LILLY TO EVALUATE GLYCOFI'S GLYCOPROTEIN PRODUCTION PLATFORM

Lebanon, NH (April 8, 2004) – GlycoFi, Inc. announces the initiation of a joint research study to evaluate GlycoFi's yeast-based platform for the production of an undisclosed protein. The study, supported by Eli Lilly and Company, will combine GlycoFi's unique expression technology to produce human glycoproteins with Lilly's expertise in the area of therapeutic protein discovery and commercialization.

About GlycoFi

GlycoFi, Inc. is the industry leader for the engineering and production of therapeutic glycoproteins in yeast systems. The company was founded in 2000 with the mission to be a leading biotechnology company in the development, manufacturing, and commercialization of biotherapeutics. The company has engineered yeast and other fungal protein expression systems to produce fully humanized glycoproteins, thus greatly increasing the efficiency, fidelity and scalability at which those proteins can be made. For more information, please visit www.glycofi.com.

GlycoFi Contacts:

Tillman Gerngross
tgerngross@glycofi.com
603.643.8186 x5107

Joan Kureczka Kureczka/Martin Associates
jkureczka@aol.com
415.821.2413