MediQuest Therapeutics, Inc. Announces Addition to Management Team

(Bothell, WA - 16 October, 2006) MediQuest Therapeutics, Inc. a privately held biotechnology company specializing in infectious and inflammatory skin diseases today announced that Allison Formal, MBA, has joined MediQuest as its vice president for business development. Formal will be part of the company's management team and be primarily responsible for cultivating the company's marketing partnerships for its suite of clinical products.

"I am pleased to have Allison on board. Her pharmaceutical business development experience and knowledge come at a time of tremendous growth for our company," said MediQuest's President and CEO Dr. Frederick J. Dechow. "Her addition to the management team will enable us to secure marketing arrangements for our late-stage product for the treatment and prevention of Raynaud's attacks."

"MediQuest Therapeutics has an exciting, novel drug delivery technology with several commercially promising clinical candidates and a strong leadership team. I look forward to helping the company realize its business goals and continue our growth," said Allison Formal.

Prior to joining MediQuest, Formal most recently conducted business development for the antimicrobial coatings division of HaloSource located in Redmond, Washington. Prior to that, Formal was vice president of business development for Neuralstem, an emerging stem cell company focused on developing cellular therapeutics and small molecule compounds for central nervous system diseases. There, she was responsible for out-licensing Neuralstem technology and building strategic development and commercialization collaborations with pharma, biotech and academic partners. Her pharma career began in sales with Pfizer and progressed to business development with a Schein-Bayer joint venture, and the international divisions of Schein Pharmaceutical and Watson Pharmaceutical.

Formal received her MBA from Marymount University in Virginia and completed her undergraduate degree at American University in Washington, D.C.