James Watson Joins Burrill & Company to Focus on its Strategic Partnering Services

San Francisco, CA - November 25, 2002

Burrill & Company, a San-Francisco-based life sciences merchant bank today announced that James Watson has joined the firm as Director in its Strategic Partnering Services Group. Mr. Watson's primary focus will be on assisting companies to initiate, structure and close corporate development transactions, strategic partnering and M&A. He will lead a variety of alliances including strategic collaborations, product and technology licensing and mergers & acquisitions.

Mr. Watson has considerable experience in both commercial development and strategic collaborations. Prior to joining Burrill & Company, Mr. Watson held Senior Vice President positions with Incyte Genomics with responsibility for Business Development and Marketing. Before Incyte, Mr. Watson served as Senior Vice President Business Development and then General Manager of Chemdex. He also led the IBM acquisition of The Wilkerson Group and subsequently headed its biotechnology practice and San Francisco office. Prior to management consulting, he served with Eli Lilly & Company, in a variety of drug development and commercially oriented roles including Head of Business Planning for the UK.

Steve Burrill said, "James Watson brings valuable skills and relationships that will complement our existing team and fuel the growing success of our strategic partnering business."

A Fulbright Scholar, Mr. Watson received his MBA from Indiana University and a BA in Economics from Portsmouth University, UK.

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, agricultural technologies, nutraceuticals, and biomaterials/bioprocesses.

Venture Capital
The Burrill family of venture capital funds, with over $400 million under management, includes the Burrill Biotechnology Capital Fund and its successor- the Burrill Biotechnology Capital Fund II (under development), the Burrill Diagnostics Fund, the Burrill Agbio Capital Fund and its successor-the Burrill Agbio Capital Fund II, the Burrill Nutraceuticals Capital Fund, the Burrill Biomaterials/Bioprocess Capital Fund and the Burrill Life Sciences Capital Fund.

Strategic Partnering
Burrill & Company assists life science companies to identify, negotiate and close strategic partnerships providing access to resources, technologies or collaborations essential for executing their business plans. We have completed more than 20 strategic partnerships with a value in excess of $1 billion.

Spin-outs/Spin-ins
Burrill & Company works with major life science companies to spin-out 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. We also use our extensive network to help companies identify, assess and capture ("spin-in") products and companies strategic to building their businesses.

BioStreet™
Burrill & Company's BioStreet™ is an internet-based life sciences transaction service which enhances dealmaking capabilities by offering a broad range of services designed to streamline and facilitate deals. BioStreet combines the efficient distribution power of the worldwide web with the scientific skills and strategic relationships necessary for concluding successful transactions.

For more information, please visit Burrill & Company's website at www.burrillandco.com.