Lansing, Mich., Dec. 10, 2002 – "Developing new and better therapies for osteoporosis and other bone diseases, Velcura Therapeutics, Inc. is interested in strategic partnerships to speed this process and bring the benefits in translating our scientific research from the laboratory bench to the bedside," said Dr. Michael W. Long, scientific founder and CEO of the biotechnology company that was honored at the Dec. 9 Michigan Investment and Commercialization Success Celebration.

"This celebration is our way of honoring Michigan's entrepreneurial spirit," said Doug Rothwell, president and CEO of the Michigan Economic Development Corporation. "Velcura has been extremely successful at commercializing important medical technology that will improve the quality of life for many in the years to come."

"The University of Michigan community is behind the Velcura Therapeutics team in their efforts and wishes them all the best," said Ken Nisbet, executive director of U-M’s Tech Transfer Office that nominated the biotech company for the award. "Velcura is another great example of the benefits of matching extremely promising UM technology with the resources of the private sector," he added.

About Velcura Therapeutics™, Inc.

Based in Ann Arbor, Mich., this biotechnology company is developing new and better therapies that stimulate bone formation and is building on the scientific founder’s patented technology and ability to rapidly isolate and analyze human bone cells. Velcura Therapeutics, Inc. can grow human bone outside the body using a rapid and reliable method and then identify therapeutic targets aimed at stimulating human bone formation.