Press Release

Neurotech Names Richard Small Chief Financial Officer

Neurotech™, Inc. Lincoln, RI (August 9, 2007) - Neurotech Pharmaceuticals, Inc., a biopharmaceutical company focused on the development of sight-saving therapeutics for chronic retinal diseases, announced today the appointment of Richard Small as the Company's Vice President and Chief Financial Officer (CFO).

Mr. Small brings more than fifteen years of senior-level strategic management in both private and public life sciences companies and thirty years of financial and operational management to Neurotech. Previously, Mr. Small served as Senior Vice President, CFO of publicly-traded Point Therapeutics where he was involved in raising in excess of $100 million. Prior to that, he served as CFO at Immulogic Pharmaceutical. A certified public accountant, Mr. Small began his career at the auditing firm of Coopers and Lybrand, LLC.

"We are very pleased that Rich has joined the Neurotech team and believe he will provide strong strategic and operational leadership. His broad experience will be a significant asset for the company as we advance our technology and clinical programs towards commercialization," said Ted Danse, Neurotech's President and Chief Executive Officer.

In his role as CFO, Mr. Small will be responsible for the financial function of the company including financial planning and reporting, treasury and investor relations. He will also be actively involved in corporate development and other strategic and operational areas. Mr. Small will report directly to Mr. Danse.

About Neurotech
Neurotech is a privately-held biotechnology company, located in Lincoln, Rhode Island, specializing in the development of innovative sight-saving therapeutics for chronic retinal diseases. Retinal diseases represent significant unmet medical needs for which new medical therapies are the largest market opportunity in ophthalmology.

Neurotech's lead product (NT-501) is currently in development with two Phase II/III clinical trials for the treatment of visual loss associated with retinitis pigmentosa as well as a Phase II trial for the treatment of atrophic macular degeneration (dry AMD). Neurotech is also evaluating other factors that can be used with its proprietary delivery technology, Encapsulated Cell Technology (ECT), to treat additional retinal diseases.

To learn more about Neurotech and the clinical studies involving NT-501, please visit our web site at www.neurotechusa.com or www.RenoirRetinalStudies.com.