Exhibit (a)(1)(F)

Oscient Pharmaceuticals Contacts:

Christopher Taylor

781-398-2466

Sandra Schmidt Coombs

781-398-2310

Oscient Pharmaceuticals Commences Exchange Offer

Waltham, Mass., October 21, 2008 – Oscient Pharmaceuticals Corporation (Nasdaq: OSCI) today announced that it has commenced its offer to exchange up to $67,710,000 aggregate principal amount of new 12.50% Convertible Senior Notes due 2011 and shares of the Company’s common stock for up to all of the $225,700,000 aggregate principal amount of its currently outstanding 3.50% Convertible Senior Notes due 2011.

In the proposed exchange, Oscient would offer for each $1,000 principal amount of the Company’s 3.50% Convertible Senior Notes due 2011, $300 principal amount of new 12.50% Convertible Senior Notes due 2011, and shares of Oscient common stock having a value equal to $200, subject to certain conditions.

In the registration statement, Oscient stated that it believes the exchange offer is an important component of its plan to reduce the Company’s overall debt level and re-calibrate its capital structure in order to better execute the Company’s business strategy.

Lazard Capital Markets LLC and MTS Securities, LLC are serving as the dealer managers for the exchange offer. The exchange offer is scheduled to expire at 11:59pm, New York City Time, on November 18, 2008 unless extended. The registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet been declared effective. The exchange offer is conditioned upon, among other things, the registration statement being declared effective by the Securities and Exchange Commission.

A tender offer statement, registration statement (and the prospectus included therein), related letter of transmittal and other offering documents relating to the securities to be issued in the exchange offer have been filed with the Securities and Exchange Commission but the registration statement has not yet become effective. These documents contain important information that should be read carefully before any decision is made with respect to the exchange offer. These securities may not be sold, nor may the exchange offer be accepted prior to the time the registration statement becomes effective. This news release shall not constitute an offer to exchange or sell or the solicitation of an offer to buy nor shall there be any offer, exchange or sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

Exchange Commencement

Page 2 of 2

The prospectus, the related letter of transmittal and certain other offer documents will be made available to all holders of the 3.50% Convertible Senior Notes due 2011 free of charge from the information agent, The Altman Group, 1200 Wall Street West, 3rd Floor, Lyndhurst, NJ 07071, (866) 751-6316. The Tender Offer Statement (including the prospectus, the related letter of transmittal and all other offer documents filed with the Securities and Exchange Commission) will also be available for free at the Securities and Exchange Commission’s website at http://www.sec.gov.

About Oscient Pharmaceuticals

Oscient Pharmaceuticals Corporation is a commercial-stage pharmaceutical company marketing two FDA-approved products in the United States: ANTARA^® (fenofibrate) capsules, a cardiovascular product and FACTIVE^® (gemifloxacin mesylate) tablets, a fluoroquinolone antibiotic. ANTARA is indicated for the adjunct treatment of hypercholesterolemia (high blood cholesterol) and hypertriglyceridemia (high triglycerides) in combination with diet. FACTIVE is approved for the treatment of acute bacterial exacerbations of chronic bronchitis and community-acquired pneumonia of mild to moderate severity. Oscient promotes ANTARA and FACTIVE through a national sales force calling on primary care physicians, cardiologists, endocrinologists and pulmonologists.

For important information regarding the safety and use of ANTARA and FACTIVE, please see the full prescribing information available at www.antararx.com and www.factive.com.

###