Biopharmaceutical Industry Research & Development Tops $49 Billion In 2004

San Francisco, CA - March 17, 2005

Burrill & Company, a San Francisco based life sciences merchant bank announced today that it has joined with the Pharmaceutical Research and Manufacturers of America (PhRMA) to report industry-wide biopharmaceutical research and development (R&D) expenditures of $49.3 billion in 2004. These results will be published today in PhRMA’s Pharmaceutical Industry Profile 2005.

This new figure includes both biotech and pharmaceutical investment by PhRMA members as has been traditionally compiled in PhRMA’s annual membership survey ($38.8 billion), and an estimate of non-PhRMA member biotech companies’ R&D investment ($10.5 billion) as compiled by Burrill & Company. This represents the first time a biopharmaceutical industry-wide R&D figure has been reported.

“This combined number is truly more representative of the total U.S. biopharmaceutical R&D investment. For the first time, we now have a number that expresses the biopharma industry as a whole,” noted G. Steven Burrill, CEO of Burrill & Company.

Burrill routinely reports R&D Expenses among other key financial parameters for the universe of U.S. publicly listed biotech companies through its annual biotech report (sourced from company reports filed with the SEC).

To create a comparable report additive to PhRMA’s annual membership survey, Burrill & Company applied a set of pre-determined criteria to their annual biotech report to identify and select non-member Companies. Specifically, 1) companies must be based in the United States of America, 2) companies must not be a member or member subsidiary of PhRMA, and 3) companies must meet the “human healthcare focus” test, i.e., their R&D Expenses are principally for research and development of new medicines for healthcare.

“Increasing medical innovation is the result of biotechnology and pharmaceutical firms working in collaboration with each other and other research institutions to create drugs to alleviate sickness and improve wellness,” said Burrill.

About Burrill & Company
Burrill & Company is a life sciences merchant bank, focused exclusively on companies involved in biotechnology, pharmaceuticals, diagnostics, human healthcare and related medical technologies, wellness and nutraceuticals, agricultural technologies, and industrial biotechnology (biomaterials/bioprocesses).

For more information about Burrill & Company, please visit our website at www.burrillandco.com and the Burrill Datacenter at www.burrilldatacenter.com.