SOURCE: MitoPharm Corporation

August 24, 2007 16:44 ET

MitoPharm Corporation Board Approves a 200% Stock Dividend

SEATTLE, WA--(Marketwire - August 24, 2007) - MitoPharm Corporation, Inc. (PINKSHEETS: MTPM), a biotechnology company, announced today that its Board of Directors has declared a split of the company's common stock on a two-for-one basis to be paid in the form of a special dividend of two shares of common stock for each share of common stock outstanding.

The stock split will be effected through a stock dividend entitling each shareholder of record to receive two additional shares of common stock for every one share owned. Additional shares issued as a result of the stock dividend will be distributed after close of trading on September 24, 2007 (the "Payable Date"), to shareholders of record on September 21, 2007 (the "Record Date"). Shareholders do not need to exchange existing stock certificates and will receive a Direct Registration Statement at the time of the split, reflecting the newly issued shares.

Trading of MitoPharm shares on a split-adjusted basis will begin on September 24, 2007.

The difference between a stock split in the form of a dividend and a stock split not in the form of a dividend is that the shares will continue to trade under the same CUSIP number.

Shareholders who own stock as of the close of business on September 21, 2007 will receive two additional shares for each share owned. Shares liquidated before the close of business on the Record Date, or between the Record Date and the Payable Date, will not entitle those former shareholders to receive the stock dividend.

"The Board's decision to issue the stock dividend reflects our confidence in the company's direction and our ongoing determination to build long-term shareholder value. It is also a way to reward our shareholder base, prior to gearing up for our future operations, and should also improve liquidity," stated Pak Peter Cheung, MitoPharm Chairman and CEO.

For further dividend announcement information, shareholders are encouraged to contact the Company's Investor Relations or contact the Company's transfer agent, National Stock Transfer, Inc.

National Stock Transfer, Inc.,
1512 S 1100 E
Suite B
Salt Lake City, UT 84105-2425

MitoPharm Corporation Investor Relations
800-858-7502
ir@mitopharm.com

About MitoPharm

MitoPharm, Inc. is an active research & development biotechnology firm that will operate in marketing, and sale of drugs, dietary supplements, and functional beverages. The initial products are based on a newly formulated compound, (-) Schisandrin B, that is the result of over 15 years of research and development by one of its founding shareholders, the Hong Kong University of Science and Technology.

Published scientific studies have confirmed that (-) Schisandrin B enhances the mitochondrial glutathione antioxidant status, a crucial factor in maintaining mitochondrial function and cell survival, plus it also induces the expression of heat shock proteins, another group of important molecules for cell protection. These biochemical actions differentiate (-) Schisandrin B from other existing, known compounds, either synthetic or naturally occurring, in its ability to protect organs including the heart, the liver, and the brain.

For further MitoPharm information, please visit www.mitopharm.com.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as such, may involve risks and uncertainties. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations, are generally identifiable by the use of words such as "believe," "expect," "intend," "anticipate," "estimate," "project," or similar expressions. These forward-looking statements relate to, among other things, expectations of the business environment in which the Company operates, projections of future performance, potential future performance, perceived opportunities in the market, and statements regarding the Company's mission and vision. The Company's actual results, performance, and achievements may differ materially from the results, performance, and achievements expressed or implied in such forward-looking statements.