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Conor Medsystems Closes $10 Million in Funding

Palo Alto, California, June 26, 2002 - Conor Medsystems, Inc., a medical device company developing solutions for controlled local drug delivery, announced today that it received $10 million in financing from new and existing investors. Highland Capital Partners led the round and was joined by previous investors Easton Hunt Capital, Musket Research Associates and Calmedica Capital.

"I am pleased with the progress that we have made moving our product into clinical testing and securing funding from a major venture capital firm like Highland," said Tom Brooks, President of Conor Medsystems. "This new capital, our most significant round of financing to date, allows us to further develop the management and infrastructure of the company as we move our exciting products toward the marketplace."

Since its founding in 1999, Conor Medsystems has been developing medical devices that can serve as platforms for controlled local drug delivery. The company's first application is the Conor MedStent, a drug eluting coronary stent. The Conor MedStent contains many tiny wells that can be filled with drugs targeted to reduce restenosis or re-blockage of the artery as well as to address other indications that may benefit from local drug delivery.

The proprietary design of the Conor system allows for "programmable" drug release, enabling the control over the timing or kinetic pattern of release so as to optimize efficacy. The unique honeycombed design also permits precise spatial distribution of the drug to achieve varying dosage levels at different points across the length of a stent.

"At Highland we look for companies that bring unique and innovative technologies to the market," said Wyc Grousbeck, general partner of Highland Capital Partners. "As a second generation drug delivery stent, Conor Medsystems has the potential to address the huge vascular drug delivery market and offers tremendous opportunity in a variety of clinical indications."

Conor Medsystems, Inc.
Since its founding by Jeff Shanley in 1999, Conor Medsystems has been developing medical devices that can serve as platforms for controlled local drug delivery, the first application of which will be a drug eluting coronary stent. Based in Palo Alto, CA, Conor is privately held and venture funded and backed by Highland Capital Partners.

Highland Capital Partners
Highland Capital Partners is an early-stage venture firm focused on building companies in the communications, information technology and healthcare markets. Founded in 1988, Highland has invested in and worked to create such firms as Altiga Networks, Aspect Medical Systems, Avid Technology, CheckFree, EXACT Sciences, GenVec, HighGround Systems, Lycos, MapQuest, Ocular Networks, Odyssey Healthcare, PRAECIS PHARMACEUTICALS, Sybase and WebLine Communications.