FOR IMMEDIATE RELEASE

For more information contact:
Chemical Diversity Labs, Inc.
Nikolay P. Savchuk, VP Marketing&Sales
Tel. 858-7944860, Fax. 858-7944931
Email: nikolay_savchuk@chemdiv.com

Applied Spectral Imaging Ltd.
Limor Shiposh, Comptroller
Tel: +972 (4) 654-7567
E-mail: limor.shiposh@spectral-imaging.com

Applied Spectral Imaging Ltd. and Chemical Diversity Labs, Inc. enter Collaboration for High Throughput Screening of Multiplex Drug Targets

Migdal Ha'Emek, Israel, May 15, 2002 - Applied Spectral Imaging (ASI) and Chemical Diversity Labs, Inc. (CDL) have entered into a collaborative arrangement in which CDL will test its proprietary drug candidate library against multiple receptor targets utilizing ASI's automated multiplex assay detection platform.

"We are delighted that CDL, with the world's largest collection of diverse small molecules for hit detection in High Throughput screening and expertise in innovative assay development, has chosen ASI's automated platform to perform analysis of multiple targets for its candidate molecules," says H. Laurence Shaw, M.D., ASI's Chief Executive Officer.

"CDL is a global leader in the research, development, and commercialization of novel small molecule chemistry for bioscreening", said Dr. Ilya Okun, VP of Research and Development at CDL. " We are very pleased to work in tight collaboration with such an innovative company as ASI, which has revolutionized the field of spectral image resolution. We hope that with the ASI's technology, we will be able to furnish to pharmaceutical partners a novel biologically validated chemistry platform for multi targeted HTS, thereby increasing the efficiency of the drug discovery process."

About Applied Spectral Imaging
ASI develops and markets state-of-the-art imaging systems for the life sciences and health care markets. ASI's patented and award-winning imaging technology, called SpectraCube®, distinguishes between materials that appear identical to a naked eye. ASI is currently developing multiplex applications for the SpectraCube® in drug discovery, genomic profiling, cell based assays, in vitro bioassays, and proteomics.

About Chemical Diversity Labs Inc.
Chemical Diversity Labs, Inc., has established itself as a leader in providing flexible and highly integrated chemistry solutions for the drug discovery industry ranging from the world largest collection of diverse small molecules for hit identification in HTS to chemistry services for hit-to-lead and lead optimization, which address the vital needs of its customers in the broad spectrum of novel chemistry outsourcing.

This press release contains forward-looking statements that are subject to risks and uncertainties. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, general business conditions in the industry, market acceptance of new products, changes in demand for products, the timing and amount or cancellation of orders and other risks.

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