BancBoston Robertson Stephens Initiates Coverage of VGIN with a Buy Rating.

SAN FRANCISCO--(BUSINESS WIRE)--Sept. 15, 1999--

BancBoston Robertson Stephens senior biotechnology analyst Michael G. King Jr. today initiated coverage of Visible Genetics (NASDAQ:VGIN) with a Buy rating.

Visible Genetics is a leader in HIV genotyping, having developed the TruGene(TM) HIV-1 Assay to determine virus genotype and thus better understand the patient's resistance profile to more effectively prescribe Highly-Active Anti-Retroviral Therapy (HAART).

"We are initiating coverage of Visible Genetics with a Buy rating," said King. "We view the market opportunity for HIV genotyping as large, based on Roche's Amplicor Viral Load assay, which is used more than two million times per year in North America. In our view, the TruGene HIV assay could become a standard of care, serving as a valuable diagnostic tool in the management of HIV."

"Visible Genetics' comp group is trading at 14.5 times the last-twelve-months revenues," said King. "We have therefore set a 12-month price target for the company of $32, by applying a 12 times multiple to our 2000 revenue forecast of $35 million."

Clients interested in receiving more information should contact their salesperson at 415/781-9700.

BancBoston Robertson Stephens is the leading full-service investment bank focused exclusively on growth companies. For the first half of 1999, the firm completed over 100 offerings, raising more than $15 billion in capital for clients and is the leading investment bank for Internet M&A transactions. The firm's 45 research analysts cover nearly 700 companies.

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