Executive Summary

Seattle-based biotech startup is currently in the process of a private placement offering which is expected to be completed in June. Venture capitalists Issac and David Blech are the principal financiers and Paine Webber is handling the placement. Founded in the fall of 1989, the company is headed by three major biotech execs: Chairman of the Board George Rathmann, PhD, (currently chairman of Amgen); President and CEO Robert Nowinski, PhD, (former VP Bristol Myers and founder of Genetics Systems); and Science Director Christopher Henney, PhD, (cofounder of Immunex). The company's focus will be the development of biotech and pharmaceutical therapeutics for the treatment of inflammatory diseases.