FOR IMMEDIATE RELEASE


   Genelabs Technologies Raises $8.1 Million in Private Placement Financing

REDWOOD CITY, Calif., May 2, 2003 -- Genelabs Technologies, Inc.
(Nasdaq:GNLB) announced today that it has completed the sale of 8.1 million
shares of its common stock to institutional and accredited investors at a
price of $1.00 per share, for gross proceeds of $8.1 million. In connection
with the sale, Genelabs also issued to the investors warrants to purchase an
additional 2.43 million shares of Genelabs common stock at an exercise price
of $1.50 per share. SG Cowen Securities Corporation acted as placement agent
in the transaction.

The common stock and warrants to purchase common stock have not been
registered under the Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent a registration statement or
exemption from registration.