"The fact that these non-price terms were down is a further
indicator of growing investor confidence.

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The results show that Fenwick + West 's Venture Capital
Barometer(TM) -- a measurement of the change in share price of
companies funded during the quarter compared with their prior
financing round -- was up 36%.
"This is a very healthy increase," said Barry Kramer, co-author of
the survey.
Conversely, a down round is one in which the price per share has
declined since a company's prior financing round.

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fenwick. Focusing exclusively on trends in venture financing
and valuations, the Fenwick + West Surveys complement the economic
data presented in the Ernst + Young/Venture One U.

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"It is the highest increase we've seen since we started
the Barometer in the first quarter of 2004."
An up round is one in which the price per share at which a company
sells its stock has increased since its prior financing round.

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.

Austan Goolsbee, professor of economics with a focus on
government policy.

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"
The survey also disclosed that up rounds continued to outpace down
rounds. While some signals remain mixed, the
Silicon Valley venture environment continues to improve, especially in
the area of company valuations. Venture Capital
Survey and the MoneyTree(TM) Survey by PricewaterhouseCoopers , Thomson
Venture Economics, and the National Venture Capital Association.

ADVISORY/University of Chicago Panel to Discuss Social Security Reform

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The survey analyzed the terms and valuations of venture financings
for 101 technology and life science companies headquartered in the
Silicon Valley/San Francisco Bay Area that reported raising capital in
the fourth quarter of 2004. The survey was based on
the venture financings of 85 life science companies headquartered in
the local area.backe@ChicagoGSB .edu

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----

Results of Life Sciences Venture Capital Valuation
Survey Also Announced

Fenwick + West LLP, one of the nation's premier law firms
providing comprehensive legal services to high technology and life
science clients, today announced the results of its Fourth Quarter
2004 Silicon Valley Venture Capital Survey.

WHERE: The University of Chicago Graduate School of Business.
5807 S.

All are faculty members at the University of Chicago Graduate
School of Business.

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"
Michael Patrick, survey co-author, said, "Other positive trends
during the quarter included an increase in the number of
venture-backed companies going public, along with a 12% increase in
the Nasdaq composite index .

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The Fenwick + West Life Science Barometer showed a 27% average
price increase for life sciences companies receiving venture capital
financing in 2004 compared to such company's previous financing round.com/vctrends.

Business Editors/Education Writers/Political Writers
ADVISORY .

WHO: Randall Kroszner, professor of economics and a former member
of President Bush's Council of Economic Advisers.edu) or Barbara Backe at 773-702-4282
(barbara.

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"

Life Sciences Survey

Fenwick + West also announced the results of its first annual Life
Sciences Venture Capital Valuation Survey, which showed that the
valuation of venture-backed life sciences companies based in Silicon
Valley improved significantly during the year.

NOTE TO REPORTERS AND EDITORS: For complimentary media
registration please call Allan Friedman at 773-702-9232
(allan.

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About the Survey

The Fenwick + West Quarterly Venture Capital Survey and the Life
Sciences Venture Capital Valuation Survey, co-authored by law firm
partners Barry J.

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Fenwick + West's Silicon Valley Venture Capital Survey Reveals 36% Increase in Valuations in Fourth Quarter of 2004

Business Editors/High-Tech Editors

MOUNTAIN VIEW, Calif.

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WHAT: A panel discussion on Social Security reform.

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Moderator: Anil Kashyap, professor of economics and finance.

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"The use of tougher deal terms such as senior liquidation
preferences, multiple liquidation preferences, ratchet antidilution,
and pay-to-play provisions declined from the prior quarter," added
Kramer. Patrick, offer a unique view
of the venture capital market in the Silicon Valley/San Francisco Bay
Area by providing insight into the changes in venture capital terms
and valuations.friedman@ChicagoGSB.

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"Up rounds outpaced down rounds 60% to 28%," said Kramer ,
"marking the fourth quarter in a row in which up rounds exceeded down
rounds.
"In the life sciences survey, up rounds outpaced down rounds in
2004 by 54% to 23%," said Kramer.htm
Survey highlights are also published on SiliconValley.S. Woodlawn Avenue
Room 104

WHEN: Monday, February 28, 2005
12:00 p.

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Complete results of both surveys are posted on Fenwick + West's
website at www. Kramer and Michael J.

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com, Knight
Ridder Digital's technology news website , in conjunction with the San
Jose Mercury News' Quarterly Venture Capital Report.

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About Fenwick + West

Established in 1972, Fenwick + West LLP is one of the nation's
premier law firms with extensive expertise in venture capital, public
offerings and other corporate finance, joint ventures , M+A and
strategic relationships, intellectual property, litigation and dispute
resolution, taxation , antitrust and employment and labor law.m.

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The survey also disclosed that valuation increases for life science
companies were noticeably higher in the second half of 2004 compared
to the first half of 2004. to 1:00 p.