Rehovot, Israel, May 1, 2006

Rimonyx Pharmaceuticals Ltd. www.rimonyx.com, a leader in the development of glycosaminoglycan - chemokine modulating therapies for the treatment of inflammation and autoimmune diseases, announced today the approval of a new grant from the Office of Chief Scientist, Israel Ministry of Industry and Trade. The grant is in the amount of $210,000 and it is a part of an overall approved budget of NIS 2.25 million for the pre-clinical development of novel anti-inflammatory therapeutics.

About Rimonyx Pharmaceuticals Ltd.

Rimonyx was founded in 2001 and is located in the Kiryat Weizmann Science Park, Rehovot, Israel. The company is using its proprietary SMIG (Small Molecule Inhibitors of adhesion to Glycosaminoglycans) platform to identify a new class of chemokine inhibitors. Rimonyx has discovered a number of novel anti-inflammatory compounds and has generated a pipeline of several promising drug candidates which are currently in pre-clinical development. The company's strategy is to out license drug candidates following proof of concept studies to a pharmaceutical partner for continued clinical development and commercialization. Rimonyx has completed two financial investment rounds and is funded by private investors and governmental grants. For more information, visit www.rimonyx.com.