Press Release: January 8, 2003

WR Hambrecht + Co Announces Addition of Louis C. Webb to Life Science Team; Focus is Specialty Pharmaceuticals

San Francisco, CA, January 8, 2003—WR Hambrecht + Co today announced that Louis C. Webb has joined the firm’s Equity Research group in New York as a Managing Director focusing on Specialty Pharmaceuticals. Louis is the fourth analyst making up WRH+Co’s Life Science team that also includes coverage of the Biotechnology, Healthcare Services and Medical Technology sectors.

“We are ecstatic to have Louis join our Research team and help solidify our coverage in the Life Science sector,” said Will McDermott, Senior Managing Director and Head of Equities at WR Hambrecht + Co. “Louis’ significant expertise in covering the pharmaceutical industry has twice garnered him first place honors in The Wall Street Journal annual analyst survey. We believe his vast experience and stellar reputation will significantly improve our ability to effectively serve the broader needs of our clients.”

Louis has 27 years’ experience covering the pharmaceutical sector, including positions at RBC Capital Markets, Fahnestock & Co., and Robert W. Baird & Co. He has a Bachelor of Science degree in Engineering and Applied Science from Yale University and is a Chartered Financial Analyst.