MEDIA CONTACT: Megan Fellman at (847) 491-3115 or fellman@northwestern.edu

October 13, 2003

ITEC Fund Makes Award to Cue Biotech

EVANSTON, Ill. --- Chicago-based life sciences company cue BIOtech, Inc., has received a $25,000 investment from the Illinois Technology Enterprise Center (ITEC)-Evanston. This is the third investment ITEC has made from its pre-seed fund for technology startup companies.

Based on work that was done at Northwestern University, Cue has developed an innovative drug discovery platform that targets G-protein-coupled receptors (GPCRs). GPCRs are responsible for transferring many signals into cells and are the targets of 50 to 60 percent of all drugs on the market today. Cue’s proprietary platform enables them to discover small molecule drugs that have fewer side effects and target GPCRs that have proven resistant to drug development.

The company, which has been awarded multiple Small Business Innovation Research (SBIR) grants from the National Institutes of Health, is using its platform to create a robust pipeline of new small molecule drugs for use in a number of large markets where there are serious unmet needs.

“cue BIOtech is poised to become a leader in the Illinois biotechnology community,” said Jeff Coney, director of ITEC-Evanston. “We believe in Cue’s platform technology and are excited that the ITEC investment will be used to advance the company’s lead program.”

Cue’s lead program targets the thrombin receptor, which is involved in platelet aggregation. Platelet aggregation causes much of the damage associated with deep vein thrombosis, stroke and heart attacks. All previous efforts to target this receptor have failed, which has forced companies to resort to other, less attractive targets. With its unique approach, Cue has already generated several lead molecules that show promise as preventatives in this multi-billion-dollar market. The investment from the ITEC pre-seed fund will be used to help refine these compounds into viable drug candidates.

The principals at cue BIOtech are Annette Gilchrist, Ph.D., president, and Geoff Trukenbrod, vice president of finance and business development. Cue is currently seeking partnerships and investors to fund further development of its drug discovery programs. More information about the company is available online at www.cuebiotech.com.

ITEC-Evanston was established by the State of Illinois in 2000 to provide services relevant to the formation, growth and retention of early-stage technology companies in Illinois. Northwestern University manages the program, which is actively seeking new applicants to its Pre-Seed Fund. More information about ITEC-Evanston is available online at www.itec-evanston.org.