Burrill & Company Announces Investment in Phytomedics, Inc.

SAN FRANCISCO, Feb 18, 2004 -- Burrill & Company announced today their investment in Phytomedics, Inc. (www.phytomedics.com). Phytomedics discovers, develops, and manufactures novel botanical therapeutics utilizing a broad proprietary technology platform. The promise of Phytomedics' technologies has been validated by research and development agreements with respected pharmaceutical and nutraceutical companies such as Pfizer, Eisai, McNeill, and DeGussa. Phytomedics is strategically located in Dayton, NJ, nearby to its foremost research partner, Rutgers University.

"We are very impressed with Phytomedics' ability to discover and develop novel therapeutic compounds from botanicals. Especially exciting are several compounds in the Phytomedics pipeline, which address areas with pressing unmet medical needs, such as inflammation, diabetes and obesity. Through partnerships with large players in the pharmaceutical and nutraceutical industry, we expect that these compounds will have a positive impact on the Company's top line in the near future," commented G. Steven Burrill, CEO of Burrill & Company, a San Francisco-based life sciences merchant bank.

Burrill's Nutraceuticals Capital Fund, LP, invested $1.5 Million in a $7.5 Million Series A Round led by Swiss-based Inventages Venture Capital GmbH's Life Ventures Fund. Previous investors include Biotech M.A.H. and Poalim Investments, Ltd., both of Israel.

Phytomedics Inc.

Phytomedics Inc. uses a broad and innovative proprietary technology platform to discover, develop and manufacture novel, multi-component and multi-functional botanical therapeutics such as botanical drugs and nutraceuticals, as well as recombinant proteins. Through this proprietary technology platform, the Company has produced a pipeline of pharmaceutical and nutraceutical lead compounds, several of which are in clinical development. Founded by Professor Ilya Raskin, Ph.D., Phytomedics Inc. conducts most of its R&D at the Biotech Center of Rutgers University.

About Burrill & Company

Burrill & Company is a life sciences merchant bank, focused exclusively on companies involved in biotechnology, pharmaceuticals, diagnostics, human healthcare and related medical technologies, wellness and nutraceuticals, agricultural technologies, and industrial biotechnology (biomaterials/bioprocesses).

Venture Capital

The Burrill family of venture capital funds, with over $500 million under management, includes the Burrill Life Sciences Capital Fund, the Burrill Biotechnology Capital Fund, the Burrill Agbio Capital Fund and its successor-the Burrill Agbio Capital Fund II, and the Burrill Nutraceuticals Capital Fund.

Strategic Partnering

Burrill & Company assists life science companies in identifying, negotiating and closing strategic partnerships between large and small companies providing access to resources, technologies or collaborations essential for executing their business plans.

Burrill & Company also works with major life science companies to spinout internal assets and capitalize on their value, ranging from the outright sale of products or businesses to creation of new companies to exploit these assets. Burrill uses its extensive network to help companies identify, assess and capture ("spin-in") products and companies strategic to building their businesses

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