ANN ARBOR, MICH., Nov. 15, 2002 – Dr. Michael W. Long, the scientific founder, president and chief executive officer of Velcura Therapeutics™, Inc., recently announced five staff additions at its new laboratory in Ann Arbor, Mich. The biotechnology company, which earlier this year received Michigan Life Sciences Corridor (MLSC) funding, recently was recognized by Chicago technology business magazine I-Street as being among the Midwest's top 50 emerging tech companies.

"We are using the MLSC funding to extend our efforts in discovering therapies for bone disease," Dr. Long said. "Liz Ashcraft, Kathy MacLeod, Kristi Nichols, Tara Twomey and John Zielinski typify the strong research talent available here in Michigan," he added. "What’s more, they share Velcura’s vision of developing commercial therapies for stimulating bone formation with the goal of restoring the women and men who suffer osteoporosis and other bone disorders to independent and healthy living."

Velcura’s new Laboratory Manager Elizabeth (Liz) K. Ashcraft, of Pinckney, formerly worked as a senior research associate at the University of Michigan in Ann Arbor. A 1975 graduate of Oakland University in Rochester, Mich., she has researched drug metabolism as well as gene identification, cloning and expression at the University of Michigan and has contributed to several scientific journals. Together with Dr. Long and other U-M associates she wrote, "Age-related phenotypic alterations in populations of purified human bone precursor cells" that was published in the Journals of Gerontology in 1999. Liz will oversee the laboratories’ function and participate in drug-target identification.

Kathryn J. MacLeod, Ph.D., of Ypsilanti, was named Senior Staff Scientist. Born in Massachusetts, she received her doctorate degree in Cellular and Molecular Physiology from Tufts University School of Medicine in Boston in 1999. In 1989, she graduated Magna Cum Laude with distinction in the Field of Biology from Emmanuel College. After earning her bachelor’s degree there, MacLeod worked as a production supervisor for four years for Genzyme Biosurgery, a biotech company in Cambridge, Mass. Since 1999, she has been a Postdoctoral Fellow at Pfizer Global Research and Development in Ann Arbor. Dr. MacLeod has authored numerous publications in peer-reviewed journals.

Kristi C. Nichols, of East Lansing, was named Research Associate. A graduate of Michigan State University, she holds bachelors degrees in Plant Physiology and Molecular Biology. Nichols formerly served as a research technician at MSU as well as worked for the Michigan Department of Agriculture and the Smarteye Corporation in Troy.

Tara A. Twomey, of Novi, joins Velcura as Staff Scientist II. Most recently she was a research assistant at the Applied Genomics Technology Center at Wayne State University in Detroit. A 1992 WSU graduate, she has a Master of Science in Molecular Biology and earlier earned a Bachelor of Arts in Health Sciences from Kalamazoo College. Tara will be involved in Velcura’s discovery of novel bone therapeutic targets.

John F. Zielinski, of Sterling Heights, has been named Staff Scientist I. He most recently worked as a research assistant at the Karmanos Cancer Institute in Detroit and in the Immunology Department at Wayne State University. He graduated Cum Laude from Alma College in Michigan with a Bachelor of Science in Biochemistry in 1998. He later earned a Master of Science in Marine Environmental Sciences from the State University of New York at Stony Brook. John will be investigating bone growth factors.

About Velcura Therapeutics™, Inc.

Based in Ann Arbor, Mich., this biotechnology company is developing new and better therapies that stimulate bone formation for diseases such as osteoporosis, bone cancer, fractures and other bone diseases. Building on its 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 (ex vivo) using a rapid (7-10 days) and reliable method. From this, Velcura identifies therapeutic targets aimed at stimulating human bone formation. During his career, Michael W. Long, Ph.D., has received more than $10 million in funding for his research from the National Institutes of Health. Founded in 2001 as Osteomics by Dr. Long and Mary Ann Alger, the company was the grand prize winner in the first annual Michigan Business Plan Competition (www.gleq.org). Velcura Therapeutics™, Inc. has an exclusive license agreement with the University of Michigan.