MethylGene Announces the Appointment of Peggy Mulligan to its Board of Directors

MONTREAL, QUEBEC--(Marketwire - March 19, 2012) - MethylGene Inc. MYG today announced the appointment of Peggy Mulligan, FCA to the Company's Board of Directors.

"Peggy is a financial and audit expert, and a well respected business leader. We look forward to her guidance as we plan for the future", said Charles Grubsztajn, President and CEO of MethylGene.

Peggy most recently served as Executive Vice President and Chief Financial Officer of Valeant Pharmaceuticals International, Inc (formerly Biovail Corporation), a multinational pharmaceutical company listed on both the New York Stock Exchange and Toronto Stock Exchange. During her tenure, she co-led the merger and subsequent integration with Valeant Pharmaceuticals International, Inc. She is currently a member of the Board of Directors of Ontario Power Generation Inc. ("OPG") and Chair of OPG's Human Resources & Compensation Committee. From 2005 to 2007 Peggy served as Executive Vice President, Chief Financial Officer and Treasurer of Linamar Corporation. Previously Peggy spent eleven years in various roles at the Bank of Nova Scotia, most recently as Executive Vice President, Systems & Operations. Before joining the Bank of Nova Scotia she was an Audit Partner with Price Waterhouse. In 2003 and 2004 Ms. Mulligan was named one of Canada's Top 100 Most Powerful Women by the Women's Executive Network.

She holds a B. Math (Honours) from the University of Waterloo and she is a Fellow of the Institute of Chartered Accountants (FCA) of Ontario.

About MethylGene

MethylGene Inc. MYG is a small molecule drug development company that is advancing two novel therapeutics for cancer and infectious disease in human clinical trials. The Company's lead product candidates are: MGCD290, an oral antifungal agent targeting the fungal Hos2 enzyme, that is currently in Phase 2 trials for vulvovaginal candidiasis and MGCD265, an oral Met/VEGF receptor kinase inhibitor that is in Phase 1/2 clinical trials for solid tumor cancers. MethylGene owns all rights to its lead product candidates, and has partnerships with Otsuka Pharmaceutical Co. Ltd., Taiho Pharmaceutical Co. Ltd., and EnVivo Pharmaceuticals, Inc. for its other pipeline programs.

Certain statements contained in this news release, other than statements of fact that are independently verifiable at the date hereof, may constitute forward-looking statements. Such statements, based as they are on the current expectations of management of MethylGene, inherently involve numerous risks and uncertainties, known and unknown, many of which are beyond MethylGene's control. These risks and uncertainties could cause future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Such results, performance or achievements include, but are not limited to, the timing and effects of regulatory action; the continuation of collaborations; the results of clinical trials; the timing of enrollment or completion of clinical trials; the success, efficacy or safety of MGCD265, MGCD290 or mocetinostat (MGCD0103); the ability to scale up, formulate and manufacture sufficient GMP, clinical or commercialization quantities of MGCD265, MGCD290 or mocetinostat, and the relative success or the lack of success in developing and gaining regulatory approval and/or market acceptance for any compound or new product including MGCD265, mgcd290 or mocetinostat. Such risks include, but are not limited to, the impact of general economic conditions, economic conditions in the pharmaceutical industry, changes in the regulatory environment in the jurisdictions in which MethylGene does business, stock market volatility, fluctuations in costs, expectations with respect to our intellectual property position and our ability to protect our intellectual property and operate our business without infringing upon the intellectual property rights of others, changes in the competitive landscape including changes in the standard of care for the various indications in which MethylGene is involved, and changes to the competitive environment due to consolidation, as well as other risks, as described in MethylGene's Annual Information Form under the heading "Risk Factors" which you are urged to read, and all other documents filed by the Company that can be found at www.sedar.com. Consequently, actual future results may differ materially from the anticipated results expressed in the forward-looking statements. The reader should not place undue reliance on the forward-looking statements included in this presentation. These statements speak only as an update on the date they are made and MethylGene is under no obligation to revise such statements as a result of any event, circumstance or otherwise except in accordance with law.