, formerly executive vice president,
worldwide basic research and executive vice president worldwide
licensing and external research at Merck + Co."
Ikaria will advance Roth's continuing research in inducing
reversible metabolic hibernation in animals and, eventually, humans.

About Ikaria

Founded by Mark Roth, Ph.org), Ikaria will develop and bring to market new
products based on reversible metabolic control, particularly for its
uses as a treatment for acute trauma , during surgery and extending the
length of time that organs and tissues are viable for transplantation .

LIBA has shared these ideas with representatives of the Securities
Industry in other European Countries, in particular with AFEI and FBF
in France; ASSOSIM in Italy; and SSDA in Sweden. PRINCIPLES FOR TARIFF AND RELATED POLICIES OF EXCHANGES AND
INFRASTRUCTURE PROVIDERS.

subsidies wouldn

Homcy, M., general partner of Venrock
Associates; Andrew J. (MRK); and David E. Roth has developed exciting technology with a significant
potential to advance the field of medicine and the treatment of
patients," said Kailian.
Approximately one-third are subsidiaries or branches of foreign
institutions. Governance should reflect both the pattern of
ownership and the composition of the users in the markets
which the organisation serves.

b) Contribute to competition between trading platforms by
ensuring:

i) low switching charges for users wishing to move from one
trading platform to another;

ii) fair access to Clearing and Settlement Systems for new
entrants wishing to compete with incumbent trading
platforms.

frightening relentlessly

The company has obtained an exclusive worldwide license for the
technology from Fred Hutchinson Cancer Research Center.D.

Business Editors/Economics + Financial Writers

LONDON----On behalf of a group of
leading European Trade Associations, the London Investment Banking
Association (LIBA) is today releasing a statement (attached) calling
on exchanges and public authorities to follow certain principles in
any consolidation of Europe's Stock Exchanges and Central Market
Infrastructure.

subsidy induce

The new company's board of directors features experts with deep
experience in launching and sustaining new biotechnology companies. Gantz, chairman and CEO of Ovation
Pharmaceuticals; