Ambion Secures Growth Capital in $10.5 Million Transaction

Austin, TX, May 1, 2003 – Ambion, Inc. announced that it has secured financing in a $10.5 million equity transaction. The deal was led by Telegraph Hill Partners, L.P. In conjunction with this financing, J. Matthew Mackowski of Telegraph Hill Partners has joined Ambion's Board of Directors.

Founded in Austin in 1988, Ambion has emerged as a market leader in the field of RNA-based life science research and molecular diagnostic products. Researchers worldwide are exploring the role of RNA in applications ranging from disease therapeutics to molecular diagnostics.

"The field of RNA research is growing rapidly and we see a tremendous opportunity to expand our business in a number of areas including clinical applications of RNA," said Dr. Matt Winkler, CEO of Ambion. "This financing will help us continue the growth of our business."

Ambion, Inc., is a market leader in the field of RNA-based life science research and molecular diagnostic products. Ambion maintains this leadership role by consistently developing innovative products for handling, preserving, isolating, detecting and measuring RNA. These products are used for research in areas such as molecular biology, cell biology, microbiology, drug discovery, genomics and molecular diagnostics.

Telegraph Hill Partners, based in San Francisco, CA, is a private equity investment firm specializing in life science and medical device businesses. The firm targets investments in private companies that demonstrate strong financial performance and innovative products or services. Additional information can be found at www.thpartners.net.

Ambion was advised in the transaction by Growth Capital Partners, L.P., a leading Southwest based merchant and investment banking firm, which is also a shareholder of Ambion. David Sargent, one of GCP's founders, serves on Ambion's Board of Directors. GCP has a track record of assisting private and public middle market companies, based in the Southwest, with achieving their growth objectives and maximizing shareholder value.