EXHIBIT
      99.1


October
      17, 2005





**MANHATTAN
      PHARMACEUTICALS PRESENTS PRELIMINARY PHASE I RESULTS OF EXPERIMENTAL OBESITY
      DRUG**





**Press
      Release**





NEW
      YORK, NY October 17, 2005 - Manhattan Pharmaceuticals, Inc. (AMEX: MHA)
      announced preliminary results from two Phase I clinical trials of oleoyl-estrone
      (OE), an experimental, orally administered small molecule in development for
      the
      treatment of obesity. The data were presented in a poster yesterday at the
      2005
      Annual Scientific Meeting of NAASO, The Obesity Society, in Vancouver, BC.





The
      Phase I study, conducted in Switzerland, was done in two parts which consisted
      of a single dose study and a seven day repeat dose study. The primary purpose
      was to assess the safety, tolerability and pharmacokinetics of OE. Some efficacy
      parameters were included and measured in the repeat dose component of the study.





Highlights
      of the study included:




·
            OE
                was generally well tolerated at all doses investigated.






·
            OE
                demonstrated evidence of reduction in
                weight.






·
            OE
                demonstrated evidence of: reduction in desire to eat and hunger level,
                reduction in prospective food consumption, reduced fasting glucose,
                reduced LDL cholesterol and changes in other key
                measures.






·
            There
                were no clinically significant changes in the physical exams, vital
                signs,
                ECGs, coagulation or liver function
                tests.






·
            No
                serious adverse events were reported. Clinical laboratory findings
                included reversible, dose-dependent elevations in estrone and estradiol
                levels as well as reductions in testosterone levels.




Phase
      Ia was a dose-escalating study to measure OE's pharmacokinetic profile, safety
      and tolerability in 36 obese males and females ages 18-65, with a body mass
      index greater than 30.0 (a BMI of greater than 30.0 is classified as obese
      per
      guidelines from the U.S. Department of Health and Human Services). Twelve of
      the
      subjects received placebo and 24 received a single dose of OE in one of six
      doses ranging from 1mg to 150mg.




Phase
      Ib measured OE's safety and tolerability in 24 obese volunteers in four cohorts
      of six patients each who received either placebo or OE in doses ranging from
      10mg to 150mg once daily for seven consecutive days. The protocol provided
      that
      subjects should maintain their normal diet and level of activity, but required
      that subjects abstain from consuming alcohol.




The
      OE-treated groups in the Phase Ib study demonstrated evidence of greater weight
      loss than the placebo group. Weights were assessed at baseline, Day 15, and
      Day
      28. Weight loss appeared to be maintained for longer periods in the OE groups
      compared to placebo at Day 28, twenty-one days following cessation of treatment.
      This data may support the contention that the mechanism of action of OE involves
      a "resetting" of the ponderostat, or appetite "set point". It also provides
      a
      rationale for testing alternative regimens such as low or intermittent dosing.










Average
      change from baseline weight (in kilograms)









The
      OE-treated groups in the Phase Ib study also demonstrated evidence of a
      reduction in the feeling of desire to eat, hunger level and prospective food
      consumption as measured by changes in the visual analogue scales
      (VAS).




Average
      percent change in VAS scores as measured day 7 vs. baseline







*
      Note: In items 1, 2 and 3 increasing VAS scores indicate an increase in desire
      to eat. In item 4 an increase in VAS score indicates an increase in
      fullness.




OE
      was generally well tolerated. The most common side effects reported included
      headache, back pain, and diarrhea. No serious adverse events were
      reported.




Total
      mean cholesterol decreased at Day 7 at the 100mg and 150mg dose. Mean
      HDL-cholesterol increased and mean LDL-cholesterol decreased with a trend toward
      improvement in the LDL-to-HDL cholesterol ratio, even at the lower doses. Mean
      glucose concentration decreased in a reversible and dose dependent manner and
      remained decreased at Day 15. Mean estradiol and estrone levels were elevated,
      while mean testosterone levels were suppressed, all in a reversible and dose
      dependent manner. In addition, there were no clinically significant changes
      in
      the physical exams, vital signs, ECG's, coagulation or liver function
      tests.










The
      preliminary plasma concentration-time profiles show that the plasma
      concentration of OE did not increase with the administered dose level. There
      were no significantly elevated plasma concentrations of OE on Day 7 which may
      indicate that there is no clear accumulation in plasma after daily oral dosing
      for seven consecutive days. In this small sample study there were no clear
      differences between the sexes with respect to plasma concentration.




"Given
      the current crisis that we face with the growing prevalence of obesity, I am
      encouraged to see signs of efficacy in this study, though the metabolic and
      hormonal effects merit further study. Obesity and its complications,
      particularly type 2 diabetes, are rapidly becoming the number one health threat
      around the globe. Oleoyl-estrone may provide a new treatment option," said
      J.
      Larry Jameson, M.D., a leading endocrinologist who is Professor and Chairman
      of
      Medicine at Northwestern University Medical School.




"We
      are excited to have seen this much evidence of benefit in a phase I trial with
      only 7 days of exposure" said Doug Abel, President and CEO of Manhattan
      Pharmaceuticals. "We are working closely with our scientific and clinical
      advisors to interpret this data and finalize study designs. We plan to initiate
      a phase IIa trial early next year."




The
      full scientific poster of these results can be viewed on the company's website
      at www.manhattanpharma.com




**ABOUT
      OLEOYL-ESTRONE**




Oleoyl-estrone
      (OE) is an orally administered small molecule that has been shown to cause
      significant weight loss in extensive preclinical animal studies, without the
      need for dietary modifications. Developed by researchers at the University
      of
      Barcelona, OE has been tested in both obese and lean rats; treatment with OE
      resulted in significant weight loss even in the presence of abundant food and
      water. We believe that OE may prove to be a safe and effective treatment of
      obesity, potentially representing a significant advantage over currently
      available anti-obesity medications.







**ABOUT
      OBESITY**




Obesity
      is one of the most common metabolic disorders in the world. Nearly 61% of all
      Americans are considered to be overweight, and 26% percent are considered to
      be
      obese. The World Bank estimates that obesity alone accounts for more than 12%
      of
      the U.S. national health care budget. The National Institutes of Health
      estimated that direct costs for the treatment of obesity in 1988 were in excess
      of $45 billion and accounted for nearly 8% of the total national cost of health
      care; a decade later, annual direct costs for the treatment of obesity had
      risen
      to $102.2 billion dollars. As these statistics illustrate, obesity is a rapidly
      growing, costly disease, for which there is currently no effective
      treatment.




**About
      Manhattan Pharmaceuticals, Inc.**




Manhattan
      Pharmaceuticals, Inc. (AMEX: MHA), 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 OE, an orally administered novel therapeutic for weight loss. To
      meet
      the needs of other major, underserved medical markets while lowering development
      risks, Manhattan Pharmaceuticals is also developing PTH (1-34), a peptide
      believed to be a regulator of epidermal cell growth, for psoriasis and Propofol
      Lingual Spray, 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.
      (http://www.manhattanpharma.com)




**Contact:**




Nicholas
      J. Rossettos, CPA


Chief
      Financial Officer


Manhattan
      Pharmaceuticals, Inc.


212/582
      3950




Thomas
      Redington


Redington,
      Inc.


203/222-7399


212/926-1733




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      Looking Safe Harbor Statement:** This
      press release contains forward-looking statements within the meaning of the
      Private Securities Litigation Reform Act of 1995. 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
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      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.