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Caprion and Micromass Announce Proteomics Collaboration; Micromass to invest US$7.5 million in Caprion Pharmaceuticals

MONTREAL and MANCHESTER, England--(BW HealthWire)--Nov. 21, 2000-- Caprion Pharmaceuticals Inc., and Micromass UK Ltd, a wholly-owned subsidiary of Waters Corporation (NYSE:WAT) announced today a collaboration to support Caprion's proteomic research with the application of Micromass' leading mass spectrometry technologies. Micromass will make an investment of US$7.5M in Caprion and support the design and implementation of Caprion's large-scale, high-throughput mass spectrometry efforts. The two companies will collaborate on the development of new processes for research in proteomics.

With the completion of the sequencing of the human genome, the discovery of the proteome - the nature and function of all proteins - stands as the next great challenge in biotechnology. Caprion is applying proprietary processes in sub-cellular biology together with large-scale mass spectrometry to create an unprecedented base of knowledge and understanding of the proteome. This partnership is designed to combine Caprion's High Resolution Spatially-resolved (HRS(TM)) approach with Micromass's market-leading mass spectrometry instruments, including M@LDI-ToF(TM), Q-ToF(TM)II and related software and automation.

"We are tremendously excited about the potential of combining our engineering skills and instruments with Caprion's high-throughput proteomic applications," noted Bob Williams, Chairman of Micromass, "We believe that Caprion is bringing a distinctive approach to this important new field, and that, combined with our technologies, Caprion will lead the way in applying high-throughput mass spectrometry-based proteomics to understanding disease."

Caprion is expanding its research facilities in Montreal for the scale-up of its new HRS(TM) and mass spectrometry-based research center. "Once complete, our proteomics factory will stand as the leading proteomic information generator in the field," commented Lloyd M. Segal, President and CEO of Caprion, "Our aim is to create a center that can rival any other global player in proteomics in supporting the needs of the biopharmaceutical industry. With the help of Micromass, we have ensured our competitive position and have made certain that we can achieve that goal in our new facility, which will be without peer in the industry."

Micromass will lead the design and engineering of Caprion's large-scale protein identification facility in Montreal and the two companies will collaborate in the creation of new intellectual property with applications in proteomics and protein identification, which the companies will share equally. The companies have agreed to limited terms of mutual exclusivity in the partnership, which will be in effect for at least three years. Each company has retained the right to freely sell instruments and services without restrictions.

About Caprion: Caprion Pharmaceuticals Inc. is a proteomics company applying proprietary processes in resolving sub-cellular protein information - Cell Mapping - to understand the role of proteins in disease. Caprion provides Cell Map services to major biopharmaceutical companies to increase the speed and efficiency of early stage drug discovery and to develop its own diagnostic and therapeutic products, which currently include the first diagnostic products for Mad Cow Disease.

About Micromass: Micromass, a wholly owned subsidiary of Waters Corporation (NYSE:WAT), is a leading developer, manufacturer and supplier of instruments and systems for the analysis of proteins, a major challenge of the post-genomic era. Micromass' Q-ToF(TM)II and ProteomeWorks(TM) systems are the definitive systems for protein analysis.

About Waters Corporation: Waters Corporation is a leading supplier of high performance liquid chromatography instrumentation and consumables, and mass spectrometry products for the life sciences market, which account for the US$3.5 billion in annual revenues of the US$18 billion analytical instruments total market.

Cautionary Statement

Any statements contained in this press release that relate to future plans, events or performance are forward-looking statements that involve risks and uncertainties including, but not limited to, those relating to technology and product development, market acceptance, government regulation and regulatory approval processes, intellectual property rights and litigation, dependence on strategic partners, ability to obtain financing, competitive products and other risks. Actual results, events or performance may differ materially. Micromass and Caprion undertake no obligation to publicly release any revisions to these forward-looking statements resulting from events or circumstances after the date hereof.

--30--jr/bos*

CONTACT: Bob Williams
Chairman
Micromass UK Ltd
(44)-161-718-4551
www.micromass.co.uk
or
Lloyd M. Segal
President & CEO
Caprion Pharmaceuticals Inc.
(514) 940-3604
lsegal@caprion.com
www.caprion.com
or
Brian K. Mazor
VP Human Resources and Investor Relations
Waters Corp.
508-482-2193
www.waters.com