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November 19, 2003

Endocyte signs clinical trials agreement with NCI for FolateScan

WEST LAFAYETTE, Ind. – Endocyte Inc. has signed a clinical trials agreement with the National Cancer Institute for the clinical development of Endocyte's FolateScan product.

Endocyte Inc, located in the Purdue Research Park in West Lafayette, Ind., is developing a new generation of receptor-targeted therapeutics for the treatment of cancer and autoimmune diseases. In addition, the company is developing a folate-targeted radiopharmaceutical imaging agent called FolateScan that is used to identify folate-receptor positive cancers.

Under the clinical trials agreement, the National Cancer Institute (NCI) will sponsor several clinical trials with FolateScan, the first of which is anticipated to commence in 2004.

"We are pleased that the NCI has decided to sponsor trials with FolateScan," said Phil Low, Endocyte's chief scientific officer. "The NCI's expertise and resources will enable Endocyte to optimize how FolateScan is administered."

Ron Ellis, Endocyte's CEO and president said, "This collaboration will assist Endocyte in moving this promising product through clinical trials and to patients more quickly and effectively."

The National Cancer Institute is the U.S. government's primary institute for cancer research and is affiliated with the National Institutes of Health. The National Cancer Institute conducts and supports cancer related research, training and other programs. It is estimated that NCI sponsored programs have played key roles in more than 80 percent of all drugs approved for cancer treatment and diagnosis.

CONTACT: Lindsay Istre, media relations, Endocyte Inc., (765) 463-7175, listre@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.