Intrinsic Therapeutics, Inc.
Receives $7.2 Million Venture Capital Financing

WILMINGTON, Mass.--(BUSINESS WIRE)--Jan. 17, 2001--Intrinsic Therapeutics, Inc. announced today that it has raised $7.2 million in a venture capital financing led by New Enterprise Associates (NEA) to advance its work in spinal soft tissue repair. Spray Venture Partners, the lead investor in Intrinsic's initial financing, also participated.

"We are very pleased to have the investment of New Enterprise Associates and Spray Venture Partners, both leaders in healthcare venture capital. The combination of their financial resources and networks gives us a remarkable opportunity to further the development of our proprietary intervertebral disc repair products," commented Greg Lambrecht, President and CEO of Intrinsic Therapeutics.

Ryan Drant from NEA joins Greg Lambrecht, Kevin Connors from Spray Venture Partners, and Josh Makower from TransVascular Inc. on Intrinsic's board of directors.

Injury to soft tissues of the spine is responsible for the majority of low back pain and sciatica suffered by over five million people in the United States. More than six hundred thousand surgeries are performed to treat patients with these disorders each year. The procedures typically involve the removal of the injured tissues, which may accelerate degeneration of the spine. Intrinsic Therapeutics is developing innovative devices to restore the function of the injured tissues with the goal of improving the outcomes of spinal therapy.

For more information please contact:
Scott LeBlanc, Director of Finance
(781) 932-0222
finance@intrinsic-therapeutics.com