Sanderling Ventures Appoints Timothy J. Wollaeger Managing Director of New San Diego Office; Office to Capitalize On Needs of Fast Growing Biomedical Community.

Business Editors & Health/Medical Writers

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SAN DIEGO--(BW HealthWire)--May 1, 2002

Sanderling Ventures, one of California's oldest venture investment firms dedicated to building new biomedical companies, today announced the appointment of Timothy J. Wollaeger as the Managing Director for the firm's new San Diego office. Mr. Wollaeger has been involved in early-stage healthcare companies in San Diego since 1983. During that time, he has been a founder, early investor, or a member of management in 21 companies that have become publicly traded or were acquired.

"San Diego is home to over 400 biotech companies, along with its many prestigious research institutes and universities, making it one of the premier centers for emerging biomedical technologies and therapeutics in the world," said Fred Middleton, Sanderling Managing Partner. "Opening a San Diego office will allow us to strengthen our commitment to this industry and capitalize on the abundant opportunities for our investors."

"Under Tim's leadership, the new office will augment Sanderling's successful activities in identifying, funding and supporting seed and early-stage opportunities in San Diego. We have been involved for some time with top quality San Diego companies like Vical, Desmos, now a division of Skye Pharma, and Cythera," according to Robert McNeil, Ph.D., Sanderling Managing Partner. "Tim shares our philosophy of being the seed catalyst for a few great companies through mentoring and growing successful companies."

Mr. Wollaeger has been a General Partner of Kingsbury Associates, LP since its formation in 1994 and has been involved in several Limited Partnerships including Merrill Lynch, HCA Healthcare and Hillenbrand Industries. Some of Kingsbury's successful investments include Amylin Pharmaceuticals, Aurora Biosciences, PHAMIS, Health Data Sciences, Transkaryotic Therapies, Sequana Therapeutics, Micro Therapeutics, Senomyx, Digirad, Sub-Q and Althea Technologies. Earlier in his career, Mr. Wollaeger gained medical products experience while working with Baxter International and as a member of senior management with his first entrepreneurial company, Hybritech Incorporated, which was acquired by Eli Lilly & Co. in 1986.

In 1987, Mr. Wollaeger helped form Biovest Partners venture capital firm as one of two General Partners. While with Biovest, he helped found San Diego-based Pyxis, Vical and Biosite Diagnostics, all of which have become publicly traded companies. In 1989 Wollaeger became CEO of Smith Laboratories, Inc. and a Senior Vice President and member of the Board of Directors of publicly-held Columbia Hospital Corporation after it was created by consolidating Smith and three hospitals in 1990.

Mr. Wollaeger has received several awards including San Diego Entrepreneur of the Year in 1995 and Corporate Director of the Year in 2001. He received a B.A. in Economics from Yale in 1966, served as an officer in the U.S. Navy for three years, and earned an MBA from Stanford in 1971. Mr. Wollaeger is an Adjunct Professor at the Yale School of Management where he teaches How to Start a High-Tech Company to graduate students from the School of Management, School of Medicine and other Yale graduate students.

The Sanderling office is located at 4401 Eastgate Mall, San Diego, CA 92121. The phone number is [phone]. For more information on Sanderling, visit the website at www.sanderling.com.

ABOUT SANDERLING VENTURES

Founded in 1979, Sanderling is one of the oldest investment firms dedicated to building new biomedical companies. Sanderling and its principals play an active role in new ventures by providing seed and early-stage funding, contributing management leadership and administrative support, developing cost-control strategies to extend available dollars, supplying technical and regulatory expertise where needed, and offering the insight and perspective of those who have "done it before." Since its inception, Sanderling has supported over 40 biomedical companies from very early stages through commercial development, earning consistently high rates-of-return on its venture investments.