Exhibit 99.1


New York NY, May 26, 2004 -- Manhattan Pharmaceuticals, Inc. ("Manhattan" OTCBB:
MHTT), will present the Company's latest, favorable safety data for its
proprietary obesity therapeutic, Oleoyl estrone today at 4:00 PM Central
European Time to the 13th European Congress on Obesity, at the Prague Congress
Centre in the Czech Republic.

In a presentation entitled, "Oleoyl Estrone at Therapeutic Doses: Lack of
Endocrine Histopathology in a Two Week, Oral Toxicity Trial in Rats," Manhattan
scientists will describe positive results regarding Oleoyl estrone's safety
profile following oral administration to adult rats of both genders. Safety
observations were made over a 14 day period, including mortality, gross
toxicity, blood, urine and carcass chemistries, blood and urine cellular counts,
organ weights and histology. Tests were conducted in a GLP-certified laboratory;
histology slides were prepared in accord with Good Laboratory Practices and,
following blinding, were interpreted by a Diplomate of the American Board of
Veterinary Pathology. In groups treated at therapeutic dose levels of Oleoyl
estrone, there were no histological effects on endocrine-responsive tissues such
as testes, epididymis, prostate, seminal vesicle, vagina, uterus or mammary
glands. None of the doses tested resulted in mortality. A full abstract of these
findings will be available on the European Congress on Obesity's website at
http://www.eco2004.cz.

"We are enthusiastic in sharing these exciting, peer-reviewed results with the
research community. Oleoyl estrone continues to demonstrate impressive safety
and efficacy results in the preclinical testing needed for our upcoming IND
submission to the FDA," said Dr. Leonard Firestone, President and CEO of
Manhattan Pharmaceuticals. "This compound continues to demonstrate its potential
to provide a substantial improvement over the pharmaceuticals currently used in
the long-term treatment of obesity."

In extensive preclinical animal studies, orally administered Oleoyl estrone has
been shown to cause significant weight loss without the need for dietary or
behavioral modifications. In such studies, Oleoyl estrone appears to be safe and
effective, with no evidence of rebound weight gain after treatment has been
discontinued.

On November 17, 2003, Manhattan announced the first, peer-reviewed publication
reporting human physiologic responses to oleoyl estrone. The case report,
published in Medical Clinics (Barcelona), documented the weight reduction
associated with oral administration over a 27-month period in a morbidly obese
patient.

About Manhattan Pharmaceuticals, Inc.
Manhattan Pharmaceuticals, Inc. (http://www.manhattanpharma.com/), a development
stage pharmaceutical company, acquires and develops proprietary prescription
drugs for large, underserved patient populations. In view of the worldwide
obesity epidemic, the Company is developing Oleoyl estrone, an orally
administered novel therapeutic for weight loss. To meet the needs of other
major, underserved medical markets, while lowering development risks, Manhattan
Pharmaceuticals also combines FDA-approved drugs with novel delivery
technologies and formulations. The Company is developing a convenient,
proprietary lingual spray formulation of propofol, the world's best-selling
general anesthetic, as a sedative-hypnotic for use during diagnostic and
therapeutic procedures.

Certain statements contained in this news release that are forward-looking in
nature are based on the current beliefs and assumptions of our management. When
used in this press release, the words "may," "could," "should," "anticipate,"
"believe," "estimate," "expect," "intend," "plan," "predict," and similar
expressions and their variants may be used to identify forward-looking
statements. Such statements are valid only as of today, and we disclaim any
obligation to update this information. These statements are subject to known and
unknown risks and uncertainties that may cause actual future experience and
results to differ materially from the statements made. These statements are
based on our current beliefs and expectations as to such future outcomes. Drug
discovery and development involve a high degree of risk. Factors that might
cause such a material difference include, among others, uncertainties related to
the ability to attract and retain partners for our technologies, the
identification of lead compounds, the successful preclinical development
thereof, the completion of clinical trials, the FDA review process and other
governmental regulation, our pharmaceutical collaborator's ability to
successfully develop and commercialize drug candidates, competition from other
pharmaceutical companies, product pricing and third party reimbursement, and
other factors described in our filings with the Securities and Exchange
Commission