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June 9, 1999

WASHINGTON RESEARCH FOUNDATION LAUNCHES WRF CAPITAL, MOVES TO NEW VENTURE CENTER ON LAKE UNION

SEATTLE -- Formalizing its role as a source of early stage seed venture funding, Washington Research Foundation has created WRF Capital and moved to a new WRF Venture Center on Lake Union in Seattle.

"WRF Venture Center is a natural extension of our mission to stimulate and support the creation of local technology-based companies," said Ronald Howell, president. The new center, at 2815 Eastlake Avenue E., Suite 300, has 31 offices, six conference rooms, library and a variety of office services.

"We intend to provide a professional, short-term, flexible environment where entrepreneurs can develop their businesses," Howell said. Priority will be given to those companies in which WRF Capital has provided seed funding, but space will also be made available to other technology-based start-ups.

The first tenants are Targeted Growth, Inc., UltraImage LLC, Hypercerulean, Inc., and Oxford GlycoSciences (UK) Ltd. (OGS). The most recent addition, OGS, is not a traditional startup but a successful one-year-old English biotechnology company that is starting its North American office here.

"There's a real benefit to having young companies physically housed close to each other," Howell said. "The proximity seems to energize everyone, and people have immediate access to research and other support services needed by young companies."

"The WRF Venture Center is not a traditional incubator, but it allows us to keep space for our own companies," Howell noted. "A benefit is that we can help other companies as well."

The WRF Venture Center occupies the entire third floor of a building that once housed software giant Walker Richer Quinn and more recently Terra Computer. Of the 15,000 square feet, about 2,000 square feet is in common areas.

Among the amenities that will be available to tenants are receptionist service; notary public; T1 computer access; presentation set-up room, and conference rooms with overhead projection, speaker phones, and two conference rooms divided by a wall with a one-way mirror and audio jacks for focus group sessions. Optional services include furniture rental, parking and accounting.

WRF Capital invests in start-up companies using funds derived from royalties created by licensing arrangements dating from the early years when Washington Research Foundation was a patent and licensing agent for research-based technologies developed primarily at the University of Washington. The independent foundation was established in 1981.

To date, WRF Capital has invested more than $3 million in seed money in nine start-up companies. The companies include Confirma, Inc., formerly Merlin Data Works; Micronics, Inc.; Therus Corp.; EKOS Corp.; and Numinous Technologies, Inc., which was recently sold to Microsoft.

WRF Capital seeks to generate profits from successful start-up companies and eventually to liquidate its investments in order to replenish its seed venture fund for future investments. It also makes grants to research institutions in the state. The foundation has given more than $4 million to the University of Washington, in addition to more than $55 million it has returned in licensing income.

CONTACT:  Ronald S. Howell, President (206) 336-5600