ARYx Therapeutics Inc.

Fremont, Calif.

510-585-2200

www.aryx.com

Exchange and Ticker: Nasdaq: ARYX

Filing Range: 5M shares @ $14.00 to $16.00

Offering Price: $10.00

Close on First Day: $9.00

Offering Size: $50.00M

Shares Outstanding: 17,536,645

Underwriters: Morgan Stanley

CoManager: CIBC WorldMarkets Inc./ Jefferies & Co. Inc./ Leerink Swann & Co.

Company Counsel: Cooley Godward

Manager Counsel: Davis Polk & Wardwell

Auditor: Ernst & Young LLP

Market Capitalization on 11/30/07: $131.52M

Close price at current month end: $7.50

COMPANY DESCRIPTION

Company aims to enhance drug safety using the retro-metabolic concept. Its products are conceived around validated targets, using therapeutic agents. This method is designed to produce inherently safer drugs, addressing a medical need of the pharmaceutical industry. Competitors include Novartis Pharmaceuticals Corp., Alizyme plc, Johnson & Johnson, Bayer AG, Pfizer Inc. and Eli Lilly.

VENTURE BACKERS

Ascent Biomedical Ventures, ATEL Ventures Inc., Itochu Corp., JAFCO Co., JAFCO Investment, Merlin Nexus, Montreux Equity Partners, MPM Capital, OrbiMed Advisors.

Source: Thomson Financial