SAN DIEGO, CA - March 1, 1998 - Privately held Structural Bioinformatics Inc. ("SBI") of San Diego, California announced today the successful initial $5.2 million closing of a $6 million equity financing on February 27, 1998, with the final $800,000 expected to be closed with the next thirty days. In addition, the Company announced the closing of a debt financing of approximately $1.5 million to help finance the advancement of certain technologies at its newly established office in Denmark.

This new round of financing was led by a group of Danish investors including Dansk Kapitalanlaeg Aktieselskab and the Danish Development Finance Corporation. Other major SBI investors include Biotechnology Development Fund, New York Life, Veron International, Ltd., E.J. Financial, and others.

Dr. Edward T. Maggio, SBI's President and Chief Executive Officer stated, "It's gratifying to have the continued support from both our original and new investors. This round of financing will be used to help finance our expanded operations in Denmark and for the continued growth of our other operations. It's another vote of confidence from the investment community for our business plan and technology."

The additional funding will allow for expansion of the company's computational infrastructure in anticipation of upcoming database, technology and drug discovery service offerings and to finance the operations of the Company's newly established office in Denmark.

Structural Bioinformatics has developed a supercomputational operating system making possible the immediate and practical use of genomic (gene sequence) data in a broad range of structure-based drug discovery and design processes leading to the rapid design and identification of small molecule lead compounds. SBI is building corporate partnerships with pharmaceutical companies, gene discovery companies, and combinatorial chemistry companies ranging from broad technology collaborations to assistance with specific drug targets or target groups.