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> Piper Jaffray Biotech Report Details Investment Opportunities Stemming from

> Vast Neurological Disorder Markets

>

> MINNEAPOLIS--(BUSINESS WIRE)--Oct. 22, 1998--New research by Piper

> Jaffray Inc. says disorders of the nervous system will continue to be the

> most prevalent of all chronic ailments well into the next century. As such,

> neurological disorders represent one of the largest market opportunities for

> biotechnology companies.

>

> " The Biotechnology Industry: Vast Markets Provide Opportunities for

> Neuroscience Companies and Investors, " published in October 1998 by Piper

> Jaffray Senior Analyst Ginsberg, describes diseases that plague

> millions of Americans, as well as the companies that are developing the most

> promising therapies for them.

>

> Among the worst threats to the American population are Alzheimer's

> disease, Parkinson's disease, stroke, epilepsy, multiple sclerosis, sleep

> disorders, mental illness and chronic headaches, according to Ginsberg. For

> example, four million Americans now suffer from Alzheimer's disease. That

> number will rise to 14 million by the middle of the 21st century, according

> to the National Alzheimer's Association.

>

> While the prevalence of neurological diseases is well-documented,

> Ginsberg says, " What is not as well understood is how rapidly penetrable

> these neurological disease markets are, leaving great opportunities for

> biotechnology companies. " He says that in the case of many neurological

> diseases, patients are in dire circumstances, they have new treatment

options

> and the clinical community is concentrated. " With only 11,700 neurologists

in

> the United States, companies with a well-planned marketing strategy can

> generate extremely rapid market penetration. "

>

> The risk for companies and investors in this sector, according to

> Ginsberg, is the complexity of common neurological disorders. " Most

disorders

> remain poorly understood, " says Ginsberg. In the report, he outlines the

> three companies currently under research coverage at Piper Jaffray that have

> potential to successfully develop and market treatments for neurological

> disorders.

>

> -- Biogen (BGENNo., Nasdaq, 67-7/16): Biogen is the maker of Avonex,

> now the leading multiple sclerosis therapeutic worldwide.

>

> -- Aradigm Corporation (ARDMNo., Nasdaq, 10-1/8): Aradigm is

>

> developing morphine for inhalation, which may prove to be a much

>

> improved therapy for millions of americans who suffer from

>

> breakthrough cancer pain.

>

> -- Guilford Pharmaceuticals (GLFDNo., Nasdaq, 14-5/16): In

>

> partnership with Amgen (AMGN), the company is developing a series

>

> of drugs called neuroimmunophilin ligands, which may prove an

>

> important break through in treating a range of neurologic

>

> disorders including Parkinson's disease and Alzheimer's disease.

>

> In addition to an indepth analysis of neurological diseases,

Ginsberg's

> report also spotlights pain management as a major neurological problem in

> need of improved treatments. For a copy of the 42-page report, please

contact

> your Piper Jaffray representative. Members of the media may call (612) 342-

> 8850 for more information about receiving reports.

>

> Piper Jaffray Inc., founded in 1895, has built a reputation as one of

> the nation's premier financial services firms by providing investment advice

> and services to businesses, institutions and individuals. Piper Jaffray's

> investment banking business has grown exponentially in the last several

years

> by focusing on the needs of emerging growth companies in the healthcare,

> technology, financial, consumer and industrial growth sectors. Piper Jaffray

> has a national reputation for its expertise in equity and debt financing.

> Securities products and services are offered through Piper Jaffray Inc.,

> member SIPC and NYSE, Inc., a subsidiary of U.S. Bancorp. Through U.S. Bank,

> Piper Jaffray clients can access a full range of commercial and retail

> banking products. For more information, visit our Web site at piperjaffray.

> com.Nondeposit investment products are not insured by the FDIC, are not

> deposits or other obligations of or guaranteed by U.S. Bank National

> Association or its affiliates, and involved investment risks, including

> possible loss of the principal amount invested. Securities products and

> services are offered through Piper Jaffray Inc., member SIPC and NYSE, Inc.,

> a subsidiary of U.S. Bancorp.

>

> No. Piper Jaffray Inc. makes a market in the company's securites.

>

> CONTACT:

>

> Child

>

> Piper Jaffray Inc.

>

> 612-342-6594

>

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