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MetaProbe Completes Series A Funding of Nearly $5 Million

7.5.2001

San Diego, CA – Jul 05, 2001

Funds to expand development of unique technology platform

MetaProbe LLC, a company developing imaging contrast agents that respond to specific biochemical events in the body, has closed nearly $5 million in Series A funding.

“We are pleased to have finalized this initial round of financing,” said Douglas A. Bakan, MetaProbe chief operating officer. “The company will use these funds to expand operations and further the development of this new class of imaging agents that may contribute significantly to the detection, staging, treatment and follow up of a wide variety of disease conditions.”

The primary investors were IngleWood Ventures in San Diego, Research Corporation Technologies (RCT) in Tucson, Ariz., and Scope Industries in Los Angeles. RCT formed MetaProbe after acquiring the patented technology through a commercialization agreement with the California Institute of Technology in Pasadena. The company currently occupies a synthetic chemistry and research laboratory in Pasadena and executive office space in San Diego.

MetaProbe is developing novel imaging agents that enable real-time, three-dimensional visualization of specific physiological events or disease using magnetic resonance (MR) imaging. The MetaProbe compounds transform from a diagnostically inactive state to an activated state only in response to highly specific interactions with molecules active in human disease.

Through their physiologically based activation systems, MetaProbe’s agents may provide both anatomical and functional information about the metabolic status of cells and organs. By comparison, existing MR contrast agents are constitutively active and provide limited functional information.

MetaProbe also plans to develop its technology platform as the basis for a novel set of genomic and proteomic “discovery tools” to help determine the relationships among genes, proteins and biological function, and facilitate subsequent drug development.

Certain matters set forth in this news release may be forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. MetaProbe disclaims any intent or obligation to update these forward-looking statements.

Contact

Douglas A. Bakan, Ph.D., chief operating officer (858) 597-7528.

More information about MetaProbe and its development programs is available at the company’s website.