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January 13, 2003

Howard Palefsky Joins Montreux Equity Partners as General Partner

Montreux Equity Partners today announced that Howard D. Palefsky, the former chairman, CEO and president of Collagen Corporation, has joined the firm as a general partner.

Mr. Palefsky is chairman and CEO of NeurogesX, Inc., a specialty pharmaceutical company focused on the development of products for abnormal nerve signaling disorders including chronic pain. He will remain as chairman after the current search for a new CEO is completed. Montreux is an investor in NeurogesX along with Alta Partners, ARCH Ventures and Walden Ventures.

“We are delighted to have Howard join our investment partnership,” said Daniel K. Turner III, general partner, Montreux Equity Partners. “As a CEO, investor and corporate director, Howard has been closely associated with many successful companies. His experience and insights will prove invaluable to our current and future investments.”

“I am delighted to formalize my relationship with Dan Turner and the team at Montreux,” said Howard Palefsky. “We have been co-investing together for the past five years in various projects and I have admired Montreux’s approach to the evaluation, execution and management of venture investments.”

Mr. Palefsky has more than 30 years experience in the life sciences and medical device industry. From 1978-1997, Mr. Palefsky was president, chairman and CEO of Collagen Corporation. While leading Collagen to profitability as an operating business, he was involved in the formation of several companies that were direct or indirect spin-offs from Collagen, including Target Therapeutics (neuroradiology devices - purchased by Boston Scientific in 1997), Prograft Medical (vascular stents and grafts - purchased by W.L. Gore, Inc in 1997) and Conceptus, Inc. (contraceptive products - NASDAQ: CPTS).

In addition, Mr. Palefsky was an investor, founder or director of several companies, including Interventional Technologies, Inc. (cardiovascular devices -sold to Boston Scientific Corporation in April 2001), Enteric Medical (gastrointestinal products – sold to Boston Scientific in 2002), Calgene, Inc.(agricultural biotechnology-sold to Monsanto, 1997), Oclassen Pharmaceuticals, Inc.(dermatology-sold to Watson Pharmaceuticals, 1997), ProDuct Health, Inc. (breast cancer diagnostic and treatment - sold to Cytyc Corp. in 2001), and Innovasive Devices, Inc. (products for use in the treatment of sports medicine based injuries - sold to Johnson and Johnson in 2000).

From 1973 to 1978, Mr. Palefsky held executive positions with ALZA Corporation.

He holds a B.S. in Mathematics from City College of New York and an M.B.A. from the Graduate School of Business at Stanford University.

About Montreux Equity Partners Montreux Equity Partners, founded in 1993, is a successful venture capital firm specializing in early stage technology and life sciences companies. The firm has nearly $100 million in capital under management. In 2002, PayMap, a Montreux portfolio company, was purchased by First Data Corporation. In addition, Montreux was also an investor in ProDuct Health, which was purchased in 2001 by Cytyc Corporation, and in Enteric Medical, which was purchased in June 2002, by Boston Scientific Corporation. Montreux’s current life sciences portfolio includes Peninsula Pharmaceuticals, Coalescent Surgical, Integrated Biosystems and NeurogesX. The firm’s seasoned investment team brings more than 60 years of operating and investing experience as entrepreneurs, managers and investors to their portfolio companies. Montreux Equity Partners is located in Menlo Park, California. For more information about Montreux Equity Partners, visit howard@mepvc.com