updated 5/5/2011 4:16:48 PM ET 2011-05-05T20:16:48

SALT LAKE CITY, May 5, 2011 (GLOBE NEWSWIRE) -- Myrexis, Inc. (Nasdaq:MYRX), a biotechnology company focused on developing and commercializing novel treatments for cancer, today announced it will report encouraging preclinical findings from its oral anti-interferon (OAI) candidate, MPI-0485520, at the European League Against Rheumatism (EULAR) Annual European Congress of Rheumatology to be held May 24-26, 2011, at ExCeL London, One Western Gateway, Royal Victoria Dock, London, UK.

The poster will demonstrate the activity of MPI-0485520 in reducing the severity of clinical symptoms in a validated mouse model of collagen-induced arthritis. MPI-0485520 is a potent and highly selective small molecule inhibitor of I kappa B kinase epsilon (IKK epsilon) and TANK-binding kinase 1 (TBK1). These kinases are required for the initiation of inflammatory immune responses involving type-I interferons (IFN alpha/beta).

Title:  MPI-0485520, a Small Molecule Inhibitor of IKK epsilon/TBK1 is Active in a Mouse Collagen-Induced Arthritis Model
Authors: Richards B, Baichwal V, Cronin M, Brown B, Reeves L, Papac D, Yungai A, Sebahar P, Holcomb R, Wettstein D, Bartel P, Carlson R
Date & Time:  Thursday, May 26, 2011; 11:45AM
Poster Number:  THU0254

Myrexis is focusing on the development of MPI-485520 in systemic lupus erythematosus (SLE), rheumatoid arthritis and other autoimmune diseases. Preclinical studies of MPI-485520 have demonstrated potent and selective suppression of IFN alpha/beta and other pro-inflammatory cytokines involved in autoimmune disorders and has shown significant activity in a mouse model of rheumatoid arthritis. The compound also has high oral bioavailability, a favorable ADME/PK profile and is very well tolerated. The role of IKK epsilon in the pathology of rheumatoid arthritis has also been validated by published animal studies.

About Myrexis, Inc.

Myrexis, Inc. is a biotechnology company focused on developing and commercializing novel treatments for cancer. The Company has leveraged a unique understanding of the genetic causes of human disease to generate a strong pipeline of clinical and preclinical product candidates. These include compounds with distinct mechanisms of action and novel chemical structures that have first-in-class and/or best-in-class therapeutic potential. Myrexis is led by an experienced management team with expertise in all aspects of pre-clinical, clinical and commercial drug development.

The Company's oncology pipeline is led by Azixa® (verubulin, MPC-6827), a novel small molecule microtubule destabilizing agent in Phase 2 clinical development for the treatment of brain cancers. Additional novel, potent, small molecule oncology compounds include MPC-3100, a fully-synthetic inhibitor of Hsp90 in Phase 1; and MPC-9528, a Cancer Metabolism Inhibitor (CMI) in IND-enabling studies. Myrexis is also evaluating MPI-0485520, an orally bioavailable, potent and selective small molecule inhibitor of type I interferon production that is being developed for the treatment of autoimmune diseases.

For more information, please visit www.myrexis.com .

The Myrexis, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6327

Azixa, Myrexis and the Myrexis logo are trademarks or registered trademarks of Myrexis, Inc. in the United States and foreign countries.

Forward-looking statement safe harbor

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the attributes, expected development and potential efficacy of Myrexis' product candidates. These "forward-looking statements" are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by forward-looking statements. These risks and uncertainties include, but are not limited to, the factors discussed under the heading "Risk Factors" contained in Myrexis' Form 10-K, for the year ended June 30, 2010, which was filed with the Securities and Exchange Commission on September 13, 2010, as well as any updates to those risk factors filed from time to time in Myrexis' Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. All information in this press release is as of the date of the release, and Myrexis undertakes no duty to update this information unless required by law.

CONTACT: Myrexis, Inc.
         Wayne Laslie,
         Chief Operating Officer
         The Ruth Group
         Stephanie Carrington (investors)
         (646) 536-7017
         Jason Rando (media)
         (646) 536-7025

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