RCT and Royal Bank are Partners in Life Science Venture Firm, Milestone Medica

Toronto, Ontario, Canada - Feb 10, 1998

David Shindler appointed Chief Executive Officer

Milestone Medica Corporation, a recently formed venture development company specializing in early stage technology investment and management, has appointed seasoned veteran of early stage ventures, Dr. David Shindler as president and chief executive officer. Milestone Medica shareholders are Royal Bank Growth Co. (RBGC) and Research Corporation Technologies (RCT).

Milestone Medica focuses on bridging the "development gap" for early stage biomedical discoveries from Canadian universities and research centres, an area that has been neglected by traditional venture capital. With seed-stage funding and management assistance, Milestone Medica will take promising Canadian innovations to the next stage of development and closer to commercialization. Milestone Medica's mission is to be Canada's first-choice partner for early stage biomedical technology development.

"Dr. Shindler's reputation for leadership and teamwork combined with his achievements in research and technology make him an excellent choice for this key appointment," said board member Susan Smith, RBGC President.

Dr. Shindler and his team will be identifying and acquiring Canadian technology and working with universities in managing further development. Milestone Medica will use the extensive scientific and commercial resources of RCT to help evaluate projects and plan commercialization strategies.

The outcome will be new opportunities for Canadian investment, licensing and new venture creation.

"Dr. Shindler's recruitment completes the final component of the strong partnership being built at Milestone Medica," said Dr. Gary Munsinger, president of RCT. "We believe that Dr. Shindler and his staff with the active support of RBGC and RCT provide a uniquely resourced team to help fill Canada's development gap."

This so-called "development gap" occurs when technologies are not developed enough to attract traditional venture capital funding. This results in a shortage of financing alternatives at the early stages of development.

This "gap" is the raison d'etre for Milestone Medica. By providing academic entrepreneurs with the resources and active management necessary to take their ideas to the next stage of development, they stand a greater chance of commercializing their work. One result is new employment opportunities for creative young Canadian researchers.

RBGC will contribute its expertise to the business development and management of the technologies supported by Milestone medica. RBGC acts as a "fund of expertise" by pulling together skills and processes from royal bank financial group.

Dr. Shindler previously was Commercial Director and Senior Executive of the Canadian Genetic Diseases Network, one of Canada's most successful networks of Centres of Excellence. Dr. Shindler has been involved since 1983 in Canadian biotechnology, including five years as manager of the federal government's biotechnology strategy. An expert in microbiology and biochemistry, Dr. Shindler earned his doctorate from the University of Ottawa. He assumes his position at Milestone Medica March 1, 1998.

RBGC, a subsidiary of Royal Bank Financial Group, is designed to bring Canadian science and technology to market through company creation, licensing, and selling in the following sectors: life sciences, information technologies, agri-sciences, advanced materials, advanced manufacturing technologies, and others. It partners with companies who have recognized expertise in successfully commercializing innovations and links the right expertise with the right ideas to create and nurture companies at very early stages.

Milestone Medica's board of directors includes Graham Strachan, President and CEO, Allelix Biopharmaceuticals Inc.; Roderick D. Fraser, Ph.D., President and Vice Chancellor, University of Alberta; Susan Smith, President, RBGC; Sanjé Ratnavale, Director, Corporate Finance, RCT; John T. Perchorowicz, Ph.D., Director Institutional Relations, RCT; René Douville, Senior Market Manager, Life Sciences and Health Care, Royal Bank; and David Shindler, Ph.D., President and CEO, Milestone Medica Corporation.

Contact

Dr. David Shindler, Milestone Medica, (604) 822-7189
René Douville, Royal Bank Growth Co., (416) 974-4794
Jan McCoy Hutchinson, RCT, (520) 748-4458

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