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Onset Therapeutics Mary Theriault Office 401-667-7337 mtheriault@onsettx.com

Onset Therapeutics Announces Agreement with Managed Healthcare Associates (MHA)
Optase^TM is the first product subject to the Agreement

Woonsocket, RI (June 29, 2006) - Onset Therapeutics, a specialty pharmaceutical company focused on the development and commercialization of innovative, patent protected topical products for skin and wound related disorders, announced today that they have signed an agreement with Managed Healthcare Associates (MHA), the largest Group Purchasing Organization (GPO) in the Alternate Site and Long-Term Care (LTC) Industry. MHA's members will be able to purchase Onset products according to the terms of the agreement.
Optase^TM (Trypsin, Balsam Peru, Castor Oil), a prescription product in a patent pending Gel formulation for topical application on a wide variety of wounds, is the first in a series of prescription products expected to be introduced this year by Onset Therapeutics and the first to be offered to MHA members. Optase^TM is currently available through drug wholesalers nationwide.

"We are excited to have entered into this agreement with MHA for Optase^TM" states Michael Heffernan, President, Onset Therapeutics. "We believe that this agreement will be beneficial to MHA's members and the patients they serve. MHA's endorsement of Optase^TM is an important step in the launch of the product because we consider MHA to be a significant player in the long term care market, servicing more that 540,000 long term beds in the U.S."

"We continually strive to offer our members products that provide clinical and economic advantages within a therapeutic category", states Dan Sanders, VP Contracting and Business Development of MHA. "After completing a product review of Optase^TM, we believe the product may have some clinical and economic advantages in the wound care market, and that this agreement will provide benefits to our members."

With significant development capabilities that include formulation development through GMP manufacturing, Onset expects to market numerous topical products within the wound care and dermatology markets in 2006. In addition, the company has a full pipeline of products that it intends to launch over the next 3 years.

About Onset Therapeutics

Onset Therapeutics is a privately held specialty pharmaceutical company focusing on the development and commercialization of novel, patent protected topical products for the treatment of wounds and skin disorders. For more information, please visit the company's website at www.onsettx.com

About MHA

Managed Health Care Associates, Inc. (MHA) has grown to become the leading Alternate Site GPO and Long Term Care Pharmacy Network Manager servicing the Independent LTC Pharmacy industry. MHA's success is driven by unparalleled member support, competitive contracts, and the ability to create sophisticated, customized, web tools and reports designed to increase savings and promote profitability. Members utilize MHA's services to assist in the purchasing of a complete line of pharmaceuticals, medical supplies, capital equipment, and food products. Members also have access to a comprehensive network of national and regional prescription drug plans managing the newly created Medicare Part D drug benefit through the MHA LTC Network. MHA's pharmaceutical manufacturer, medical supply, and prescription drug plan business partners benefit from a range of services including contract administration, marketing, and continuing education.