RESEARCH TRIANGLE PARK, N.C., U.S.A. (June 28, 2004)

  Qualyst, Inc. announced today the formation of its Business Advisory Board that includes Dr. Pamela Kirby, former Chief Executive Officer of Quintiles Transnational Corporation.

  “The members of this advisory board are business leaders in both the pharmaceutical and financial industries,” said Scott Neuville, president and CEO of Qualyst.  “Collectively, their expertise will assist Qualyst in its mission to provide novel ADMET technologies and products to the life sciences industry that will increase the efficiency and effectiveness of drug discovery and development.”

  Qualyst’s Business Advisory Board currently has two members:

Pamela Kirby, Ph.D.
  Dr. Kirby was most recently Chief Executive Officer of Quintiles Transnational Corporation.  Previously, Dr. Kirby led the Global Strategic Marketing and Business Development department of the pharmaceutical division of F. Hoffmann-La Roche Ltd. in Basel, Switzerland. Dr. Kirby also served for 17 years with Astra AB holding numerous positions of increasing responsibility in strategy, marketing, business development and licensing.  Prior to that, Dr. Kirby served as the global commercial director with British Biotech plc.  Dr. Kirby holds a doctoral degree in clinical pharmacology and an undergraduate degree in pharmacology from the University of London.  She has also been a non-executive Director for Smith and Nephew since March 2002.

Jonathan Gelles, D. Phil., Chairman of Burton Advisers Ltd.
  Dr. Gelles obtained his D. Phil. in physical organic chemistry at Oxford University and has been active in the health sciences investment community for many years, both in the U.S. and Europe.  He had previously held the position of Managing Director at Wertheim, Inc. in New York in the 1990s.  Burton Advisers acted as the exclusive financial advisor and placement agent in the Qualyst Series A offering.

About Qualyst, Inc.
Qualyst commercializes novel and proprietary ADMET products for drug discovery and development. Qualystís products allow pharmaceutical and biotechnology researchers to make faster, better decisions regarding drug candidate compounds, saving valuable time and research dollars in the process. Qualyst, Inc. was founded on discoveries from breakthrough research at the University of North Carolina at Chapel Hill in 2001. For additional information, please refer to the company's web site at www.Qualyst.com or call 919-313-6500.

CONTACT:

Ian J. Mehr
Vice President, Business Development
Qualyst, Inc.
919-313-6507
info[AT]qualyst[DOT]com
www.Qualyst.com