Cypress Bioscience Inc. to Present at Banc of America Specialty Pharmaceuticals Conference

The Banc of America Specialty Pharmaceuticals conference is beingheld at the Southampton Inn in Southampton, NY. Dr. Kranzler isscheduled to present on Thursday, July 28th, at 4:30 p.m. EasternTime.

Investors, analysts and the general public are invited to listento a live audio broadcast of this presentation over the Internet. Thebroadcast can be accessed athttp://www.veracast.com/webcasts/bas/sp05/id03111157.cfm .

A replay of the presentation will be available at the same webaddress as well as on Cypress' website,http://www.cypressbio.com/news/events.php .

Cypress Bioscience, Inc. (NASDAQ: CYPB) and Forest Laboratories,Inc. (NYSE: FRX) entered into a collaboration agreement for thedevelopment and marketing for Cypress' product, milnacipran, licensedfrom the product's originator, Pierre Fabre Medicament, forindications in the United States market. Milnacipran is currentlybeing evaluated in a Phase III program that commenced in October 2003for the treatment of Fibromyalgia Syndrome (FMS). The second Phase IIItrial commenced in October 2004. Fibromyalgia is a frequent cause ofchronic, widespread pain, and there are currently no products approvedfor the treatment of FMS.

In 2005 Cypress entered into three licensing transactions for itssecond clinical development program - Obstructive Sleep Apnea (OSA).Specifically, Cypress has licensed mirtazapine related patents fromOrganon, and patents from two other parties that provide theopportunity to combine mirtazapine with a second approved agent toboth potentially augment efficacy and improve tolerability. Pilotstudies evaluating various potential therapeutic agents as treatmentsfor OSA are ongoing.

About Milnacipran

Milnacipran is a novel compound which exerts its effect byinhibiting the reuptake of both norepinephrine and serotonin, twoneurotransmitters known to play an essential role in regulating painand mood. It has been approved for the treatment of non-painindications in 32 countries and has been used safely by more than 3million patients during more than six years of commercial availabilityoutside the U.S.

About Fibromyalgia

FMS is considered one of a group of related chronic pain syndromescharacterized by both physical and psychiatric symptoms that includeconditions such as irritable bowel syndrome (IBS), chronic tensionheadache, non-cardiac chest pain, and certain types of lower backpain. FMS is estimated to affect six to twelve million people in theUnited States. FMS is most often diagnosed in the primary care settingand in addition is the second most commonly diagnosed condition inrheumatology clinics in the United States after osteoarthritis.

About Obstructive Sleep Apnea

Obstructive sleep apnea (OSA) is a breathing disorder that affects15 - 20 million people in the US alone (according to the NationalInstitutes of Health National Center for Sleep Disorder Research), aprevalence comparable to conditions such as diabetes or asthma. OSA ischaracterized by brief interruptions of breathing during sleep,typically caused by a blockage of the airway, usually when the softtissue in the rear of the throat collapses, either partially or fully,during sleep. Currently, there are no safe and effective medicationsindicated for the routine treatment of sleep apnea. However, thepathogenesis of the disorder suggests that patients with OSA syndromemay respond to drug therapy, including those that manipulate the brainneurotransmitter, serotonin.

About Cypress Bioscience, Inc.

Cypress is committed to be the innovator and leader in providingproducts that improve the treatment of Functional Somatic Syndromes,including Fibromyalgia Syndrome (FMS), and other Central NervousSystem conditions, such as Obstructive Sleep Apnea (OSA). Cypress'strategy involves acquiring/in-licensing undervalued central nervoussystem active compounds and developing them for new indications.

In August 2001, Cypress licensed from Pierre Fabre Medicament itsfirst product for clinical development, milnacipran. The licenseagreement provides Cypress with an exclusive license to develop andsell any products with the compound milnacipran as an activeingredient for any indication in the United States and Canada. OnJanuary 9, 2004, Cypress entered into a collaboration agreement withForest Laboratories for the development and marketing of milnacipran.In October 2003, Cypress commenced its first Phase III clinical trialfor the use of milnacipran as a potential treatment for FMS. Thesecond Phase III trial evaluating milnacipran as a treatment for FMScommenced in October 2004.

In 2005 Cypress entered into three licensing transactions for itssecond clinical development program - OSA. Specifically, Cypress haslicensed mirtazapine related patents from Organon, and patents fromtwo other parties that provide the opportunity to combine mirtazapinewith a second approved agent to both potentially augment efficacy andimprove tolerability. Pilot studies evaluating various potentialtherapeutic agents as treatments for OSA are ongoing.

We are continuing to evaluate other various potential strategictransactions, including the potential acquisitions of products,technologies and companies, and other alternatives.

For more information about Cypress, please visit the Company's website at www.cypressbio.com.

This press release, as well as Cypress' SEC filings and web siteat http://www.cypressbio.com, contain forward-looking statementswithin the meaning of the Private Securities Litigation Reform Act of1995 including statements about the potential of milnacipran to treatFMS and other related Functional Somatic Syndromes, and our OSAprogram. Actual results could vary materially from those described asa result of a number of factors, including those set forth in CypressAnnual Report on Form 10-K, the most recent Quarterly Report on Form10-Q and any subsequent SEC filings. In addition, there is the riskthat we may not be able to successfully develop or market milnacipranor any other products for the treatment of FMS and other relatedFunctional Somatic Syndromes, and, as a result, would not receive anymilestone or royalty payments from Forest Laboratories; that we mayencounter regulatory or other difficulties in the development ofmilnacipran for FMS, including delays in completing Phase III trials;that we may not be able to protect our patents or proprietarytechnology; that milnacipran may not significantly improve thetreatment of FMS or any other related Functional Somatic Syndromes;that we may not be able to realize or successfully develop a productfor OSA; the risk that the mirtazapine study at the University ofIllinois was conducted on only a very small number of patients andthat the results will not be repeated, and that mirtazapine may not bean effective treatment for OSA; that mirtazapine alone or incombination with any other compound may not be safe and effective inpatients with OSA; that our intellectual property position for our OSAprogram may not be useful or defensible; that we may encounterregulatory or other difficulties in developing a product for OSA,especially in light of the fact that a combination drug may beselected for development; and that we may not be successful inidentifying, acquiring, licensing and developing any additionalproduct candidates. Cypress undertakes no obligation to revise orupdate these forward-looking statements to reflect events orcircumstances after the date of this press release, except as requiredby law.