News Release

Bristol-Myers Squibb and ZymoGenetics to Present Final Phase Ib Data on PEG-Interferon Lambda at AASLD 2009

October 1, 2009

PRINCETON, N.J. & SEATTLE--(BUSINESS WIRE)--Oct. 1, 2009-- Bristol-Myers Squibb Company (NYSE:BMY) and ZymoGenetics, Inc. (NASDAQ:ZGEN) announced that final results from a Phase 1b clinical trial in patients with hepatitis C (HCV) treated with PEG-Interferon lambda, a new class of interferon, in combination with ribavirin will be presented at the American Association for the Study of Liver Diseases (AASLD) annual meeting October 30–November 3, 2009, in Boston.

“Bristol-Myers Squibb is pleased to partner with ZymoGenetics in the development of this promising new investigational interferon,” said Elliott Sigal, M.D., Ph.D., executive vice president, chief scientific officer, and president, Research and Development of Bristol-Myers Squibb. “This is a collaboration that is focused on innovative science that will potentially translate into important new options for patients living with hepatitis C.”

“We are pleased to present the first set of data in patients living with hepatitis C on this promising new interferon,” said Douglas E. Williams, Ph.D., Chief Executive Officer of ZymoGenetics. “This is the first complete data set to emerge following the announcement of our collaboration with Bristol-Myers Squibb. We look forward to a continuation to our productive partnership with Bristol-Myers Squibb as we work to bring PEG Interferon Lambda to hepatitis C patients as rapidly as possible.”

The poster presentation will take place Tuesday, November 3, 2009, 8:00 a.m. to 1:00 p.m. and will include final results from the study, including cohorts of both relapsed and treatment-naïve patients, and will confirm the activity of the interferon lambda across a broad range of doses. The abstracts are being published today and will be available at the AASLD website, www.aasld.org.

PEG-Interferon lambda Phase 1b Final Results Poster

Title: A Phase 1b Dose-ranging Study of 4 Weeks of PEG-Interferon (IFN) Lambda (PEG-rIL-29) in Combination with Ribavirin (RBV) in Patients with Chronic Genotype 1 Hepatitis C Virus (HCV) Infection

Abstract: 1591

Presenter: Andrew Muir, M.D., MHS, Clinical Director, Hepatology, Duke University School of Medicine

Date: Tuesday, November 3, 2009

Time: 8:00 AM - 1:00 PM

About PEG-Interferon lambda

PEG-Interferon lambda (IL-29) is a novel type 3 interferon in development for hepatitis C. The native human protein Interferon lambda is generated by the immune system in response to viral infection.

About Bristol-Myers Squibb

Bristol-Myers Squibb is a global biopharmaceutical company committed to discovering, developing and delivering innovative medicines that help patients prevail over serious diseases. For more information, please visit www.bms.com.

About ZymoGenetics

ZymoGenetics is focused on the creation of novel protein drugs to improve patient care and address unmet medical needs. The company’s strategy is to discover, develop and commercialize its products independently, in collaboration with partner companies or through out-licensing. ZymoGenetics developed and markets RECOTHROM^® Thrombin, topical (Recombinant), a synthetic version of a human blood-clotting enzyme used to stop bleeding during surgery. The company is developing a proprietary portfolio of immune-based product candidates. PEG-Interferon lambda is a novel type-3 interferon in clinical development for the treatment of chronic hepatitis C infection. Interleukin-21 is a novel cytokine in clinical development for the treatment of metastatic melanoma and renal cell carcinoma. Several other proprietary product candidates are in preclinical development. In addition, ZymoGenetics has licensed rights to multiple clinical and preclinical drug candidates being developed by other companies. For further information, visit www.zymogenetics.com.

Bristol-Myers Squibb Forward-Looking Statements

This press release contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995, regarding the research, development and commercialization of pharmaceutical products. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. No forward-looking statement can be guaranteed. Among other risks, there can be no guarantee that the compound described in this release will move from early stage development into full product development, that clinical trials of this compound will support a regulatory filing, or that the compound will receive regulatory approval or become a commercially successful product. Forward-looking statements in the press release should be evaluated together with the many uncertainties that affect Bristol-Myers Squibb’s business, particularly those identified in the cautionary factors discussion in Bristol-Myers Squibb’s Annual Report on Form 10-K for the year ended December 31, 2008, its Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Bristol-Myers Squibb undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

ZymoGenetics Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current intent and expectations of the management of ZymoGenetics. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. ZymoGenetics' actual results and the timing and outcome of events may differ materially from those expressed in or implied by the forward-looking statements because of risks and uncertainties associated with clinical development. For example, the results of preliminary studies do not predict clinical success, and larger and later-stage clinical trials may not produce the same results as earlier-stage trials. In addition, the forward-looking statements in this press release are subject to the other risks detailed in the company's public filings with the Securities and Exchange Commission, including the company's Annual Report on Form 10-K for the year ended December 31, 2008 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2009. Except as required by law, ZymoGenetics undertakes no obligation to update any forward-looking or other statements in this press release, whether as a result of new information, future events or otherwise.

Source: ZymoGenetics, Inc.

Bristol-Myers Squibb
Media
Jennifer Fron Mauer, 609-252-6579
jennifer.mauer@bms.com
or
Investors
John Elicker, 609-252-4611
john.elicker@bms.com
or
ZymoGenetics
Media and Investors
Susan W. Specht 206-442-6592
spechts@zymogenetics.com