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Burrill & Company Announces Closing of Burrill Life Sciences Capital Fund

January 12, 2004

San Francisco, CA - January 12, 2004

Burrill & Company announced today the year-end closing of its Burrill Life Sciences Capital Fund with a total fund commitment of $211 million. “We’re excited to have successfully completed our fund raising in a very difficult venture capital fund raising environment”, commented G. Steven Burrill, CEO of Burrill & Company, a San Francisco-based life sciences merchant bank. Burrill’s new partners include important institutional and pension fund investors combined with several of the large strategic corporations which have been partners in previous funds. With $513 million under management in its five venture capital funds spanning the life sciences spectrum, Burrill & Company is one of the largest life sciences investors in the world.

The Burrill Life Sciences Capital Fund will invest in companies from biotechnology, therapeutics, diagnostics, pharmaceuticals, devices, and other related medical technologies to companies involved in wellness/nutraceuticals, agbio, environmental biotechnology, and the industrial biotechnology world (biomaterials/bioprocess)…the full spectrum of life sciences investing. Burrill will make $5-15 million investments in each company and anticipates a portfolio of 20-40 companies, generally in A/B/C venture rounds.

To date, the Burrill Life Sciences Capital Fund has invested in:

Alexza Molecular Delivery Corporation is an early stage specialty pharma company focused on improving the treatment of disease through the rapid delivery of small molecule drugs to the systemic circulation via the lung. This rapid, or Staccato™, delivery enables such clinical benefits as accelerated onset of drug action, improved drug efficacy, and patient-controlled titration to a minimum effective dose. The Company was founded by Dr. Alejandro Zaffaroni, who was also the founder of ALZA Corporation and others, with the aim of developing drugs that "provide treatment when needed, in the amount needed."

Catalyst Biosciences has been formed around proprietary technology exclusively licensed from UCSF and Princeton University to develop engineered proteases as a new class of protein therapeutics. Proteases are naturally occurring protein-degrading enzymes that are catalytic in nature. Each protease molecule is capable of inactivating hundreds to thousands of target molecules, resulting in better target saturation and lowered dosing. Catalyst intends to harness the power of these enzymes as biopharmaceuticals by engineering them towards site-specific cleavage of disease causing proteins.

Chlorogen has developed an innovative plant-based gene expression technology based on plastid transformation that can enable the efficient and large-scale manufacture of biopharmaceuticals and other high-value products for use across several life sciences industries including healthcare, agriculture, industrial processing, nutraceuticals and animal health.

Emerald BioAgriculture develops and markets biological products that regulate plant growth and control pests of high value crops. The products enhance crop yield and quality and provide increased returns to the grower.

Immunicon Corporation is engaged in the development and commercialization of highly specialized human diagnostic products, pharmaceutical development tools and life science research products that incorporate a wide array of proprietary platform technologies. The Company's current and principal focus is the development of cell-based and molecular diagnostic products and associated systems for use in the detection, diagnosis, staging and monitoring of cancer. In December 2003, Immunicon filed for its IPO.

The Burrill Life Sciences Capital Fund expects to make two additional investments in Q1 04, and will invest at the rate of 7-10 new companies per year.

S.S. Thomas & Associates (www.ssthomas.com) served as Burrill & Company’s placement agent and was instrumental in raising the capital for the Burrill Life Sciences Capital Fund.

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).

Venture Capital
The Burrill family of venture capital funds, with over $510 million under management, includes the Burrill Life Sciences Capital Fund, the Burrill Biotechnology Capital Fund, the Burrill Agbio Capital Fund and its successor—the Burrill Agbio Capital Fund II, and the Burrill Nutraceuticals Capital Fund.

Strategic Partnering
Burrill & Company assists life science companies in identifying, negotiating and closing strategic partnerships between large and small companies providing access to resources, technologies or collaborations essential for executing their business plans.

Burrill & Company also works with major life science companies to spinout internal assets and capitalize on their value, ranging from the outright sale of products or businesses to creation of new companies to exploit these assets. Burrill uses its extensive network to help companies identify, assess and capture (“spin-in”) products and companies strategic to building their businesses.

We have completed more than 25 strategic partnerships with a value in excess of $1.5 billion.

Biotech 2004/Burrill Datacenter

Burrill & Company’s annual analysis of the “State of the Industry” has been an important part of the biotech industry’s view of itself over the last 18 years. Biotech 2004—Life Sciences: Back on Track, is a perspective on where the industry has been and is going. Biotech 2004 will be available February 16, 2004. In addition, the newly created Burrill Datacenter is an online source for keeping up-to-date information from the biotech industry at your fingertips, including data from Biotech 2004. To order Biotech 2004 or to subscribe to the Burrill Datacenter, visit our website at www.burrillandco.com or call (415) 591-5400.

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