January 7, 2008

Endocyte announces achievement of milestone in collaboration with Bristol-Myers Squibb

The agent resulted from a collaborative research effort between the two companies and is subject to a licensing agreement announced early in 2006. Bristol-Myers Squibb is responsible for all development, manufacturing, registration and marketing of the folate-epothilone chemotherapeutic agent.

"We continue to be pleased to work with Bristol–Myers Squibb in the advancement of the folate-epothilone therapy," said Ron Ellis, Endocyte president and CEO. "This progress further demonstrates the opportunity we have to leverage our targeting approach to multiple drugs."

About Endocyte, Inc.

Endocyte Inc., located at the Purdue Research Park in West Lafayette, Ind., uses an advanced targeting technology that makes it possible to develop custom guidance systems for drugs. The technology is designed to make drugs more effective by targeting them directly to receptors found on diseased cells. With improved targeting, Endocyte plans to develop new therapies using proven powerful drugs that are currently not widely used due to dose limiting toxicities. With the increased specificity afforded by Endocyte’s patented technology, these drugs could be dosed for maximum efficacy, but with a significant reduction in side effects.

For further information, visit http://www.endocyte.com.

This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve significant risks and uncertainties that may cause results to differ materially from those set forth in the statements. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

To the Purdue Research Park, http://www.purdueresearchpark.co

Contact:  Vickey Buskirk, media relations, Endocyte Inc., (765) 463-7175 ext. 1117, vbuskirk@endocyte.com