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Howard S. Fischer has served as a Director of MacroChem since 2005. Since December 2005, Mr. Fischer has been a Managing Director of SCO Securities LLC. Prior to that, from January 2005 to September 2005 he was an investment manager and research analyst for Silverback Asset Management's life sciences fund. From 2001 to 2004, he was President of an independent healthcare advisory business, providing consulting services to a number of venture capital firms and their portfolio companies, private equity groups and public and private corporations; in addition, he served as a valuation expert in arbitration proceedings. From 1997 to 2001 Mr. Fischer was Executive Director at UBS/PaineWebber Global Healthcare Investment Banking and a Director at Prudential Securities Healthcare Investment Banking. He began his investment banking career at Furman Selz LLC in 1986. Mr. Fischer was initially elected to the Board of Directors as the designee of SCO Capital Partners LLC, who purchased three hundred shares of our Series C Cumulative Convertible Preferred Stock in a private placement closing in December 2005 and February 2006. SCO Capital Partners LLC has the right to designate two individuals to serve on our board of directors for as long as at least 20% of the shares of Series C Preferred Stock issued in that private placement remain outstanding. Mr. Fischer holds an MBA from the University of Chicago's Graduate School of Business and a BS degree from the Wharton School, University of Pennsylvania. | 