CONFERENCE CALL SCHEDULED FOR OCTOBER 19, 2004, 7:00 AM PACIFIC TIME

SAN DIEGO, October 18, 2004 - Maxim Pharmaceuticals (Nasdaq: MAXM) (SSE: MAXM) today announced that it is implementing a restructuring plan to reduce its cash burn rate. The plan is intended to ensure that Maxim has sufficient financial resources to properly focus on efforts to pursue regulatory submissions seeking approval of Ceplene® to treat acute myeloid leukemia (AML) patients in complete remission, and other programs and opportunities that management believes are most likely to provide shareholder value. The restructuring plan, which includes a workforce reduction of approximately 50%, should provide Maxim with sufficient funds to support its currently planned activities for approximately two years. All individuals affected by the restructuring, which was prompted by the unexpected negative outcome of Maxim's confirmatory Phase 3 clinical trial of Ceplene in advanced malignant melanoma patients,...