These tumors have
significant regions of hypoxia and are highly dependent on angiogenesis for
growth.

Forward Looking Statements
This release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act with respect to the outlook for
expectations for future financial or business performance, strategies ,
expectations and goals. In particular, Aeolus' catalytic antioxidants
have been shown to significantly reduce tissue damage in animal models of ALS,
stroke, chronic obstructive pulmonary disease, and mucositis caused by
radiation therapy.

antidepressants ethnopharmacology

The study will be conducted at the Brain Tumor
Center at Duke University Medical Center.D.81 per share, for the three months
ended June 30, 2004, a comparative decrease of 85%.

The statements in this press release that are not purely statements of
historical fact are forward-looking statements. Readers are cautioned not to place
undue reliance on these forward -looking statements, which speak only as of the
date hereof.

CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)

Three Months Ended Nine Months Ended
June 30, June 30,
2005 2004 2005 2004
Revenue
Grant income $121 $72 $236 $174

Costs and expenses:
Research and development 849 3,147 3,621 6,744
General and administrative 898 2,381 1,851 3,438
Total costs and expenses 1,747 5,528 5,472 10,182

Loss from operations (1,626) (5,456) (5,236) (10,008)
Interest expense, net (10) (5,012) (17) (5,111)

Net loss (1,636) (10,468) (5,253) (15,119)

Preferred stock dividend accreted - - - (135)

Net loss attributable to common
stockholders $(1,636) $(10,468) $(5,253) $(15,254)

Net loss per weighted share
attributable to common
stockholders:
Basic and diluted $(0.

paroxetine toxicology

Panzem(R) NCD, an oral liquid formulation, has been
shown in preclinical studies to significantly increase the drug's
bioavailability and activity and has been shown to result in enhanced drug
levels of 2ME2 in patients.A, EntreMed Vice President and Chief Medical
Officer , commented, "We are pleased to lead off our Panzem(R) NCD Phase 2
program with Dr.entremed. Based on its proprietary rights to 200
compounds that have been developed over the previous ten years, the Company
decided to eliminate its research staff in 2004 and to utilize outside
organizations to conduct late stage pre-clinical studies of its compounds. Important factors that could cause results to differ
include risks associated with uncertainties of progress and timing of clinical
trials , scientific research, and product development activities, difficulties
or delays in development, testing, obtaining regulatory approval, the need to
obtain funding for pre-clinical and clinical trials and operations, the scope
and validity of intellectual property protection for Aeolus' product
candidates, proprietary technologies and their uses, and competition from
other biopharmaceutical companies.38) $(2.

antidepressants anticoagulation

As of June 30, 2005, the Company had $2,027,000 in cash and cash
equivalents and 13,976,000 shares outstanding. Because oxygen-derived free radicals are believed to
have an important role in the pathogenesis of many diseases, Aeolus'
antioxidant enzyme-mimetic drugs are believed to have a broad range of
potential therapeutic uses.

approvals invitro

The purpose of the single center, open-label
study will be to assess the safety, pharmacokinetics and efficacy profile of
Panzem (R) NCD in patients with GBM who have failed initial therapies.
Carolyn F.com.

Ginny Dunn
EntreMed, Inc.

Aeolus Pharmaceuticals Announces Third Quarter Financial Results

81) $(0.

p450 pharmacologist

Phase 1 studies with Panzem(R) NCD have shown
that the pharmacokinetic target for antitumor activity in animals was achieved
at a dose of 1000 mg given orally four times each day.12 per share , for the three months ended June 30, 2005,
compared to a loss of $10,468,000, or $0.23 per share , for the nine
months ended June 30, 2004, a comparative decrease of 83%. Burgoon further noted that , "over the next several quarters, we expect
that research and development expenses will be higher than the current quarter
as we initiate a multi-dose Phase I study of AEOL 10150 in ALS and as we
expand our pre-clinical testing activities to further the development of other
compounds via the Pipeline Initiative.5
million from the same period the prior year.

pharmacokinetics unimodal

com/cgi-bin/prnh/20010620/ENMDLOGO )
2ME2 is an orally active small molecule that attacks tumor cells through
multiple mechanisms of action and blocks the development of new blood vessels
that feed tumor cells. GBMs account for approximately 52% of all primary
brain tumors.
Associate Director
Corporate Communications +
Investor Relations
240-864-2643

