Ernst & Young, IDG World Expo Team Up to Offer Venture Summit at BioITWorld Conference & Expo

FRAMINGHAM, MA – AUGUST 6, 2002 – IDG World Expo, the leading producer of world-class tradeshows, conferences and events for IT markets, today announced it will join forces with Ernst & Young to co-produce the BioITWorld Venture Summit during the upcoming BioITWorld Conference & Expo. This forum will offer the ideal networking environment for venture capitalists and emerging life science start-ups.

 

BioITWorld Conference & Expo, which will take place on November 12-14, 2002 at the San Diego Convention Center, is a comprehensive event that will demonstrate the way that information technology is transforming the life sciences throughout all discovery and development processes. The BioITWorld Venture Summit will take place at the convention center on Wednesday, November 13.

Hosted by Ernst & Young and developed in collaboration with IDG Ventures, the BioITWorld Venture Summit will feature a state of the market presentation by Ernst & Young, updated quarterly venture capital spending statistics, compensation survey results and business plan presentations from participating companies.

Currently, venture capital investment in the healthcare/biotech sector is at its highest since 4Q 2000 and exceeds all quarterly totals outside the year 2000. With U.S. healthcare expenditures growing at 10% a year and a much longer investment cycle for healthcare startups, venture capitalists seemed undeterred in 2Q 2002 by current market instability. According to Ernst & Young, the amount invested in healthcare companies rose 42%, to 1.7 billion, while deal flow grew 32% from last quarter. Furthermore, healthcare companies now receive over one-third of all venture capital investment, which has increased across the board in healthcare services, medical devices, medical information systems and biopharmaceuticals. This is a significant shift from the amount of funding healthcare received during the Internet boom, when allocation to this sector was in the single digits.

At the BioITWorld Venture Summit, up to 15 life science organizations will present their business plans to life science venture capitalists. Young companies seeking funding at all levels are encouraged to apply for consideration.

IDG World Expo is now accepting nominations and business plans for participation in the BioITWorld Venture Summit. The deadline is October 15, and there is no application cost. The BioITWorld Venture Summit Advisory Board will review applications and announce the winning finalists on October 22. These companies will receive special coaching prior to the summit through Ernst & Young's eXcelerate Session Program as well as custom marketing services. "The BioITWorld Venture Summit was designed to give young companies the opportunity to generate exposure, raise capital, and forge new relationships," said IDG World Expo President and CEO Charlie Greco. "We're sure that Ernst & Young and IDG Ventures will leverage their respective networks and expertise to make the program a great success. This summit will provide a unique combination of thought leadership, networking and an introduction to capital sources."

"Ernst & Young is thrilled to be part of this exciting event along with IDG," said Bryan Pearce, the Leader of Ernst & Young's Venture Capital Advisory Group in Boston. "This is an exciting time for this industry, with venture capital investment at its highest level since 2000, and we welcome the opportunity to help these emerging companies further their growth."

"The BioITWorld Venture Summit will be a preeminent forum for new emerging companies and technologies to have an audience with leading bio-IT and life science investors, as well as to hear from noted industry analysts discussing recent venture financing trends," said Michael Greeley, managing general partner at IDG Ventures.

To submit a nomination for participation in the BioITWorld Venture Summit, visit www.bioitworldexpo.com or e-mail venturesummit@idg.com.

The inaugural BioITWorld Conference & Expo, held in Boston, Mass. in March, 2002, attracted more than 100 exhibitors and nearly 4,000 participants.

For more information on the upcoming BioITWorld Conference & Expo, visit http://www.bioitworldexpo.com.

About BioITWorld Conference & Expo

BioITWorld Conference & Expo (www.bioitworldexpo.com), produced by IDG World Expo, is the largest event to demonstrate how information technology is transforming the life sciences throughout all discovery and development processes. IDG World Expo designed BioITWorld for life science professionals looking to evaluate and understand advanced IT solutions and bioinformatics that speed, store, analyze and interpret the flood of information being produced by the life sciences industry. Visionaries from the biotechnology, pharmaceutical, academic and government markets will convene at BioITWorld to learn how the latest tools, services and training will help revolutionize our health, our environment and our society.

For more information on BioITWorld Conference & Expo please contact Ryan Colby, Product Manager at (508) 424-4811 or via email at ryan_colby@idg.com. More information is also available by calling (800) 560-7612.

About IDG World Expo

IDG World Expo (www.idgworldexpo.com) produces IT-focused tradeshows, conferences and events for professionals seeking world-class education, peer-to-peer networking and one-stop comparison shopping. As the leading IT event management company, IDG World Expo leverages its experience and knowledge of IT-focused events and conferences, enabling technology companies to capture the attention and loyalty of influential buyers. IDG World Expo's portfolio of conferences and events includes Macworld Conference & Expo, LinuxWorld Conference & Expo, BioITWorld Conference & Expo and COMNET Conference & Expo. IDG World Expo is a business unit of IDG, the world's leading technology media, research and event company.

About IDG Ventures

IDG Ventures (www.idgventures.com) has helped entrepreneurs grow innovative technology companies on a global basis since 1992. We accelerate the growth of our portfolio companies by drawing on the expertise of our General Partners and the global resources of International Data Group(IDG), our limited partner. This combination of experience and resources accelerates growth and reduces early-stage risk for our portfolio companies. IDG Ventures operates as a global family of five locally-managed funds totaling approximately $600 million under management.

About IDG

IDG publishes more than 300 magazines and newspapers and offers online users the largest network of technology-specific sites around the world through IDG.net (www.idg.net), which comprises more than 300 targeted Web sites in 70 countries. IDG is also a leading producer of 168 computer-related events worldwide, and provides IT market analysis through 51 offices in 43 countries worldwide. Company information is available at www.idg.com

About Ernst & Young

Ernst & Young (www.ey.com), a global leader in professional services, understands the business issues that are important to senior executives. With extensive business knowledge and hands-on industry experience, the global Ernst & Young organization can implement a broad array of solutions to help companies capture growth, improve financial performance and manage risk–anywhere in the world. Its 84,000 people serve as trusted business advisers in more than 130 countries, offering audit, tax, corporate finance and transaction services across all industries to many of today's leading global corporations as well as emerging growth companies.

Ernst & Young is the leading professional services firm for the health sciences industry serving more than 3,500 organizations, including pharmaceutical and biotechnology companies, hospitals, long-term care facilities, physician groups, integrated delivery and financing systems, and managed care organizations. Ernst & Young offers traditional audit and tax services, as well as customized services in corporate finance, online security, risk management, the valuation of intangibles and e-business acceleration for domestic and global clients.