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ParAllele Press Release

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Nicholas J. Naclerio, Ph.D.
ParAllele BioScience

e-mail: 		BCC Partners
Michelle Corral

Mohr, Davidow Ventures
Pamela Mahoney:

PARALLELE BIOSCIENCE SECURES $22.5 MILLION IN FINANCING

Funds to Support Commercialization of ParAllele's Comprehensive Genetic Discovery Tools

South San Francisco, CA, September 23, 2003 - ParAllele BioScience, a privately held provider of genetic discovery tools, today announced it has secured $22.5 million in a Series B financing. The round was led by new investor, Mohr Davidow Ventures (MDV), with participation from ParAllele's existing investors Abingworth Management, Index Ventures, and Versant Ventures. The funds raised will support the ongoing development and roll out of ParAllele's SNP discovery, genotyping and variation scanning products based on ParAllele's proprietary "lab in a tube" (TM) approach.

"We were very pleased with the enthusiastic response we received from the investment community and by the strong support from our existing investors and MDV for our mission of providing comprehensive genetic discovery tools," said Nick Naclerio, Ph.D., ParAllele's President. "Our approach leverages novel biochemical processes rather than complex instrumentation to more cost effectively achieve healthcare breakthroughs. This financing provides us with the resources to aggressively commercialize our technology."

As part of the financing, Bill Ericson, an MDV General Partner has joined ParAllele's Board of Directors. Mr. Ericson was a founder of Rosetta Inpharmatics and served on the company's Board until its acquisition by Merck in 2001. He joined MDV after 10 years of working with and investing in entrepreneurs and early stage companies. Seed investor Index Ventures will continue its support and involvement with the company although Francesco DeRubertis, Ph.D., a partner at Index Ventures, will step down from the Board.

"In just under two years ParAllele has created a strong foundation for leadership in the field of genetic analysis as evidenced by its selection to participate in the international human Haplotype mapping project and by its recently announced partnerships with Merck and Roche," said MDV's Bill Ericson. "We believe that ParAllele's innovative 'lab in a tube' platform has tremendous potential to create valuable tools with a significant impact on genomics research, accelerating research and improving diagnosis and treatments through an enhanced understanding of the genetic basis of disease."

About ParAllele Bioscience

ParAllele BioScience is developing and commercializing new products and technologies that will accelerate healthcare breakthroughs. By harnessing biochemical processes, ParAllele is creating highly multiplexed, compact, scalable solutions for genetics research. The company's current offerings include solutions for SNP discovery, genotyping, and variation scanning. ParAllele's customers and partners include leading pharmaceutical companies, academic research centers, life science instrumentation companies and the National Institutes of Health (NIH). The company was founded by a team of researchers from the Stanford Genome Technology Center and Uppsala University in 2001 and is presently headquartered in South San Francisco, California. Investors in the privately held company include Abingworth Management, Index Ventures, Mohr Davidow Ventures (MDV) and Versant Ventures. For more information about ParAllele, please visit the company's website at: parallelebio.com.
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