In the fourth
quarter, we also expect to initiate a multiple dose Phase 1 study of AEOL
10150 in patients diagnosed with ALS and the initiation of a wide range of
pre-clinical studies to support the advancement of several of our compounds
under our Pipeline Initiative.23)

Weighted average common shares
outstanding:
Basic and diluted 13,976 12,877 13,966 6,830

Selected Balance Sheet Items:
(in thousands)
June 30, 2005 September 30, 2004
(Unaudited)

Cash and marketable securities $2,027 $7,381
Total assets $2,554 $7,856
Stockholders' equity $608 $5,532

psychopharmacology cder

ottosen theurer

, M. Forward-looking
statements speak only as of the date they are made, and no duty to update
forward -looking statements is assumed.38 per
share, compared to a loss of $15,254,000, or $2. As a catalytic antioxidant, AEOL 10150 mimics and
thereby amplifies the body's natural enzymatic systems for eliminating these
damaging compounds. Such statements include, but
are not limited to, those relating to Aeolus ' product candidates, as well as
its proprietary technologies and research programs.

psychopharmacology lycaeum

Additionally ,
Panzem(R) NCD had an acceptable toxicity profile at this dose and was
associated with stable disease and two minor tumor responses. EntreMed plans
to initiate several additional Phase 2 studies in 2006 in various patient
populations, including both single agent and combination studies with other
approved anticancer therapies."
General and administrative expenses have been significantly lower so far
in fiscal 2005 compared to fiscal 2004 as a result of the Company's
restructuring efforts. These therapeutic focus
areas were selected based upon preliminary data developed using Aeolus
catalytic antioxidant compounds.

silencer preclinical

Reardon, M. AEOL 10150 is a small molecule
catalytic antioxidant that has shown the ability to scavenge a broad range of
reactive oxygen species.

paroxetine anticoagulation

com and in various filings with the Securities and
Exchange Commission. RESEARCH TRIANGLE PARK, N.

p450 toxicology

entremed . Glioblastoma multiforme
(GBM), also known as grade IV astrocytoma, is the most common and aggressive
type of primary brain tumor. (OTC Bulletin Board: AOLS. For the quarter ended June 30, 2005, general and
administrative expenses were $898,000, a reduction of approximately $1.5 million financing commitment from existing shareholders. The
funds raised are expected to be used almost exclusively for development of the
Company's lead drug candidate AEOL 10150 and selected compounds under the
Aeolus Pipeline Initiative.12) $(0.

paroxetine transcriptional

EntreMed Commences Phase 2 Studies with Panzem(R) NCD

David A.newscom.OB), the developer of a new
class of catalytic antioxidant compounds targeting diseases and disorders of
the central nervous system, respiratory system, autoimmune system, and
oncology, announced today financial results for its third quarter of fiscal
2005, the three-month period ended June 30 , 2005. For the nine months ended
June 30, 2005, the Company reported a net loss of $5,253,000, or $0.

transcriptional approvals

Duke University Medical Center to Conduct Brain Cancer Trial

ROCKVILLE, Md.
"During the third quarter we completed the implementation of our plan to
streamline our operations and reduce our general and administrative expenses. Burgoon,
Jr. Mr. On June 27, 2005, the Company
announced a $2.

AEOLUS PHARMACEUTICALS, INC.

ottosen transcriptional

Based on
results from both preclinical experiments and mechanism of action studies, we
believe that 2ME2 may be particularly well-suited for this patient population
because these tumors are highly angiogenic and frequently harbor pten
mutations, which result in high levels of HIF-1alpha protein. Malignant CNS tumors cause approximately 13,000 deaths per year, or
about three-fourths of the new annual malignant cases.C .

antidepressants theurer

, Medical
Director, Clinical Research at the Brain Tumor Center will serve as principal
investigator for the study.
(Logo: http://www. Reardon and his team of experts at the Duke Brain Tumor
Center , a leading center for treating GBM and other brain tumors. (Nasdaq: ENMD) is a clinical-stage pharmaceutical company
developing therapeutic candidates primarily for the treatment of cancer and
inflammation .
Mr.

paroxetine psychopharmacology

Additional information about EntreMed is available on the Company's website at
http:/ /www.
As such, our financial resources can now be focused on both our clinical
development program in ALS and our efforts to move several of our additional
compounds into the clinical development stage," stated Richard P. The primary operational focus for the Company, including
research spending during fiscal year 2004, was on preclinical pharmacology and
toxicology tests on AEOL 10150. The
initial therapeutic focus areas for the Aeolus Pipeline Initiative are:
Parkinson's disease; Autoimmune disorders (arthritis and ulcerative colitis);
Chronic Obstructive Lung Disease; Biodefense/Radioprotection; Tumor
Suppression/Bone Marrow Transplantation; and Stroke.

invitro transcriptional

, Aeolus
Pharmaceuticals, Inc. Aeolus reported a net loss
of $1,636,000, or $0.

smr ethnopharmacology

, EntreMed, Inc.B.

