Novacea, Inc. and Transcept Pharmaceuticals, Inc. to Hold Conference Call to Discuss Signing of Merger Agreement

Market Wire, September, 2008

Novacea, Inc. (NASDAQ: NOVC) and Transcept Pharmaceuticals, Inc., a privately-held specialty pharmaceutical company, announced today that they have entered into a definitive merger agreement to create a NASDAQ-listed specialty pharmaceutical company focused on developing new patient benefits from novel applications of existing prescription sleep medicine and psychiatry drugs.

Conference Call Information

A conference call will be held at 8:30 am ET (5:30 am PT) today, September 2, 2008, to be led by Glenn A. Oclassen, President and Chief Executive Officer of Transcept and John P. Walker, Novacea's Chief Executive Officer and Chairman of the Board, to discuss the merger agreement between Transcept and Novacea.

A live webcast over the Internet will be available at http://www.transcept.com or http://www.novacea.com and archived for one year. Please log on approximately 30 minutes prior to the presentation in order to register and download the appropriate software.

To listen over the phone, please call 866-578-5788 (domestic/toll-free) or 617-213-8057 (international). The passcode for the live call is 48064589.

A telephone replay will be available through September 9, 2008 at 888-286-8010 (domestic/toll-free) or 617-801-6888 (international). To access the telephone replay, please enter passcode 57401649.

About Transcept

Transcept Pharmaceuticals, Inc. is a specialty pharmaceutical company developing new patient benefits from novel applications of existing prescription sleep medicine and psychiatry drugs. The lead Transcept product candidate, Intermezzo® (zolpidem tartrate sublingual lozenge), is a uniquely delivered low dose formulation of zolpidem for the as-needed treatment of insomnia in patients who awaken in the middle of the night and have difficulty returning to sleep. Phase 3 clinical trials have been completed for Intermezzo® and Transcept plans to submit an NDA to the FDA via the 505(b)(2) pathway prior to the end of 2008. Transcept is also developing two novel fixed dose combination product candidates, TO-2060 (olanzapine/ondansetron) and TO-2061 (risperidone/ondansetron), for the treatment of dopamine associated psychiatric disorders. For further information, please visit the company's website at: www.transcept.com .

About Novacea

Novacea, Inc. is a biopharmaceutical company that had been focused on in-licensing, developing and commercializing novel cancer therapies. Novacea has two product candidates, including Asentar™, which had been in a Phase 3 clinical trial for androgen-independent prostate cancer, and AQ4N, a hypoxia-activated prodrug. There are currently no clinical trials planned or underway for either candidate.

Safe Harbor

This press release contains forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 (the "Act"). Transcept and Novacea disclaim any intent or obligation to update these forward-looking statements, and claim the protection of the Safe Harbor for forward-looking statements contained in the Act. Examples of such statements include, but are not limited to, the expected timing of closing the merger, the expected cash balance of the combined entity as of the closing, as well as the expected ownership of the stockholders of such parties after the closing of the merger; the expected timing of regulatory filings with respect to Intermezzo®; expected timing of potential commercial launch of Intermezzo®; the sufficiency of post closing cash to fund development of Intermezzo® through potential launch and the potential markets and expected benefits of Transcept product candidates. Such statements are based on management's current expectations, but actual results may differ materially due to various risks and uncertainties, including, but not limited to, failure of Novacea stockholders to approve the merger; Novacea or Transcept inability to satisfy the conditions of the merger, or that the merger is otherwise delayed or ultimately not consummated; the rates of use of Transcept and Novacea cash and cash equivalents prior to the closing of the merger; Transcept product candidates may have unexpected adverse side effects or inadequate therapeutic efficacy; positive results in clinical trials may not be sufficient to obtain FDA approval; physician or patient reluctance to use Intermezzo®, if approved; potential alternative therapies; maintaining adequate patent or trade secret protection without violating the intellectual property rights of others; and other difficulties or delays in, clinical development, obtaining regulatory approval, market acceptance and commercialization of Transcept product candidates; the advantages of Transcept product candidates over other therapies; other events and factors disclosed previously and from time to time in Novacea filings with the Securities and Exchange Commission, including the Novacea Annual Report on Form 10-K for the year ended December 31, 2007.

Additional Information about the Merger and Where to Find It

This communication may be deemed to be solicitation material in respect of the proposed transaction between Transcept and Novacea. In connection with the transaction, Novacea will file a registration statement on Form S-4 with the SEC containing a proxy statement/prospectus/information statement. The proxy statement/prospectus/information statement will be mailed to the stockholders of Novacea and Transcept. Investors and security holders of Novacea and Transcept are urged to read the proxy statement/prospectus/information statement when it becomes available because it will contain important information about Novacea, Transcept and the proposed transaction. The proxy statement/prospectus/information statement (when it becomes available), and any other documents filed by Novacea with the SEC, may be obtained free of charge at the SEC web site at www.sec.gov . In addition, investors and security holders may obtain free copies of the documents filed with the SEC by Novacea by contacting Novacea Investor Relations by e-mail at IR@novacea.com or by telephone at (650) 228-1800. Investors and security holders are urged to read the proxy statement/prospectus/information statement and the other relevant materials when they become available before making any voting or investment decision with respect to the proposed transaction.