GLGS Glycogenesys Inc. (MM)

GlycoGenesys, Inc. (NASDAQ:GLGS), a biotechnology company, today announced that it requested a hearing before a Nasdaq Listing Qualifications Panel to appeal the Nasdaq Staff Determination received on December 28, 2005. The Nasdaq Staff Determination Letter indicated that the Company fails to comply with the requirements for continued listing set forth in Nasdaq Marketplace Rule 4310(c)(2)(b), and that its securities are, therefore, subject to delisting from the Nasdaq Capital Market. This appeal stays the delisting of the Company's common stock pending the decision of a Nasdaq Listing Qualifications Panel, which generally hears appeals within 45 days of request. There can be no assurance that the Listing Qualifications Panel would grant the Company's request for continued listing. About GlycoGenesys, Inc. GlycoGenesys, Inc. is a biotechnology company focused on carbohydrate drug development. The Company's drug candidate GCS-100, a unique compound to treat cancer, has been evaluated in previous clinical trials at low dose levels in patients with colorectal, pancreatic and other solid tumors with stable disease and partial response documented. The Company currently is completing a Phase I dose escalation trial to evaluate higher dose levels of GCS-100LE, a low ethanol formulation of GCS-100, at Sharp Memorial Hospital, Clinical Oncology Research in San Diego, California and the Arizona Cancer Center in both Tucson and Scottsdale, Arizona. In addition, GCS-100LE is being evaluated in a Phase I/II trial for multiple myeloma at the Dana-Farber Cancer Institute in Boston, Massachusetts, Roswell Park Cancer Institute in Buffalo, New York and Emory's Winship Cancer Institute in Atlanta, Georgia. Further clinical trials are planned 2006. Further information is available on GlycoGenesys' web site: www.glycogenesys.com. Safe Harbor Statement Any statements contained in this release that relate to future plans, events or performance are forward-looking statements that involve risks and uncertainties, including, but not limited to, risks of product development (such as failure to demonstrate efficacy or safety), risk related to FDA and other regulatory procedures, market acceptance risks, the impact of competitive products and pricing, the results of current and future licensing, joint ventures and other collaborative relationships, risks relating to raising sufficient capital to fund the Company's operations, developments regarding intellectual property rights and litigation, and other risks identified in the Company's Securities and Exchange Commission filings. Actual results, events or performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as the date hereof. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.