OHIO LURES CALIFORNIA LIFE SCIENCE VENTURE CAPITAL FUND

FOR IMMEDIATE RELEASE
March 25, 2004

Columbus, OH -- State Development Director Bruce Johnson helped break ground recently for the new Ohio office of Charter Life Sciences, a California-based life science venture capital fund.

"Ohio is making great strides in nurturing its bioscience industry," said Johnson. "We're acquiring national recognition as a place where bioscience companies and innovation can thrive."

Charter has opened an office in Cincinnati to focus on investing in Ohio and the Midwest. The Fund, targeted at $100 million in total committed capital, will primarily focus on companies developing clinical products for cancer, cardiology and women's health. Typical initial investments will range from $500,000 to $2 million, with the Fund investing between $4 million and $8 million over the life of a portfolio company.

Dr. Don Harrison, one of Charter Life’s four managing partners, will manage the Cincinnati office. Dr. Harrison has more than 20 years of venture capital experience and is former senior vice president and provost at the University of Cincinnati Medical Center.
“We are excited about investing in some of the Midwest’s most promising start-up companies,” Harrison said. “I see a lot of potential here in the State of Ohio.”

Additional partners are Mr. A. Barr Dolan, Mr. Fred M. Schwarzer and Dr. Nelson Teng. Together the partners have invested in more than 50 early stage life sciences companies. Karen Morgan, formerly of Senmed Medical Ventures, has also joined Dr. Harrison in the Cincinnati office and will assist in the Fund’s investing activities.

Charter Life Sciences is located in the BIO/START incubator in the Hoxworth Center on the University of Cincinnati’s campus.