August 4, 2003

FOR IMMEDIATE RELEASE

Advancis Pharmaceutical Corporation Files With SEC For IPO

Germantown, MD – Advancis Pharmaceutical Corporation announced today that it filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of its common stock.  The managing underwriters for the offering are Lehman Brothers Inc. and Pacific Growth Equities, LLC.  Advancis Pharmaceutical Corporation is offering all of the shares covered by the registration statement. 

Advancis Pharmaceutical Corporation is a pharmaceutical company focused on developing and commercializing pulsatile drug products that fulfill substantial unmet medical needs in the treatment of infectious disease

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective.  These securities may not be sold, nor may offers to buy, be accepted prior to the time the registration statement becomes effective.  This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

The offering will be made only by means of a prospectus.  Once available, preliminary prospectuses may be obtained from Lehman Brothers Inc., c/o ADP Financial Services, Integrated Distribution Services, 1155 Long Island Avenue, Edgewood, New York 11717 or from Pacific Growth Equities, LLC, 4 Maritime Plaza, San Francisco, California 94111.

About Axiom Venture Partners L.P. Axiom Venture Partners provides capital and strategic assistance to rapidly growing high technology companies. Axiom's professionals bring substantial investing experience and industry expertise to the venture capital process. With over $200M in capital under management, the firm seeks to consider investment proposals in two main industry areas. The first is high technology, which includes communications, software, Internet infrastructure, and information technology. Biotechnology constitutes the second area. Through its office in Connecticut, Axiom invests actively throughout the United States in early or late stage companies. For more information, visit www.axiomventures.com