Pilot Therapeutics moves headquarters to Charleston

CHARLESTON, S.C., January 23, 2003—Pilot Therapeutics Holdings, Inc. (OTCBB: PLTT.OB), a specialty pharmaceutical company developing and commercializing a portfolio of pharmaceutical and clinically validated over-the-counter products, announced today that its headquarters have moved to Charleston, S.C. The company also announced that it expanded its management team by adding Charles Campbell, MBA, CMA, CPA, as vice president of finance, and Ron Afflebach, MBA, as manager of human resources. The relocation and addition of these key employees set the stage for Pilot to launch its lead product, Airozin™, a medical food for the dietary management of asthma, in major markets in the Carolinas in early 2003.

Headquarter Move First Step in South Carolina Relocation
In October 2002, Pilot announced that it had accepted an incentive package from South Carolina and would move its headquarters from Winston-Salem, N.C., to Daniel Island in the Charleston region, and locate its production and manufacturing facility in Orangeburg, S.C.

“We are grateful for the opportunity to make South Carolina and the Charleston region our new home,” stated Floyd “Ski” Chilton, Ph.D., Pilot’s president and chief executive officer. “Joining the dynamic and growing business community of Charleston, and having access to the robust talent and resources of the Charleston region, will enable us to stay on target for an early 2003 launch of the first and only over-the-counter medical food for the dietary management of asthma and to continue to advance development of our extensive pipeline of novel medical food and pharmaceutical products for chronic human diseases, including arthritis, allergic rhinitis, and elevated triglycerides associated with cardiovascular disease, stroke, and diabetes.”

New Professionals to Help Manage Future Growth
Pilot expanded its management team to include key professionals in finance and human resources.
Mr. Campbell brings more than 16 years of experience in international finance and public accounting to Pilot. He has served in senior financial, general management, and capital transaction roles for several Fortune Global 1000 companies, including manufacturing and pharmaceutical divisions of Courtaulds plc, Metso, and the former BTP plc (now a division of Clariant). Mr. Campbell’s public accounting background was with Coopers and Lybrand (now PricewaterhouseCoopers LLC), where he managed audit and consulting engagements for both public and privately held clients. Mr. Campbell is a licensed CPA in the state of South Carolina, and holds an MBA from McColl School of Business, Queens University, Charlotte, N.C. He received a bachelor’s degree in economics from Clemson University, Clemson, S.C.

Mr. Afflebach has 25 years of experience in human resources, including leadership positions with Hershey Food Corporation, with intense focus on labor and employee relations, benefits administration, corporate training and development management, and succession planning and executive development. Mr. Afflebach also worked as site human resources operations manager for Fuji Photo Film, Inc. in Greenwood, S.C. He has provided progressive leadership for multinational corporations as well as mid-market businesses and new facility start ups and operations. Mr. Afflebach holds an MBA from St. Joseph’s University, Philadelphia, Penn., and a bachelor’s degree in economics and business administration from Lebanon Valley College, Annville, Penn. He currently is president of the Tri-County Human Resources Association.

Commenting on the new members of the Pilot team, Dr. Chilton stated, “The expansion of our management team combined with our relocation will ensure that we continue to move toward the imminent launch of Airozin™, which will be marketed initially in major metro areas of the Carolinas.”

About Pilot
Pilot Therapeutics Holdings, Inc. is a specialty pharmaceutical company that, through its subsidiaries, is developing and commercializing a pipeline of novel prescription and over-the counter (OTC) medical food products. The Company’s products are positioned to meet the untapped demand in the marketplace for safe and efficacious natural products and the desire of patients to control their own health. The Company utilizes a proprietary, state-of-the-art fatty acid and genomic profiling research platform, “Functional Liponomics™,” to discover and develop both medical food and prescription products for chronic inflammatory human diseases. The Company’s pipeline of products addresses several disease categories including asthma, elevated triglycerides associated with cardiovascular disease, diabetes, and stroke, arthritis, cancer, and allergic rhinitis. Its lead OTC medical food product, Airozin™, is the first clinically proven OTC maintenance product for the dietary management of asthma, a disease that afflicts approximately 20 million Americans. Pilot Therapeutics Holdings, Inc.’s common stock is traded on the Over-the-Counter Bulletin Board under the ticker symbol “PLTT.OB.”

Certain statements in this press release are forward-looking in nature and relate to our plans, objectives, estimates and goals. Such statements are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995 and speak only as of the date of this report. The terms “expect,” “anticipate,” “believe,” “intend,” “estimate,” “plan,” and “project” and similar words or expressions are intended to identify forward-looking statements. The forward-looking statements are based on current expectations, are inherently uncertain, are subject to risks, and should be viewed with caution. Our business is subject to many risks and uncertainties, including our ability to register, commercialize or license our products successfully and to promote physician and patient acceptance of our products, our need to obtain substantial additional capital to fund our operations and the progress of development, and the uncertain regulatory environment (and the resulting requirements and restrictions regarding pre-marketing approval and label and promotional claims), surrounding our lead product. These and other risks and uncertainties, many of which are described in more detail in our Annual Report on Form 10-KSB under “Risk Factors,” could cause actual results and experience to differ materially from those expressed or implied by any of these forward-looking statements.