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Fred Middleton has over twenty years experience in the biotechnology and biomedical industries in both corporate management and as an institutional investor. Mr. Middleton joined Dr. McNeil in late 1987 as a General Partner at Sanderling. Since 1987, Mr. Middleton has focused on venture capital investments in the corporate development of early-stage biomedical companies at Sanderling, serving as a founder, management team member and director of numerous start-up ventures in the Sanderling portfolios. Over the last several years, he has played active management roles at a number of Sanderling companies, including service as the Chief Executive Officer of Vical, DepoTech, Acea, Desmos, and Stereotaxis. Mr. Middleton began his career as a consultant for McKinsey & Company's San Francisco office and was also a Vice President of Chase Manhattan Bank in New York. In 1978, Mr. Middleton joined the founders of biotechnology pioneer Genentech, Inc. to become part of the original management team, and served as Vice President of Finance, Administration, Corporate Development, as well as Chief Financial Officer. While at Genentech, Mr. Middleton completed over $200 million in corporate partnering and institutional funding transactions, including the Company's initial public offering in 1980. In 1984, Mr. Middleton founded Morgan Stanley Ventures, serving as managing general partner of an institutional fund raised to sponsor R&D funding arrangements of leading technology companies in the biomedical sciences and information technology fields. Mr. Middleton earned a B.S. in chemistry from the Massachusetts Institute of Technology in 1971 and a M.B.A. with distinction from Harvard Business School in 1973. | 