For Immediate Release

Early Stage Partners Announces Appointment of John A. DeFord as New Managing Director

Contact: Jamie Ireland
216-781-4600, x. 1
jireland@esplp.com

July 16 , 2002,: Cleveland, OH--Early Stage Partners, L.P., —Early Stage Partners L.P. is pleased to announce the appointment of John A. DeFord, Ph.D as Managing Director of the Fund. Dr. DeFord will share responsibility for the firm’s life sciences investment activities and will be actively involved in other private equity activities in the technology sector.

Dr. DeFord most recently served as President and Chief Executive Officer of Cook Incorporated, an internationally known medical device manufacturer located in Indiana and previously held other senior executive titles with that organization. In these positions, he headed the company’s multi-hundred million dollar Diagnostic and Interventional Products Division, with a strong focus on vascular and cardiovascular products. He also directed the company’s business development activities.

Jamie Ireland, Managing Director of Early Stage Partners, noted that “John is exactly the kind of nationally known figure that we need to attract and engage in Northeast Ohio’s rapidly expanding life sciences arena. His deep technology, business development and corporate venture experience will help take our region’s critical mass in early stage life sciences investment to a new level.” Jim Petras, Managing Director, added that “John’s deep professional relationships with leading corporate and medical institutions in Clevealnd and around the country will help us to evaluate, develop and market new technologies emanating from our region and augment the base of young companies that leverage our institutional research and commercialization strengths.”

Dr. DeFord added that “I am delighted to be moving to Cleveland and joining Early Stage Partners as a Managing Director in the firm’s investment group. While I had a number of senior opportunities to join internationally recognized life sciences companies and nationally known venture firms, I think that what is occurring in Cleveland is truly exciting. The quality of the research and technology activities in our local institutions and the community’s clear commitment to this sector create a dynamic landscape for successful life sciences-related investment and company creation activities. With my scientific and business development background and relationships in the industry, I look forward to working closely with my counterparts in Northeast Ohio’s major medical and research institutions and to helping Early Stage Partners create a portfolio of successful new companies.”

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Early Stage Partners invests in young companies with an emphasis on the life sciences, technology and polymer/materials sectors. Since its initial closing in January 2002, the fund has made invested in six investments companies and is in the process of evaluating a number of other investment opportunities. The fund’s principals expect to make up to a dozen or so investments per year, depending on available opportunities.

Contact: [Jonathan Murray?—Phone and email?]
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John A. DeFord, Ph.D.

Dr. DeFord joined Early Stage Partners as Managing Director in July of 2002 and shares responsibility for the group’s early stage life science investments. Prior to joining Early Stage Partners, Dr. DeFord was President and CEO of Cook Incorporated, a multi-hundred million dollar privately held medical device manufacturer.

Dr. DeFord joined Cook in 1986 as a Project Engineer and advanced rapidly through the organization. In 1990, he accepted the role of Applied Research Scientist with a focus was on the development of Class III devices (significant risk or permanent implant devices).

In 1993, John was promoted to Division Manager where he founded two medical device divisions for the Cook Group, Cook Neurosurgical and Cook Radiation Oncology which grew from zero to in excess of $10 million of revenue in less than three years.

Dr. DeFord was promoted to General Manager in 1997 where he founded Cook Endovascular which targeted the emerging markets of endovascular surgery and vascular intervention. In this role, Dr. DeFord spearheaded the worldwide product development, regulatory, sales, marketing, and operational teams which introduced the very successful Zenith™ family of endovascular grafts (for the treatment of abdominal, iliac, and thoracic aneurysms).

In 1999, Dr. DeFord accepted the role of Sr. Vice President with responsibility for Cook’s newly formed and largest ($300 + million) business sector of Diagnostic and Interventional Products targeting the global Cardiology, Radiology, Vascular Surgery, Neurosurgery, and Radiation Oncology markets. In this new role, Dr. DeFord lead Cook’s development of significant device innovations such as drug coated coronary and peripheral stents, endovascular grafts, biomaterial/device combinational products, antimicrobial implants, and other vascular and non-vascular products.

In addition to his operational and executive roles, Dr. DeFord was responsible for review, screening, and diligence of Cook’s business development activities, including the acquisition and integration of several companies, the purchase of intellectual property, strategic alliances, and the formation, sale, or spinout of other Cook Group companies. Dr. DeFord also lead, on behalf of the Cook family, the exploration of a host of exit strategies including possible sale, IPO, or restructuring of the Cook Group. At the conclusion of this process in early 2001, Dr. DeFord was named President and CEO of Cook Incorporated.

Dr. DeFord is a graduate of Purdue University (B.S. Electrical Engineering 1984, M.S. Electrical Engineering 1985, and Ph.D. Electrical/Biomedical Engineering 1990). His undergraduate focus was controls theory and analogue and digital circuit design, and his graduate focus (M.S.) was communications and biomedical device design. His Ph.D. research efforts were focused on signal processing and controls utilized in the design of a heat, radiation, and chemotherapeutic device for the treatment of malignant brain tumors.