SOURCE: New Enterprise Associates

January 24, 2007 08:00 ET

New Enterprise Associates Names Richard Whitney Venture Partner

Proven Executive and Investor to Further Enhance Medical Team

MENLO PARK, CA -- (MARKET WIRE) -- January 24, 2007 -- New Enterprise Associates (NEA) has added Richard K. Whitney to its healthcare and life sciences group as a Venture Partner. Mr. Whitney will work from NEA's Menlo Park office.

"Rich very clearly understands how to create value in life sciences corporations," said Chip Linehan, NEA General Partner. "We warmly welcome him to our team and look forward to the role he'll play in both identifying new investment opportunities as well as working with our existing portfolio companies."

Mr. Whitney is the founder and Managing Member of Whitney Capital LLC, a private equity investment firm focused primarily on healthcare services and products. Previously, he served as Executive Chairman of Specialty Labs where he led the turnaround and successful sale of the company. Earlier, he served as Chief Financial Officer of DaVita, Inc where he was a lead executive in the company's four-year financial and operating turnaround which created over $3 Billion of equity value for investors. Mr. Whitney earned a Masters of Business Administration from Harvard Business School and a BS in Business Administration from Pennsylvania State University.

"There is a strength at NEA on which many great companies build their futures," said Mr. Whitney. "I look forward to working with this team and to being a part of the process of helping to build those great companies."

About NEA

New Enterprise Associates (NEA) is a leading venture capital firm focused on helping entrepreneurs create and build major new enterprises that use technology to improve the way we live, work and play. Since its founding in 1978, the firm has followed the same basic principles: support their entrepreneurs, provide an excellent return to their limited partners and practice their profession with high standards and respect. Practicing classic venture capital for 28 years, NEA focuses on investments at all stages of a company's development, from seed-stage through IPO. With approximately $8.5 billion in committed capital, NEA's experienced management team has invested in over 550 companies, of which more than 150 have gone public and more than 220 have been acquired. NEA has offices in Reston, Virginia, Menlo Park, California and Baltimore, Maryland. For additional information, visit www.nea.com.

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