RPI TO INITIATE PHASE II CLINICAL TRIALS ON ANTI-HEPATITIS C DRUG

BOULDER,  Colorado  -  September  28,  2000: Ribozyme Pharmaceuticals, Inc.
(RPI)  (NASDAQ:RZYM)  today announced that it has repurchased its rights to
Heptazyme?  from  Eli Lilly and Company and will initiate Phase II clinical
trials  as  soon  as  possible  for  the Anti-Hepatitis C ribozyme to study
dose-ranging  and  biological  markers  of  the  drug's efficacy in chronic
Hepatitis C patients.

Earlier  this month, RPI and Eli Lilly and Company completed a 28 day study
of Heptazyme (LY466700) following daily subcutaneous injections that showed
successful  safety,  tolerability  and pharmacokinetics.  The next phase of
clinical trials will examine the safety and efficacy of Heptazyme alone, at
higher  doses  than  used  in  previous  studies,  and  in combination with
interferon,  a  current  treatment  for  patients  with  Hepatitis C  virus
infection.

Lilly has directed the clinical trials for the Anti-Hepatitis C ribozyme to
date   under   a   licensing   agreement  between  the  parties.   Ribozyme
Pharmaceuticals,  Inc.  has now renegotiated the global rights to Heptazyme
and  will  direct  all  subsequent  clinical trials.  The Phase II trial is
expected to begin in the first quarter of 2001.

"We  are  pleased  to  be  able  to repurchase Heptazyme rights and to have
resources  to  develop  it aggressively," said Ralph E. Christoffersen, CEO
and  President  of RPI.  "We are committed to address the need for improved
therapies  for  HCV,  and  plan  to  move forward as quickly as feasible in
Heptazyme's development."

Ribozymes   are  the  product  of  Nobel  Prize  winning  science  and  are
synthetically engineered to act as "molecular scissors" capable of cleaving
target RNA in a highly specific manner.

RPI (www.rpi.com), located in Boulder, Colorado, is the acknowledged leader
in ribozyme therapeutic development.  RPI has recently announced a ribozyme
commercial  development  program  to develop a ribozyme therapeutic against
Hepatitis  B.  RPI is partnered with Chiron Corporation for the development
and  commercialization  of ANGIOZYME?, an anti-angiogenic ribozyme designed
to  inhibit  the  growth  of new blood supplies to tumors and prevent tumor
growth  and  metastasis.   ANGIOZYME  is  in  Phase I/II clinical trials in
cancer  patients  at  the  Cleveland Clinic.  RPI is also partnered with an
affiliate  of Elan Corporation plc for development and commercialization of
HERZYME?, an anti-HER-2 ribozyme for treatment of breast and other cancers,
through RPI's subsidiary Medizyme Pharmaceuticals Ltd.

RPI  will  have  a Live Webcast regarding this information today at 3:00 pm
MDT.  This webcast can be accessed through the RPI website (www.rpi.com) in
the Investor Relations section.


This  press  release contains forward-looking statements that involve risks
and  uncertainties,  and  actual  events  or results may differ materially.
These   risk   factors   include   actions   by  the  U.S.  Food  and  Drug
Administration,   technological  advances,  ability  to  obtain  rights  to
technology, ability to obtain and enforce patents, ability to commercialize
and  manufacture  products  and  general  economic  conditions.  These  and
additional  risk  factors  are  identified  in  RPI Securities and Exchange
Commission  filings,  including  the  Forms  10-K and 10-Q and in other SEC
filings.