Manhattan Pharmaceuticals to Present at ValueRich Small-cap Financial Expo

NEW YORK, Sept. 14, 2005 (PRIMEZONE) -- Manhattan Pharmaceuticals, Inc.'s president and chief executive officer, Douglas Abel, will present an overview of the company and its obesity drug Oleoyl-estrone at the ValueRich Small-cap Financial Expo at The Javits Center, New York, Thursday September 15.

Mr. Abel's presentation will start at 2:00pm EDT.

Mr. Abel will cover early results of a Phase Ia human safety trial of the company's obesity drug candidate which were originally announced last week at the Oppenheimer & Co. Diabetes Conference in New York.

About Manhattan Pharmaceuticals, Inc.

Manhattan Pharmaceuticals, Inc. (www.manhattanpharma.com), a development stage pharmaceutical company, acquires and develops proprietary prescription drugs for large, underserved patient populations. In view of the worldwide obesity epidemic, the company is developing OE, an orally administered novel therapeutic for weight loss. To meet the needs of other major, underserved medical markets while lowering development risks, Manhattan Pharmaceuticals is also developing PTH (1-34), a peptide believed to be a regulator of epidermal cell growth, for psoriasis and Propofol Lingual Spray, a convenient, proprietary lingual spray formulation of propofol, the world's best-selling general anesthetic, as a sedative-hypnotic for use during diagnostic and therapeutic procedures.

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are valid only as of today, and we disclaim any obligation to update this information. These statements are subject to known and unknown risks and uncertainties that may cause actual future experience and results to differ materially from the statements made. These statements are based on our current beliefs and expectations as to such future outcomes. Drug discovery and development involve a high degree of risk. Factors that might cause such a material difference include, among others, uncertainties related to the ability to attract and retain partners for our technologies, the identification of lead compounds, the successful preclinical development thereof, the completion of clinical trials, the FDA review process and other governmental regulation, our pharmaceutical collaborator's ability to successfully develop and commercialize drug candidates, competition from other pharmaceutical companies, product pricing and third party reimbursement, and other factors described in our filings with the Securities and Exchange Commission.

CONTACTS:  Manhattan Pharmaceuticals, Inc.
           Nicholas J. Rossettos, CPA
           Chief Financial Officer
           212/582-3950

           Redington, Inc.
           Thomas Redington
           203/222-7399
           212/926-1733