Press Release February 06, 2006

Hollis-Eden Pharmaceuticals to Raise $26 Million

Feb. 6. 2005 — Hollis-Eden Pharmaceuticals Inc. has announced that it has entered into definitive agreements to raise $26 million in gross proceeds through the sale of shares of its common stock and warrants to new and existing institutional investors pursuant to the company's existing shelf registration statement previously filed and declared effective by the SEC. Hollis-Eden Pharmaceuticals is a development-stage pharmaceutical company based in San Diego, working to become the world leader in the development of a new class of investigational drugs known as immune regulating hormones.

Rodman & Renshaw LLC acted as exclusive lead placement agent for the offering, and Canaccord Adams Inc. acted as exclusive co-placement agent for the offering.

Lawrence Wittenberg and Mitchell Bloom, partners at Goodwin Procter LLP, represented Canaccord Adams in this transaction.