PRESS RELEASE, DATED OCTOBER 24, 2001

EXHIBIT 99.1





[CYTOCLONAL PHARMACEUTICS INC. LETTERHEAD]





CONTACT: JOAN GILLETT
214-353-2922 EXT. 341

TOM NORTON
202-955-6222

CYTOCLONAL PHARMACEUTICS ANNOUNCES NEW BUSINESS STRATEGY
AND NAME CHANGE TO EXEGENICS

-Company adopts new "platform" business model -

NEW YORK, OCTOBER 24, 2001 - The new leadership team of Cytoclonal Pharmaceutics
Inc. (NASDAQ: CYPH) today unveiled a new business strategy to move the Company
towards a commercially viable, "platform" biotechnology company that can drive
revenue-generating partnerships with its drug discovery technologies in the near
term, and build an internal drug development pipeline to create longer-term
value.

The company also announced a name change to eXegenics Inc. to reflect the new
direction of the company. The name change will become official, and trading
under the new Nasdaq symbol "EXEG" will start by October 25, 2001. The Company
is delivering a presentation for investors and shareholders at the Grand Hyatt
Hotel in New York at 8:00 a.m. on Wednesday October 24, 2001. The event will be
available by live web cast at http://www.cytoclonal.com/webcast/ . Recorded
audio replay of the event will be available from October 24th, 12 Noon (ET)
through midnight Wednesday, October 31st by calling (888) 203-1112 (Confirmation
# 495759).

"This is an exciting new direction for us. At eXegenics we will focus solely on
those programs that have the highest commercial potential and provide a balance
of near-term and long-term revenue growth," said Ronald L. Goode, Ph.D.,
President and CEO of the Company. "These actions follow an intense review of the
many assets and ongoing programs at the company by technology consultants and
business advisors."

Dr. Goode continued, "We have built a first class team that over the next 12-18
months will deliver on the substantial milestones from this new, focused
business strategy. We are expanding our business development efforts to build
partnerships with leading drug discovery companies to further validate the
utility of our technologies and generate near-term revenues to build shareholder
value. Importantly, we have the cash to implement our new strategic plan."








Six primary elements of the new eXegenics' business strategy are as follows:

o Introduction of the QUANTUM CORE TECHNOLOGY(TM) (QCT(TM)) Platform to the
pharmaceutical industry. QCT is a chemistry-based drug lead "creation"
technology that analyzes protein structure to systematically discover
small-molecule enzyme inhibitors that can become lead compounds for drug
development. We believe that this proprietary technology is ready to help
potential partners rapidly advance their target validation programs into
lead compounds and identify additional, novel lead compounds for EXEGENICS'
own development programs.

o Selection of lead compounds for Alzheimer's disease, tuberculosis and the
common cold. This program needs at least 12 to 18 months for lead selection
and optimization. However, these potential compounds represent huge market
opportunities and bringing just one compound into preclinical development
would be tremendous validation of our QCT Platform that identified these
core leads.

o Accelerated commercialization of the OPTIMIZATION OF ANTISENSE INHIBITION
SEQUENCES(TM) (OASIS(TM)) Platform. This proprietary suite of computational
algorithms can identify the specific biological sequence of individual
antisense drug leads. It can also be used in a "high-throughput" modality
to discover gene function. Our plan is to leverage this unique asset
through partnerships and utilize it more fully to enhance our own discovery
efforts.

o Continued deployment of resources to the ongoing paclitaxel program with
Bristol-Myers Squibb. This program has made tremendous progress in the eyes
of our partner, however, there are large scientific hurdles to overcome and
we are exploring new routes to extend or expand our relationship.

o Continued investigation of our promising vaccine creation program that will
include consolidation of current vaccine research facilities into the
Company's Dallas headquarters.

o Divestment via outlicensing or partnering of other projects including:
Gaucher's Disease, Polycystic Kidney Disease, and Lung Cancer, as well as
other work in Breast Cancer, Ovarian Cancer, and Melanoma Cancer. An
aggressive marketing program will be implemented to identify partners who
have the resources to license and advance these promising projects into
commercialization.

To support the new scientific direction of the company, several key personnel
changes have been made including the naming of three distinguished scientists to
the Office of the Chief Scientific Officer (CSO) for eXegenics. Those appointed
to that office include two consultants who will function on a regular part-time
basis plus Arthur Bollon, Ph.D., Founder of Cytoclonal Pharmaceutics. The two
outside participants in the Office of the CSO are Professor Andrew Kende, Ph.
D., University of Rochester, emeritus holder of the Houghton Chair of Organic
Chemistry; and Fred Radzialowski, Ph.D., former Vice



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President of Drug Metabolism at Searle Pharmaceuticals. Dr. Bollon will have
primary responsibility for the Company's paclitaxel program with BMS, Dr. Kende
will have primary responsibility for the Drug Discovery platforms (QCT and
OASIS) and Dr. Radzialowski will have primary responsibility for the vaccine
creation technology.

Cytoclonal Pharmaceutics Inc. (soon to be eXegenics) is a biotechnology company
that has developed a suite of platform technologies -- QCT(TM) (Quantum Core
Technology(TM)) and OASIS(TM) (Optimized Anti-Sense Inhibitory Sequence(TM)), to
accelerate and enhance the discovery and creation of new pharmaceutical
products. The Company's lead proprietary pharmaceutical product programs are
focused on developing new therapies and vaccines to combat cancer and infectious
diseases. The company is also engaged in a program with Bristol Myers Squibb to
optimize the production of paclitaxel, the active ingredient in Taxol(R).
Additional information on the company can be found at www.exegenicsinc.com

This news release contains forward-looking statements. Such remarks are valid
only as of today, and we disclaim any obligation to update this information.
These statements are subject to known and unknown risks and uncertainties that
may cause actual future experience and results to differ materially from the
statements made. Factors that might cause such a difference include, among
others, uncertainties related to the ability to attract and retain partners for
the Company's technologies, the identification of lead compounds, the successful
pre-clinical development thereof, the completion of clinical trials, the FDA
review process and other governmental regulation, pharmaceutical collaborator's
ability to successfully develop and commercialize drug candidates, competition
from other pharmaceutical companies, product pricing and third party
reimbursement, and other factors described in the Company's filings with the
Securities and Exchange Commission.



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