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Corgentech Announces New Centers for Medicare & Medicaid Services Procedure Code May Apply to E2F Decoy

SOUTH SAN FRANCISCO, Calif., May 14, 2004 /PRNewswire-FirstCall via COMTEX/ -- Corgentech Inc. (Nasdaq: CGTK), a biotechnology company, today announced that the Centers for Medicare & Medicaid Services (CMS), a Federal agency within the U.S. Department of Health and Human Services, has published a new ICD-9-CM procedure code for "pressurized treatment of venous bypass graft [conduit] with pharmaceutical substance" on its website at www.cms.hhs.gov, which will subsequently be published in the Federal Register. E2F Decoy (edifoligide) is a novel transcription factor decoy that is delivered through the use of controlled, uniform pressure. Corgentech has an agreement with Bristol-Myers Squibb Company (NYSE: BMY) to jointly develop and commercialize E2F Decoy, as well as co-promote the product in the U.S.

ICD-9-CM procedure codes are used to describe medical procedures performed by physicians and other healthcare providers. "We are pleased that CMS has assigned this new ICD-9-CM procedure code which could apply to E2F Decoy," said John McLaughlin, Corgentech's President and CEO.

E2F Decoy currently is in two Phase III clinical trials for prevention of bypass graft failure following coronary artery bypass graft (CABG) surgery and peripheral bypass graft surgery in the leg. E2F Decoy has received FDA Fast Track designation for the prevention of vein graft failure.

About Graft Failure

Approximately 370,000 CABG surgeries were performed in the U.S. in 2001; however, approximately 19 percent of these vein grafts fail within one year of surgery, with the failure rate climbing to about 50 percent between years 10 and 15. The ramifications of failure for CABG patients include heart attack, chest pain, congestive heart failure, irregular heartbeat and death.

Peripheral bypass procedures were performed on approximately 120,000 patients in the U.S. in 2001, with 20 to 30 percent of these vein grafts failing within one year and up to 50 percent fail by five years. The consequences of peripheral bypass graft failure for patients include grave disability, poor wound healing, gangrene, amputation of some or all of the limb and death.

About Corgentech

Corgentech is a biopharmaceutical company engaged in the discovery, development and commercialization of a new class of therapeutics called transcription factor decoys, or TF decoys. We are creating a pipeline of novel therapeutics based on our proprietary TF decoy technology, focused initially on the treatment of cardiovascular disease, inflammatory disease and cancer. For more information on the company and its technology, visit www.corgentech.com.

Forward-Looking Statements

This press release contains forward-looking statements, including without limitation all statements related to our clinical trials and product candidates. Words such as "believes," "anticipates," "plans," "expects," "intend," "will," "slated," "goal" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon our current expectations. Forward-looking statements involve risks and uncertainties. Our actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to the progress, timing and results of our clinical trials, intellectual property matters, difficulties or delays in obtaining regulatory approval, manufacturing our lead product candidate, competition from other pharmaceutical or biotechnology companies, our ability to obtain additional financing to support our operations and other risks detailed in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2003 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2004. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and Corgentech undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

SOURCE Corgentech Inc.

Richard Powers of Corgentech, +1-650-624-9600, or
[email protected]; or Daryl Messinger of WeissCom Partners,
+1-415-999-2361, or [email protected], for Corgentech

http://www.cms.hhs.gov

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