January 31, 2003

News Release: GlycoDesign Regains Rights to Core 2 Inhibitors Program

GlycoDesign Inc. (TSX: GD - News), a Canadian biopharmaceutical company, today announced that it has regained all intellectual property and commercialization rights to Core 2 inhibitors derived from the recently completed three-year research collaboration between Seikagaku and GlycoDesign.
"This is an optimal situation for GlycoDesign, as we will be able to use the work done to date to pursue the development of important anti-inflammatory drugs under our own program," said Mr. Michael H. Thomas, President and Chief Executive Officer of GlycoDesign Inc. "Furthermore, regaining intellectual property rights will add significant long-term value to GlycoDesign's research and development portfolio, scientific platform and licensing capabilities." Under a new agreement, GlycoDesign has licensed to Seikagaku Corporation the exclusive Japanese rights to GlycoDesign's Core 2 assay system for internal research and development purposes and for use in collaborations with third parties. GlycoDesign will receive royalty payments on any product commercialized by Seikagaku or its collaborators identified by the assay system. GlycoDesign also retains the rights to the Core 2 assay system in all other markets around the world.

GlycoDesign continues to advance the discovery research of Core 2 inhibitors as oral anti-inflammatories for the prevention and treatment of chronic inflammatory diseases such as rheumatoid arthritis, inflammatory bowel disease and asthma.

About GlycoDesign:

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GlycoDesign is a drug discovery and development company focused on developing proprietary drugs for the treatment or prevention of cardiovascular and chronic inflammatory diseases, as well as cancer. The Company's resources are focused on two lead antithrombotic drug candidates, GH9001 and ATH, completing Phase I and preclinical development respectively, as well as the development of novel glycotherapeutics targeted at the treatment of chronic inflammation and cancer, which are at the discovery stage. For additional investor information, please visit GlycoDesign's web site at www.glycodesign.com.


Certain information included in this press release is forward-looking and
is subject to important risks and uncertainties. The results or events
predicted in these statements may differ materially from actual results or
events. Factors which could cause results or events to differ from current
expectations include, among other things: the impact of rapid technological
and market change; the successful and timely completion of clinical studies;
the establishment of corporate alliances; new product development;
uncertainties related to the regulatory approval process; stock market
volatility; and the ability of GlycoDesign Inc. to recruit and retain
qualified employees. For additional information with respect to certain of
these and other factors, see the reports filed by GlycoDesign Inc. with the
Ontario Securities Commission. GlycoDesign Inc. disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.

For further information

Sheri Zernentsch, Investor Relations Manager, GlycoDesign Inc., (416) 593-6027 ext. 285 or (416) 819-5903, This email address is being protected from spambots. You need JavaScript enabled to view it.

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