Ventures West Holds First Close of 8th Venture Capital Fund - Largest Venture Capital Fund Raised in Canada This Year

November 3, 2003 - Ventures West today announced the first closing of Ventures West 8, which at $158 million, is the largest Canadian venture capital fund raised this year. Ventures West 8 will invest in early stage biotechnology, communications, energy technology and IT companies across Canada.

Investors in the fund include British Columbia Investment Management Corporation, Business Development Bank of Canada, CPP Investment Board, EdgeStone Capital Partners, OMERS, and Teachers´ Merchant Bank, the private equity arm of the Ontario Teachers´ Pension Plan.

“We are delighted to have most of the largest pension funds in Canada in our investor group,” said Dr. Robin Louis, President of Ventures West. “The venture capital industry has seen a sharp decline in investment and fund raising over the last two years. These institutions are very sophisticated investors and their investment in Ventures West 8 confirms their commitment to Ventures West, to the Canadian private equity marketplace and to venture capital in general.”

Ventures West, with its 30 year track record, an established investment team with over 120 years of operational and venture capital experience and success stories such as Angiotech Pharmaceuticals and Pivotal Corp. has been able to attract commitments from the leading private equity investors in the country. “Our success in raising this, our eighth technology fund, demonstrates that we are able to flourish even in tough times,” said Louis.

“History has shown that advisory teams that have successfully worked together for longer periods, are more likely to repeat success,” said Doug Pearce, CEO/CIO of the British Columbia Investment Management Corporation. “We believe that there are great investment opportunities in Canada and that experienced groups such as Ventures West are well positioned to find these young businesses and help build them into substantial, permanent Canadian companies.”

Ventures West’s previous fund had its final closing in November, 2000 and has invested in over 30 companies, including Convedia Corp., INEA Corp., Polyfuel Inc., Salmedix Inc., Sibercore Technologies Inc. and Xenon Genetics Inc.

“Ventures West is committed to investing in talented entrepreneurs and helping them create world class companies,” adds Louis. “We will continue to seek out entrepreneurs and ideas that can be the foundation on which to build Canadian enterprises that are world leaders in their chosen fields.”

About Ventures West
Ventures West Management Inc. is a private venture capital investment group that is recognized as one of Canada´s pre-eminent investors in early stage technology companies. Since its founding in 1968, Ventures West has formed eight venture capital funds which total over $600 million and has invested in more than 125 companies. Ventures West has the people, the expertise, and the capital to help develop emerging technology companies into market leaders. Investments focus on four technology sectors: Biotechnology, Communications, Energy Technology and Information Technology. For more information, visit www.ventureswest.com

About British Columbia Investment Management Corporation (bcIMC)
bcIMC is a Canadian leader in global funds management with $59 billion in institutional assets under administration across a diversified portfolio: Canadian, U.S. and international public equities, fixed income (money market and bonds), mortgages, real estate and private equity. Located in Victoria, B.C., bcIMC has a long and successful history of providing investment management and operational services to our clients. More information about British Columbia Investment Management Corporation is available on our website at www.bcimc.com.

For More Information:
Christine Ramsay
Ventures West Management Inc.
(416) 861-2280
cramsay@ventureswest.com