J. KEVIN BUCHI JOINS THE CELATOR^® PHARMACEUTICALS BOARD OF DIRECTORS

PRINCETON, NJ, (July 31, 2006) - Celator Pharmaceuticals, a biotechnology company working to develop combination chemotherapies to treat different types of cancer, today announced that J. Kevin Buchi, executive vice president and chief financial officer of Cephalon, Inc., has joined the Celator board of directors.
 
Mr. Buchi joined Cephalon in March 1991 and was named EVP and CFO in February 2006.  During his tenure, Cephalon has grown from a 50-person, private biotechnology company with preclinical drug candidates to a $1 billion revenue, multi-product, fully-integrated pharmaceutical company. Mr. Buchi also sits on the boards of directors of Lorus Therapeutics and Encysive Pharmaceuticals.

 “With outstanding experience in helping biotechnology companies to expand and advance from clinical stage to commercial operations, Kevin Buchi brings to Celator many perspectives that will be essential to our continued growth in the years ahead. We enthusiastically welcome him to our board of directors,” said Dr. Andrew Janoff, chairman and CEO of Celator Pharmaceuticals.

Celator also announced that Dr. Horst Witzel has stepped down from the Celator board of directors. “Dr. Witzel has been a highly valued member of Celator’s board of directors. His insights have been instrumental to Celator’s success thus far,” said Janoff. “We greatly appreciate his efforts and thank him for his years of service as a valued member of our board.”

Celator's CombiPlex™ Technology Platform

Many forms of cancer are currently treated with combinations of individual chemotherapy agents. In developing these drug combinations, clinicians typically combine agents that have non-overlapping toxicities and use each agent at its maximum tolerated dose. This makes it possible to combine different agents at their individual maximum tolerated doses. While this approach has represented the standard of care in oncology for many years, it may produce less than optimal treatment outcomes because it fails to recognize the critical role that drug ratios can play in combination chemotherapies.

Celator's proprietary CombiPlex™ technology platform has shown significant success in identifying and "locking in" the optimal drug ratios for combination chemotherapies. With this technology advantage, Celator is positioned to develop an expansive pipeline of new combination chemotherapies able to target cancer with enhanced efficacy.

About Celator

Celator Pharmaceuticals, Inc., formerly Celator Technologies, Inc., is a privately held biopharmaceutical company working to develop new and more effective therapies to treat cancer. The company has headquarters in Princeton, New Jersey, and research facilities in Vancouver, Canada. CombiPlex, the company's drug ratio technology platform, represents a revolutionary new approach to the development of combination cancer therapies.

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