Press Release May 09, 2006

NGN Joins Syndicate Investing $60 Million in Aerovance

BOSTON, May 9, 2006 — Aerovance Inc., a Berkeley, Calif.-based drug company focused on respiratory and inflammatory diseases, has raised $60 million in Series C funding. The deal includes an initial $32 million infusion and an additional $28 million based on Aerovance hitting certain milestones. Clarus Ventures led the deal, and was joined by Alta Partners and return backers Apax Partners, Lehman Brothers, NGN Capital and Burrill & Co. Aerovance was spun out of Bayer in 2004.

Goodwin Procter partner Kingsley Taft represented NGN Capital in this transaction.