Press Release January 30, 2007

DOV Pharmaceutical, Inc. and XTL Development, Inc. Enter into an Exclusive License Agreement

Jan. 16, 2007 — DOV Pharmaceutical, Inc. ("DOV") and XTL Development, Inc. ("XTL") have entered into an exclusive license agreement whereby DOV granted XTL the exclusive right to develop products incorporating bicifadine for the treatment of human diseases, disorders and conditions, except for the treatment of symptoms in certain areas of women’s health. DOV will receive initial payments of $6.5 million, of which $5.0 million will be paid to Wyeth pursuant to a license agreement by and between DOV and Wyeth. Total upfront and milestone payments may reach $130.0 million if all milestones are achieved, with escalating low double-digit royalties on annual net sales of bicifadine.

Goodwin Procter attorneys Christopher Denn and Kathleen Kean represented DOV in this transaction.