June 18, 2001

Sonus Pharmaceuticals Completes $4.9 Million Equity Financing

BOTHELL, Washington, June 18, 2001-Sonus Pharmaceuticals, Inc. (Nasdaq:SNUS) announced today that it has raised $4.9 million of gross proceeds through a private placement of 1.7 million shares of Sonus common stock. The shares were purchased by a select group of investors including Orion Biomedical Fund, OrbiMed Advisors and Perceptive Life Sciences Funds. Evolution Capital, a subsidiary of Thomson Financial specializing in the life sciences and health care sectors, acted as placement agent for the transaction.

"This successful round of financing with several high quality investors is a strong endorsement of Sonus' business strategy and the potential for our product pipeline," said Michael A. Martino, president and CEO of Sonus Pharmaceuticals. "Importantly, this financing strengthens our cash reserves for advancing the development of our drug delivery products including S-8184, a novel formulation of paclitaxel for cancer therapy. These resources will also fund our continued efforts to explore new applications of our drug delivery technology platform."

The shares have not been registered under the Securities Act of 1933 and may not be offered or sold except pursuant to an applicable exemption from the Securities Act. The Company has agreed to file with the SEC a resale registration statement relating to the shares.

Sonus Pharmaceuticals, Inc., located near Seattle, Washington, is engaged in the research and development of therapeutic drug delivery products. The Company's lead product, S-8184, is a new formulation of paclitaxel that utilizes the Company's vitamin E based TOCOSOL(TM) drug delivery technology. Paclitaxel is the active ingredient in the world's leading cancer drug, Taxol(R), which is indicated for the treatment of breast, ovarian and non-small cell lung tumors. In the current Phase 1 study, S-8184 is being tested to determine if anticipated lower toxicity will reduce side effects and reduce or possibly eliminate the need for premedications that are necessary for patients taking the currently marketed paclitaxel formulation. The Phase 1 study will also test whether S-8184 can be delivered in a single, quick injection over a matter of minutes compared to hours of infusion with the currently available paclitaxel product. Sonus expects to complete patient enrollment in the S-8184 Phase 1 study by the end of 2001. The Company is also developing S-2646, a reformulation of a cardiovascular drug for the treatment of rapid, life-threatening heart rhythms; and S-9156, a synthetic blood substitute product with potential applications as an oxygen carrier, both of which are in preclinical development.

The Company's news releases and other corporate information are available on its web site at www.sonuspharma.com.

Contact: Pamela Dull, Manager of Investor Relations, Sonus Pharmaceuticals, (425) 487-9500.

Certain of the statements made in this press release are forward-looking such as those, among others, relating to the development of drug delivery and oxygen delivery products and potential applications for these products. As discussed in the Sonus annual report on Form 10-K filed with the Securities and Exchange Commission on March 7, 2001, actual results could differ materially from those projected in the forward-looking statements as a result of the following factors, among others: Sonus products will require extensive clinical testing and approval by regulatory authorities. Such approvals are lengthy and expensive and may never occur, and may be subject to certain other regulatory requirements; there can be no assurance that the Company will be successful in its efforts to develop drug delivery and oxygen delivery products; there can be no assurance that Phase 1 studies for S-8184 will be successful or that increased efficacy will result from the Company's emulsion-based formulation; there can be no assurance that Sonus will complete preclinical trials with S-2646 and S-9156; the Company's results from operations have varied and will continue to vary from quarter to quarter and will depend upon, among other factors, timing and cost of clinical trials planned by Sonus and receipt of collaborative partner payments if any; there can be no assurance that the Company will receive any future collaborative partner payments or that its cash requirements will be met by any such payments; and Sonus intends to seek external financing through available means, which may include debt and/or equity financing or the licensing or sale of proprietary or marketing rights, and there can be no assurance that financing will be available on acceptable terms, if at all.


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