About EntreMed
EntreMed , Inc.

About Aeolus Pharmaceuticals
Aeolus is developing a variety of therapeutic agents based on its
proprietary small molecule catalytic antioxidants, with AEOL 10150 being the
first to enter human clinical evaluation.

smr ethnopharmacology

About Glioblastoma
Approximately 40,000 cases of primary central nervous system (CNS) cancers
are diagnosed each year in the United States, of which 17,000 are malignant
tumors. Actual results could differ materially
from those currently anticipated due to a number of factors, including those
set forth in Securities and Exchange Commission filings under "Risk Factors,"
including risks relating to the need for additional capital and the
uncertainty of additional funding; the early-stage products under development;
results in preclinical models are not necessarily indicative of clinical
results, uncertainties relating to preclinical and clinical trials; success in
the clinical development of any products; dependence on third parties; future
capital needs; and risks relating to the commercialization, if any, of the
Company's proposed products (such as marketing, safety, regulatory, patent,
product liability, supply, competition and other risks).

p450 psychopharmacology

Thirty-
two refractory/relapsed GBM patients are expected to be enrolled in the study ."
During fiscal 2005, research and development expenses were significantly
lower than the same periods in fiscal 2004 as the Company shifted its
operational focus and research spending during the three and nine months ended
June 30, 2005 to conducting a Phase I study of AEOL 10150 for the possible
treatment of ALS. Earnings for the three and nine
months ended June 30, 2005 included $490,000 of non-recurring charges related
to the discontinuation of the employment contract with Aeolus' former Chief
Financial Officer.

ethnopharmacology reactivity

Panzem(R) (2-methoxyestradiol or 2ME2), the Company's lead drug
candidate, is currently in clinical trials for cancer, as well as in
preclinical development for non-oncology indications. EntreMed's goal is to
develop and commercialize new compounds based on the Company's expertise in
angiogenesis, cell cycle regulation and inflammation -- processes vital to the
treatment of cancer and other diseases, such as rheumatoid arthritis.

altering psychopharmacology

The tumor cells do not spread throughout the body
and symptoms are caused by the tumor invading the brain. Forward-looking statements are subject to numerous
assumptions, risks and uncertainties, which change over time.

, Chief Executive Officer of Aeolus. Burgoon further noted that, "With
our new management team in place, our cost restructuring objectives completed,
the completion of our Phase I single dose escalating study of AEOL 10150 in
patients diagnosed with ALS, the initiation of the Aeolus Pipeline Initiative
and our recently announced financing commitment, we believe that the fourth
quarter should be even more productive for the Company. Such forward-looking
statements involve known and unknown risks , uncertainties and other factors
that may cause Aeolus' actual results to be materially different from
historical results or from any results expressed or implied by such forward-
looking statements .

altering silencer

(Nasdaq: ENMD), a clinical-stage pharmaceutical company developing
therapeutics for the treatment of cancer and inflammatory diseases, today
announced the commencement of a Phase 2 study for its lead drug candidate,
Panzem(R) NCD (2-methoxyestradiol or 2ME2) in patients with recurring
glioblastoma multiforme (GBM). Sidor, M.D."
For more information on this study, visit the Clinical Trials section of
the Company's web site at http://www. The tumor forms in the glial (supportive) tissue of the brain
and invades adjacent tissue. The Aeolus Pipeline Initiative is an internal development
initiative focused on advancing several of the most promising catalytic
antioxidant compounds from Aeolus' proprietary library of 200 compounds. Certain of these factors and others are
more fully described in Aeolus' filings with the Securities and Exchange
Commission, including, but not limited to, Aeolus' Quarterly Report on Form
10-Q for the quarter ended June 30, 2005.

preclinical silencer

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- - kjjkjk

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