte or Odyssey; changes to the strategic objectives of the collaboration; the utilization of Odyssey's PCA Technology for the purpose of identifying and validating drug targets for diseases other than diabetes or for purposes not otherwise anticipated by the parties at the time that the collaboration was initiated; and, with respect to Incyte, other risks detailed from time to time in Incyte's SEC reports, including its Annual Report on Form 10-K for the year ended December 31, 2000. These forward-looking statements speak only as of the date hereof. Incyte and Odyssey disclaim any intent or obligation to update these forward-looking statements.