Canaan Partners Grows Investment Team With Three New Appointments; Principals, Venture Partner Focus on New Investments for $700 Million Fund.

Business Editors

MENLO PARK, Calif.--(BUSINESS WIRE)--Sept. 25, 2001

Canaan Partners, a national venture capital investment firm, today introduced the appointment of two new principals and a venture partner to its growing team of investment professionals. Thomas Mawhinney, Dr. Andrew Firlik and Mark Mangiola will each help to establish investments within the firm's new $700 million fund. Canaan Equity III is the firm's sixth venture fund to date (See today's press release entitled, Canaan Partners Launches $700 Million Equity Fund).

"Our activity level continues to grow at a healthy clip, with a new fund and an expanded team. We are fortunate to have attracted investment professionals with the depth of these three new individuals," according to Eric Young, general partner at Canaan Partners. "These professionals will help us to not only contribute to our existing portfolio companies from prior funds, but also initiate investments deriving from our new Equity III fund."

Entrepreneur and Venture Capitalist Thomas Mawhinney Joins as Principal

New principal Tom Mawhinney brings to Canaan 11 years of industry experience in enterprise and Internet software, IT infrastructure and venture capital. Before joining Canaan, Mawhinney was founder and chief operating officer of North Systems, Inc., a venture-backed provider of supply chain enterprise software solutions for the manufacturing sector. Previously, he was a senior associate with Summit Partners, a $6 billion venture capital firm based in Boston, MA and Palo Alto, CA. While at Summit, Mawhinney focused on technology and service-based investments including Powerwave Technologies (NASDAQ:PWAV), Pediatrix Medical Group (NYSE:PDX), AmeriPath (NASDAQ:PATH), IntelliQuest, and Microbank Software among others. Mawhinney received an MBA from the Stanford Graduate School of Business and a Bachelor of Arts degree from Harvard University.

Dr. Andrew Firlik Appointed Principal to Focus on Healthcare Investments

Andrew Firlik, MD, was recently named principal in the firm's Rowayton, CT offices. Earlier this year, Firlik engaged with Canaan as venture associate, while continuing to practice as a physician specializing in neurological surgery. With the appointment to principal, Firlik joins Canaan full-time to focus on medical technology investments. Previously, Firlik served as a consultant to Mayfield Fund and several early stage healthcare companies. He is a co-founder and scientific advisory board member of Vertis Neuroscience, Inc., a medical device company in Seattle. He also co-founded LaunchCyte, LLC, a Pittsburgh-based healthcare seed-stage investment firm and business accelerator. Well respected in his field, Dr. Firlik has published more than 30 scientific articles in leading medical journals, written several textbook chapters and essays, and is the co-editor of a forthcoming book about cerebrovascular surgery. His scientific work has been presented at more than 40 international meetings. He studied biology at Cornell University and Oxford University, received his MBA from the University of Pittsburgh, and his MD from Cornell University Medical College. He currently holds a clinical faculty appointment at the Yale University School of Medicine.

Venture Partner Mark Mangiola Brings Broadband Technology and Services Experience to Canaan

Mangiola has an extensive background in the broadband communications industry and will begin leading investments in this area immediately for the venture capital firm. For more than twenty years, Mangiola has held leadership roles in the broadband and cable industry marketplace, in both the technology and operations/customer interface functions. Most recently, Mangiola was CEO of @Home Solutions, where he was responsible for raising $40 million dollars in funding and establishing the company as a leader in deploying DSL in rural markets. Previously, he held a number of senior positions that include VP of operations for @Home Network, president and CEO of Positive Communications, EVP and general manager at KBLCOM/Time Warner as well as vice president and general manager with American Television & Communications, a Time, Inc. company. Mangiola is currently a member of the board of directors of Digital Lava (DGLV), TVIA (TVIA) and eConvergent. He received his Bachelor of Science degree from St. John's University and an MBA from the University of Southern California.

About Canaan Partners

Canaan Partners (http://www.canaan.com) is a national venture capital investment firm formed in 1987. Canaan specializes in startup and emerging-growth companies in information technology and services, as well as health care and medical technology. Canaan Partners was an early backer in AdvancePCS (ADVP), Capstone Turbine (CPST), CommerceOne (CMRC), Concord Communications (CCRD), Copper Mountain Networks (CMTN), Esperion (ESPR), Genaissance Pharmaceuticals (GNSC), International Network Services (INSS), IntraWare (ITRA), Interact Commerce (IACT), iPrint (IPRT), Network Engines (NENG), ONI Systems (ONIS), Orapharma (OPHM), Pozen (POZN) and Praecis Pharmaceuticals Inc. (PRCS), along with dozens of other market-leading companies.