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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 Bob McNeil in late 1987 as a General Partner at Sanderling. Fred was part of Genentech�s original management team, where he served as Vice President of Finance, Administration, Corporate Development, as well as Chief Financial Officer. While at Genentech, Fred completed over $200 million in corporate partnering and institutional funding transactions, including the Company's initial public offering in 1980. In 1984, Fred founded Morgan Stanley Ventures, serving as managing general partner of an institutional fund raised to sponsor R&D funding arrangements at leading technology companies in the biomedical sciences and information technology fields. Mr. Middleton earned a BS in chemistry from the Massachusetts Institute of Technology in 1971 and an MBA with distinction from Harvard Business School in 1973. | 