MAXIM PHARMACEUTICALS ADDED TO NASDAQ BIOTECHNOLOGY INDEX

Contacts: Larry G. Stambaugh Aline Schimmel (Investors) Chief Executive Officer Burns McClellan Anthony E. Altig (212) 213-0006 Chief Financial Officer Sean Collins (Media) (858) 453-4040 Valerie Bent (Media) CCG Investor Relations (818) 789-0100 MAXIM PHARMACEUTICALS ADDED TO NASDAQ BIOTECHNOLOGY INDEX SAN DIEGO, May 25, 2004 - Maxim Pharmaceuticals (Nasdaq: MAXM) (SSE: MAXM) today announced that it has been added to the NASDAQ Biotechnology Index® (NBI). All securities in the Index are listed on the NASDAQ National Market and meet minimum requirements including market value, average daily share volume and seasoning as a public company. Larry G. Stambaugh, Maxim's Chairman and Chief Executive Officer, commented, "Inclusion in the NASDAQ Biotechnology Index marks another growth milestone for our Company. Maxim's successful progress in clinical trials has increased interest from the investing community. The increased awareness has yielded higher average trading volumes overall, both for our U.S. and Swedish listings, and a larger market capitalization. Our inclusion in this index reflects the visibility of our progress toward potential new treatments for cancer and liver disease." Launched in 1993, the NASDAQ Biotech Index includes companies classified according to the FTSE(TM) Global Classification System as either biotechnology or pharmaceutical. The Index is ranked on a semi-annual basis in May and in November and serves as the basis for the iShares NASDAQ Biotechnology Index FundSM (IBB). In addition, options based on the NASDAQ Biotechnology Index and the iShares Nasdaq Biotechnology Index Fund trade on various exchanges. For more information about the NASDAQ Biotechnology Index, including eligibility criteria, visit www.nasdaq.com. Maxim Overview Maxim Pharmaceuticals is a global biopharmaceutical company with a diverse pipeline of therapeutic candidates for life-threatening cancers and liver diseases. Maxim's research and development programs are designed to offer hope to patients by developing safe and effective therapeutic candidates that have the potential to extend survival while maintaining quality of life. Maxim's lead drug candidate Ceplene(TM) (histamine dihydrochloride) is designed to prevent or inhibit oxidative stress, thereby reversing immune suppression and protecting critical immune cells. In November 2003, Maxim filed an application for market authorization in Europe for approval to market Ceplene for the treatment of advanced malignant melanoma. Ceplene is currently being tested in a Phase 3 cancer clinical trial for advanced malignant melanoma with liver metastasis. Phase 2 trials of Ceplene are also underway for the treatment of hepatitis C and advanced renal cell carcinoma. Maxim is also developing an oral formulation of histamine for the potential treatment of chronic liver diseases. More than 2,000 patients from 20 countries have participated in 17 completed and ongoing clinical trials of Ceplene. In addition to Ceplene, Maxim is developing small-molecule inhibitors and activators of programmed cell death, also known as apoptosis, which may serve as drug candidates for cancer, cardiovascular disease and other degenerative diseases. Ceplene and the apoptosis inducers are investigational drugs and have not been approved by the U.S. Food and Drug Administration (FDA) or any international regulatory agency. This news release contains certain forward-looking statements that involve risks and uncertainties. Such forward-looking statements include statements regarding the efficacy, safety and intended utilization of Ceplene, and the apoptosis inducers, and the conduct, results and timelines associated with the Company's clinical trials. Such statements are only predictions and the Company's actual results may differ materially from those anticipated in these forward-looking statements. Factors that may cause such differences include the risk that products that appeared promising in early research and clinical trials do not demonstrate safety or efficacy in larger-scale clinical trials, and the risk that the Company will not obtain approval to market its products. These factors and others are more fully discussed in the Company's periodic reports and other filings with the Securities and Exchange Commission. Note: The Maxim logo is a trademark of the Company. Editor's Note: This release is also available on the Internet at http://www.maxim.com. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/05/25/20040525BIT00010/wkr0001.pdf