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G. Steven Burrill is Recognized as Biotech Investment Visionary by Scientific American

November 20, 2002

San Francisco, CA - November 20, 2002

Burrill & Company, a San Francisco-based life sciences merchant bank today announced that its CEO, G. Steven Burrill, has been named as one of the Scientific American 50 "visionaries" by the prestigious magazine's Board of Editors. The Scientific American 50 makes its debut in the magazine's December issue and the complete list of honorees may be accessed on the Scientific American website: www.sciam.com.

"I'm tremendously honored to be included on a list that includes such respected luminaries as Kofi Annan, Emilio Emini, Stephen Goff, and Paul Horn," commented G. Steven Burrill. "It's extremely gratifying to be recognized for one's efforts and, with the help of the excellent team we've assembled at Burrill & Company, we've succeeded in building considerable value for the biotech industry through strategic investment in young biotech firms involved in everything from human healthcare and diagnostics to agriculture, nutrition, and industrial applications, " he said.

"Capital-venture, public equity, private, or government-continues to be biotech's source of sustenance. In fact, access to financing can make or break a company, regardless of Nobel Prize winning science or top flight business school management," noted Burrill. "The behavior of the capital markets has everything to do with the baseline health of the biotech industry. 2002 has put us all to the test with both the DJIA and NASDAQ down 15.4% and 29.5% respectively," he added. "Biotech's performance on Wall Street has also been pretty miserable between the scandal surrounding ImClone, the saber-rattling over Iraq, and a number of major disappointments on the clinical trials front. Nonetheless, the good news outweighs the bad and the U.S. biotech industry has raised well over $9 billion in financing this year as well as an additional $5 billion in partnering transactions through the end of the Q3 02. That's a remarkably good track record considering the tough economic environment we're in," said Burrill.

"Walking along the bleeding edge of scientific discovery with decade-long timetables for revenue-making being the norm, biotech is a highly challenged industry from an investment standpoint," noted Burrill. "Those of us who fund the innovative, but relatively immature enterprises are taking a chance, it's true, but we view this as a very necessary investment in the future of mankind-and that gives us courage," Burrill continued. "But there is also tremendous opportunity not only for moving the science forward into commercialization, but also for creating value. This, of course, requires a tremendous amount of due diligence and dogged research, but those of us who have stayed with this industry for decades know that the effort is well worth it."

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.

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