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Christopher S. Meldrum, Managing Director

For Immediate Release

New venture capital firm established in Research Triangle
– Golden Pine Ventures to focus on early-stage biotechnology and biomedical ventures –

DURHAM, NC. -- Aug. 12, 2004 -- A new venture capital firm has recently been formed, and has chosen the Research Triangle area of North Carolina for its headquarters.

Golden Pine Ventures is a venture capital company that is focused on discovering and developing exceedingly rare technologies which can form the basis of promising biotechnology and biomedical companies. The management and directors of Golden Pine Ventures have a history of past successful ventures in the biotechnology field. In total, they have successfully launched over two dozen companies, raised over a billion dollars for portfolio companies, and have taken seven of these companies public.

Golden Pine Ventures will join scientists and entrepreneurs in founding portfolio companies, providing business and management expertise, providing the necessary initial working capital, and raising high-valuation follow-on rounds of financing. The company believes that it can add substantial value to its portfolio companies through the exceptional start-up management skills of its principals.

Golden Pine Ventures will seek out exciting new breakthrough technologies in the Research Triangle Park region of North Carolina, as well as other select locations in the Southeast. The Triangle offers a hotbed for new life science technologies, being centrally located between the University of North Carolina at Chapel Hill, Duke University, North Carolina State University, and Wake Forest University.

The company will be led by Christopher S. Meldrum, who will be Managing Director of the firm. Over his career, Mr. Meldrum has worked extensively with development-stage biotechnology and medical device companies, helping to secure initial financing for five start-up ventures. From 1997 until 2002, he also served on the Board of Directors for one of these companies, Alaxis Biosciences. Before coming to Golden Pine Ventures, Mr. Meldrum held the position of Director, Corporate Alliances, at Paradigm Genetics, a publicly-traded biotechnology company, where he led business development efforts for both the healthcare and agriculture businesses.

The Chairman of Golden Pine Ventures is Peter D. Meldrum, and joining Mr. Meldrum on the Board of Directors are Christopher Meldrum, Dale Stringfellow, John Hamer, and Jim Severson.

Mr. Peter Meldrum is currently the President, Chief Executive Officer, and a Director of Myriad Genetics, a publicly-traded biopharmaceutical company. Prior to his time at Myriad, he was President and Chief Executive Officer of Founder’s Fund, Inc., a venture capital group specializing in the biotechnology industry. While at Founder’s Fund, he was involved in the establishment of nine portfolio companies, three of which have successfully completed public offerings. Mr. Meldrum has helped raise over $900 million in biotechnology over his career. In 2002, Mr. Meldrum was selected by Scientific American as one of the Top 50 Scientific Visionaries in the World.

Dr. Dale Stringfellow is the founder of three successful biotechnology companies, and is currently Chairman of the Board of Collateral Therapeutics, a wholly-owned subsidiary of Schering AG, a German pharmaceutical company. He also serves as Chairman of Myriad Genetics, a public biopharmaceutical company. Dr. Stringfellow most recently served as President and CEO of Berlex Laboratories, the U.S. pharmaceutical division of Schering AG. Prior to these roles, he was Vice President of Pre-Clinical Cancer Research at Bristol-Myers Squibb, and also spent ten years of cancer and virology research at the Upjohn Company.

Dr. John Hamer is currently Entrepreneur-in-Residence at Burrill & Company, a life sciences merchant bank, where he reviews biotechnology-related opportunities. In addition to this role, he is currently Acting CEO for Arête Therapeutics, a development-stage biotechnology company. Previously, he helped to build Paradigm Genetics, a public biotechnology company, from its beginning in 1998, serving in various capacities as Vice President of Research, Chief Scientific Officer, Vice President of Business Development, and Interim President and CEO.

Dr. Jim Severson is the Vice Provost for Intellectual Property and Technology Transfer at the University of Washington. Over his career, he has helped spin out over 40 companies from technologies originating at three universities. He is formerly of Amersham Corporation, where he held positions in new technology assessment and market development. Dr. Severson is a Past President of the Association of University Technology Managers (AUTM), a national organization of university technology transfer professionals.

Golden Pine Ventures, LLC, was founded in 2004, in Research Triangle Park, North Carolina. The Company’s mission is to aggressively seek out state-of-the-art technologies developed by leading researchers and grow them into substantial businesses.

About CED
The Council for Entrepreneurial Development (CED) is a private, non-profit organization formed in 1984 to identify, enable and promote high growth, high impact entrepreneurial companies and to accelerate the entrepreneurial culture of the Research Triangle and North Carolina. CED is the largest and oldest entrepreneurial support organization in the nation with more than 4,000 members representing over 1,100 entrepreneurial companies, financiers and professional firms. In July 2005, Wilmington’s Coastal Entrepreneurial Council merged with CED to create CED-Coastal, a divisional office focused on entrepreneurial development in Wilmington and throughout North Carolina’s entire coastal region. CED provides education, mentoring and capital formation resources to new and existing high-growth entrepreneurs through annual conferences, seminars, workshops and programs on entrepreneurial management and finance.

About Golden Pine Ventures, LLC
Golden Pine Ventures works with scientists and entrepreneurs to form new portfolio companies, provides the necessary business and management expertise, funds all initial working capital needs, and raises high-valuation follow-on rounds of financing.  Current Golden Pine Ventures’ portfolio companies include: Pique Therapeutics, Kylin Therapeutics, and Exigent Pharmaceuticals.  For more information, please visit