Ceragenix Pharmaceuticals, Inc. (CGXP)

   ICE COLD NOTES

Ice Man's Position: ICS has received 240,000 restricted shares as compensation from the company.

   PROFILE

We are a development stage biopharmaceutical company focused on infectious disease and dermatology. We have two base technology platforms each with multiple applications: Ceragenins™ (also known as cationic steroid antibiotics or "CSAs") and barrier repair ("Barrier Repair"). We believe that the Barrier Repair platform represents near term revenue opportunities for prescription skin care products to treat a variety of skin disorders all characterized by a disrupted skin barrier. Our Ceragenin™ technology has shown antibiotic, antiviral, anti-fungal and anti cancer properties in vitro and represents a mid and long term revenue opportunity both in antimicrobial medical device coating applications and in new prescription antimicrobial drug development.

Our Ceragenin™ technology, licensed from Brigham Young University, covers the composition of matter and use of a broad class of small molecule, positively charged aminosterol compounds that have shown antibiotic, antiviral, antifungal, and anticancer activity. These patented compounds mimic the activity of the naturally occurring antimicrobial peptides that form the body's innate immune system and several of these candidates are currently in pre-clinical development. Ceragenin™ compounds are electrostatically attracted to bacteria, viruses, and certain lines of cancer that all share in common the presence of negatively charged phospholipids on their cell membrane surfaces. The compounds are believed to primarily act via induction of apoptosis by rapid depolarization of the cell membranes (by tearing holes in the cell walls). Unlike most antibiotics which are bacteriastatic (prevents the reproduction of bacteria cells), the Ceragenins™ are bacteriacidal (kills the bacterial cells). Other efforts to duplicate the naturally occurring antimicrobial peptides have proven not to be commercially viable because of the inability to stabilize and cost effectively produce bulk quantities of such compounds. Ceragenins™, however, are neither peptides nor steroids, but rather cationic steroid shaped small molecules that we believe are far simpler, more stable and inexpensive to produce in bulk quantities.

We have also licensed patents from the Regents of the University of California for a barrier repair technology that is a specific combination of ceramides, cholesterol and fatty acids which are able to create a human-like skin barrier and thus provide patients with a more normal skin barrier function. This patented Barrier Repair technology is the invention of Dr. Peter Elias the author of over 500 peer reviewed journal articles. Dr. Elias is a member of our management team serving as Chief Scientific Officer. We have used this barrier repair technology to formulate EpiCeram®.

EpiCeram® is a prescription only product intended for use to treat dry skin conditions and to manage and relieve the burning and itching associated with various types of dermatoses, including atopic dermatitis (eczema), irritant contact dermatitis, and radiation dermatitis. All of these conditions share in common a defective or incomplete skin barrier and we believe current therapies are viewed as either lacking effectiveness or in need of improvement. In April 2006, we received marketing clearance from the FDA to sell EpiCeram® as a medical device pursuant to a 510(k) filing. The clearance received from the FDA will allow us to market EpiCeram® for all of the above listed conditions. We plan to commercialize EpiCeram® by entering into a supply agreement with a pharmaceutical company with expertise in the marketing of dermatological prescription products. We expect to generate revenue from EpiCeram® during 2008.

   MANAGEMENT

Steven S. Porter - Chief Executive Officer and Chairman
Jeffrey S. Sperber - Chief Financial Officer
Dr. Peter Elias - Chief Scientific Officer
Carl Genberg - Senior Vice President of Research and Development
Russell L. Allen - Vice President of Corporate Development

For detailed information about management, click here.

   COMPANY CONTACT INFORMATION

Ceragenix Pharmaceuticals, Inc. (CGXP)
1444 Wazee Street, Suite 210
Denver, CO 80202
Phone: 720-946-6440
Fax: 303-534-1860
Web Site: CeraGenix.com

   RESEARCH REPORTS

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