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Leerink Swann & Company Expands Equity Research Department

Leerink Swann & Company announces the expansion of its Equity Research Department with the recent additions of three senior analysts, Howard Liang, Ph.D., William F. Sawyer, and George Hill, and Mark Hostetler as a senior research associate. "Leerink Swann has built a stellar reputation for independent fundamental equity research in the healthcare sector," said Jeffrey A. Leerink, CEO and Chairman of Leerink Swann. "As we continue to expand upon our expertise in the industry, we are pleased to add these talented individuals to our award-winning Equity Research Department."

Howard Liang, Ph.D. -- Director, Biotechnology

Dr. Liang joined Leerink Swann's biotechnology team to focus on oncology. Dr Liang came to Leerink Swann from A.G. Edwards where he was a biotech analyst. Before that he worked at JMP Securities in San Francisco and at Prudential Securities where he was an associate on an Institutional Investor ranked biotech team. Dr. Liang earned his undergraduate degree in chemistry from the University of Beijing and holds an MBA and Ph.D. in biochemistry and molecular biology from the University of Chicago. Prior to working on Wall Street, Dr Liang worked as a senior scientist in structure-based drug discovery at Abbott Laboratories.

William F. Sawyer -- Director, Specialty Pharmaceuticals

Mr. Sawyer will focus his research efforts on the generic manufacturers. He joined Leerink Swann from Merrill Lynch where he worked on an Institutional Investor ranked specialty pharmaceutical research team. Before that, he spent three years on Lehman Brothers' specialty pharmaceuticals team. Mr. Sawyer holds his MBA from NYU's Stern School of Business and his BS in pharmacy from Rutgers University. Before moving to Wall Street, Mr. Sawyer worked four years as a pharmacist.

George Hill -- Vice President, Health Care Technology

Mr. Hill joined Leerink Swann to add coverage of Health Care Information Technology. Prior to joining the firm, he was a member of the team at Thomas Weisel, which covered health care IT and pharmaceutical service companies. Before that he spent two years at Citicorp Asset Management. Mr. Hill holds a BA in political science from Rutgers University and he has done additional course work in accounting and corporate finance at the University of Connecticut.

Mark Hochstetler -- Senior Associate, Biotechnology

Mr. Hochstetler joined the Leerink Swann biotech team as a senior associate. He holds an MBA in Health Sector Management from Duke University and a BA from Stanford University. He came to Leerink Swann after four years in research at Robertson Stephens.

About Leerink Swann & Company

Leerink Swann & Company is an investment banking firm that provides healthcare equity research, corporate finance, and asset management services for institutional and high-net-worth clients. Leerink Swann & Company was voted the Best Firm in Biotechnology, Medical Supplies and Devices, Pharmaceuticals/Major and Pharmaceuticals/Specialty in the December 2004 Institutional Investor poll ranking the best boutique and regional firms by sector. Through its consulting affiliate, MEDACorp, Leerink Swann & Company provides biomedical-consulting services to Life Sciences companies and to the institutional investment community. MEDACorp includes thousands of biomedical professionals and practicing physicians. Leerink Swann & Company is a member NASD/SIPC.

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