Former Goldman Sachs Veteran Financial Expert Joins Javelin Board

Javelin Pharmaceuticals Inc. (AMEX: JAV - News) today announced that its Board of Directors recently voted to increase the size of the Board from seven members to eight, and that it has elected Peter D. Kiernan, III, to fill the newly created directorship. Mr. Kiernan was qualified by the Board as an independent director.

“I am delighted to join Javelin’s board and look forward to upholding my fellow shareholders' interests,” stated Mr. Kiernan. “Javelin has tremendous product candidates and talented people and I am convinced Javelin has the potential to become a leader in the growing global market for specialty pharmaceuticals and products to treat pain. As a long term shareholder of nearly 4.9 percent of Javelin’s stock my interests’ are aligned with shareholders who aspire to create an important enterprise. Most of all, I am committed to helping Javelin become a world class company with relationships and partnerships across the globe in the pursuit of alleviating pain.”

"Peter Kiernan brings Javelin’s Board unequaled first-hand accomplishments and reputation in the capital markets and global investment community,” said Dr. Daniel Carr, Javelin’s CEO/CMO. “We are honored to have Peter’s counsel, vision, and commitment as we transition from a development stage company into a fully integrated specialty pharmaceutical company. Further, our corporate mission of enhancing patients’ quality of life resonates with Peter’s humanitarian interests.”

About Peter D. Kiernan, III

Mr. Kiernan is CEO of Kiernan Ventures, a venture capital firm committed to growing companies of consequence. He spent nearly 18 years at Goldman Sachs, most of them as a Partner and was instrumental in advising companies and wealthy families around the globe in ways to expand their business. His specialty was forging unique relationships and finding creative and unconventional ways to help growing companies both large and small achieve their promise. After leaving Goldman, Peter founded and led numerous companies including Tech Health, a high growth medical services company where he serves as Chair of the Board. Kiernan was also President and Partner at Cyrus Capital Partners, a hedge fund based in New York and London where he continued to serve as Senior Advisor. He continues as Senior Adviser there. Kiernan was asked by Dana Reeve in the days before her untimely death to lead the organization she and her husband Christopher founded. In the past two years, as Chairman of the Board of Directors of the Christopher and Dana Reeve Foundation, Kiernan has led a dramatic turnaround in the organization’s fight to cure paralysis. He also served as past Chairman of the prestigious Robin Hood Foundation for nearly five years. He serves on the Board of the Darden School at the University of Virginia and served on the Williams College Board and Finance Committee for many years.

About Javelin Pharmaceuticals, Inc.

With corporate headquarters in Cambridge, MA, Javelin applies innovative proprietary technologies to develop new drugs and improved formulations of existing drugs to target unmet and underserved medical needs in the pain management market. The Company has three drug candidates in US Phase 3 clinical development. One of these US Phase 3 drug candidates, Dyloject(TM), has received Marketing Authorization Application (MAA) approval and favorable pricing in the UK, where it is now being sold. Previous clinical trials have demonstrated its safety and rapid onset of action. For additional information about Javelin, please visit the company's website at http://www.javelinpharmaceuticals.com.

Forward Looking Statement

This news release contains forward-looking statements. Such statements are valid only as of today, and we disclaim any obligation to update this information. These statements are subject to known and unknown risks and uncertainties that may cause actual future experience and results to differ materially from the statements made. These statements are based on our current beliefs and expectations as to such future outcomes. Drug discovery and development involve a high degree of risk. Factors that might cause such a material difference include, among others, uncertainties related to the ability to attract and retain partners for our technologies, the identification of lead compounds, the successful preclinical development thereof, the completion of clinical trials, the FDA review process and other governmental regulation, our ability to obtain working capital, our ability to successfully develop and commercialize drug candidates, and competition from other pharmaceutical companies.