February 24 , 2005

FOR IMMEDIATE RELEASE

ALGORX PHARMACEUTICALS RAISES $65 MILLION IN
SERIES C FINANCING LED BY ADVENT INTERNATIONAL

Company Also Appoints New Board Member

Cranbury, New Jersey - February 24, 2004 - AlgoRx Pharmaceuticals, Inc., a privately-held pharmaceutical company, today announced that it has raised $65 million through a Series C financing led by Advent International. AlgoRx’s three existing investors, InterWest Partners, JPMorgan Partners and Sofinnova Ventures, participated in the financing round, which was oversubscribed. New investors in the round included S.R. One, Limited, Pacific Rim Ventures Co., Index Ventures, Lehman Brothers Healthcare Fund, Hunt Ventures, EGS Healthcare Capital Partners, Piper Jaffray Ventures, NIF Ventures, Axiom Venture Partners, Cogene BioTech Ventures and William Harris Investors. Aquilo Partners, Inc. acted as placement agent in the transaction. The company has raised more than $89 million since its inception in March 2001.

AlgoRx also announced that Charles Cohen, Ph.D., a partner at Advent International, has joined the company’s board of directors.

“The success of this financing and the strong interest from such high-quality investors validates our excitement in the medical and commercial opportunities for AlgoRx’s products,” said Ronald M. Burch, M.D., Ph.D., AlgoRx’s President and Chief Executive Officer. “We are pleased to add a new group of investors who share AlgoRx’s vision, and we are pleased by the strong and consistent support we received from our existing investors.”

The company’s first product, ALGRX 4975 (capsaicin for injection), a treatment for localized severe and intractable pain, recently completed two positive Phase IIa studies and will be evaluated in additional Phase II trials during 2004. The company’s second product, ALGRX 3268, has completed Phase II clinical trials and is expected to enter Phase III this year. This financing will allow AlgoRx to accelerate and expand the development program for ALGRX 4975, while also providing capital for AlgoRx to further expand its development pipeline by in-licensing additional clinical-stage pain management products.

“We are enthusiastic about AlgoRx’s progress to date and potential for advancing its current programs through advanced clinical study,” said Advent’s Charles Cohen. “We look forward to adding promising products to the pipeline and to working with AlgoRx’s strong management team to build a significant therapeutic company in the field of pain management.”

Advent International is one of the world’s largest private equity firms, with $6 billion in cumulative capital raised and 14 offices in 13 countries. Since its founding in 1984, Advent has financed over 500 companies and has helped businesses raise $10 billion through public equity and debt offerings. Advent has been investing in the healthcare and life sciences industry for 18 years. During that time it has funded more than 80 companies in the sector, half of which have completed IPOs on major stock exchanges worldwide. For additional information, please visit www.adventinternational.com.

AlgoRx Pharmaceuticals, headquartered in Cranbury, New Jersey, is a privately held pharmaceutical company focused on the development of pain management products that address areas of unmet need. AlgoRx has assembled an expert team with substantial experience in the pain sector to identify, acquire and rapidly develop its products. AlgoRx’s late-stage pipeline consists of two drugs, both in Phase II clinical development, which have demonstrated positive results in a range of painful conditions. AlgoRx was formed in March 2001, and has raised more than $89 million to date. For additional information, please visit www.algorx.com.

Investor Relations Contact:
Jeffrey A. Rona
AlgoRx Pharmaceuticals
Tel: (609) 409-2305

Media Relations Contact :
Amy Rosenberg
Financial Dynamics
Tel : (212) 850-5615

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