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FOR IMMEDIATE RELEASE

Greg Gardiner joins Carter Morse & Mathias

January 3, 2007 - Carter Morse & Mathias, a leading regional investment banking firm based in Southport, Connecticut, has announced that Greg Gardiner has affiliated with the firm as a senior advisor. In conjunction with Dr. Gardiner's affiliation, CM&M has launched a Healthcare Group focused on providing strategic corporate finance services to companies in life sciences, healthcare services, medical devices and healthcare information technology.

Dr. Gardiner brings over 30 years of industry, consulting and investment experience to CM&M. He is a partner in Elm Street Ventures, an early stage venture fund specializing in the life sciences, and currently serves as an advisor to Yale University's Office of Cooperative Research (OCR). He was formerly Managing Director of Yale's OCR, where he was responsible for development of technology and licensing of intellectual property created by Yale faculty.

Before joining Yale's OCR, Dr. Gardiner was Group Director of R&D Operations for Pfizer Central Research, where he designed and implemented Pfizer's external biotechnology strategy. At Pfizer, Dr. Gardiner managed a $150 million equity portfolio, as well as Pfizer's position in five venture capital partnerships. As part of his responsibilities, Dr. Gardiner concluded over 300 collaborative research agreements, placing $250 million in research funding with companies such as Neurogen, Incyte Pharmaceuticals, Millennium Pharmaceuticals, Scios, and OSI Pharmaceuticals. Dr. Gardiner also participated in the management of Pfizer's worldwide drug discovery program, and was responsible for the scientific evaluation of licensing candidates including Lipitor, Celebrex, and Aricept.

"Greg brings broad experience in working with entrepreneurial companies in the pharmaceutical and biotech industries. With his industry, scientific and transactional experience, CMM can provide the highest quality investment banking services to life science companies interested in consummating M&A transactions between $25 and $100 million and capital raises from $5 million to $50 million. There are few regional investment banks in New England that can deliver life science expertise comparable to Greg's. Combining our firm's proven track record of executing mergers, acquisitions, divestitures, and private placements of equity and mezzanine capital with Greg's pharma expertise immediately places our life science corporate finance capabilities on par with any New England firm." said Gary Mathias, a managing director of the firm.

Dr. Gardiner holds an adjunct faculty position in pharmacology at Yale University School of Medicine. He received a Ph.D. in Physical Chemistry from Fordham University and was a Sterling Fellow in Chemistry at Yale.

About Carter Morse & Mathias

Carter Morse & Mathias is a regional investment-banking firm, founded in 1987 and headquartered in Southport , Connecticut .  It specializes in merger and acquisition advisory activities, private placements of institutional capital, strategic consulting and financial advisory services and business valuations for entrepreneurial companies. Its affiliate, Carter Capital Corporation, is a broker-dealer registered with the NASD and the SEC.

For additional information, please visit www.cartermorse.com or contact Greg Gardiner directly at 860-535-0571 or via email to greg.gardiner@cartermorse.com.


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