US Biotech Executive Joins Canadian Venture Capital Firm

Former VP of Applera Corporation joins Entrepreneur in Residence Program at Ventures West

Vancouver, BC, August 20, 2002 - Ventures West, one of Canada’s largest privately owned venture capital companies, has announced that Dr. Michael Albin, Ph.D, has joined the company as an Entrepreneur in Residence (EIR). Dr. Albin, based in the Vancouver office, will focus on deal generation and working with existing portfolio companies in the biotech sector.

Dr. Albin formerly served as Vice President, Strategic Technologies for Applera Corporation, where he was responsible for technology assessment and business development and was a member of the company’s Management Executive Committee. Prior to being elevated to the corporate level, Dr. Albin was with Applied Biosystems (NYSE:ABI), an Applera company, for 12 years, and before that, he was a Senior Scientist at SYVA Diagnostics. He holds a bachelor’s degree in chemistry from Polytechnic Institute in Brooklyn, NY and a Ph.D. in chemistry from Pennsylvania State University. Dr. Albin maintains close contact with academia (technology transfer, faculty and students) and is a member of the Industrial Advisory Board of University of Califonia, San Diego and has served as a Visiting Scholar at Stanford University. He is on the editorial Board of BioMedical Microdevices and the Board of Directors of Interomex Biopharmaceuticals Inc.

“The experience and network Dr. Albin brings to the table, particularly with the US biotech and pharmaceutical industries, will provide invaluable expertise and guidance to our portfolio companies and management team,” says Robin Louis, President of Ventures West. “Ventures West was one of the first Canadian venture capital firms to establish an EIR program, and the success of the program over the years has been overwhelming. Five of the six EIRs that have been with Ventures West during the past two years have gone on to start a new company or to join an existing Ventures West investee.”

An Entrepreneur in Residence is a person who has an outstanding track record either as an executive or as a technologist and who joins Ventures West as an interim step to his next venture. The EIR program is designed to provide experienced entrepreneurs seeking their next business venture with the network, resources and tools to identify emerging market segments and business opportunities. Entrepreneurs in the program become part of the Ventures West management team and gain access to its operations and deal flow. While in the program, EIRs provide specialized management council to existing investee companies while networking and searching, through Ventures West, to identify new investee companies to join or to form.

“I am thrilled to be joining such a respected venture capital firm and getting hands on experience in the Canadian venture capital industry,” adds Albin. “There are many exciting opportunities in biotech today, particularly in British Columbia. The Ventures West team is committed to supporting quality companies that have the potential to become market leaders and I look forward to being part of that process.”

Dr. Albin joins existing Entrepreneur In Residence, Bob Campbell, founder of the telecommunications group at Mobile Data Solutions Inc. (MDSI). Previous EIRs that have joined Ventures West portfolio companies include Wilson Lee, CFO/COO of Executive Manufacturing Technologies Inc., Richard McMahon, CEO of Galian Photonics Inc. and Richard Timmons, CEO of Intelligent

About Ventures West

Ventures West is a privately held venture capital investment group that invests in early stage technology companies across North America from offices in Vancouver, Toronto and Ottawa. Since its founding in 1968, Ventures West has invested over $400 million in more than 150 companies. Ventures West has the people, the expertise, and the capital to develop emerging technology companies into market leaders. Our investment strategy focuses on four technology sectors: Information Technology, Telecommunications, Biotechnology and Power Technology. For more information, visit www.ventureswest.com.

For more information contact:

Michael Albin
Ventures West Management Inc.
Tel: (604) 891-3283