EXHIBIT 99.1

             INTRABIOTICS RAISES $19.2 MILLION IN PRIVATE PLACEMENT

PALO ALTO, CA - OCTOBER 6, 2003, IntraBiotics Pharmaceuticals, Inc. (Nasdaq:
IBPI) today announced that the Company has entered into definitive purchase
agreements to sell 1.774 million shares of newly issued common stock at a
purchase price of $10.85 per share in a private placement to a group of current
and new institutional investors.

The investors also acquired warrants to purchase 354,800 shares of common stock
at an exercise price of $10.85 per share. The private placement is expected to
raise net proceeds of approximately $18.4 million. Completion of the private
placement is subject to customary closing conditions. Lazard and WR Hambrecht +
Co. are acting as financial advisors to the Company.

The securities sold in this private placement have not been registered under the
Securities Act of 1933 and may not be offered or sold in the United States
absent registration or an applicable exemption from registration requirements.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of these securities in any state in
which such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such state.

ABOUT INTRABIOTICS

IntraBiotics Pharmaceuticals, Inc. is a biopharmaceutical company primarily
focused on developing its lead product, iseganan, for the prevention of
ventilator-associated pneumonia. Additional information is available at the
Company's website: www.intrabiotics.com.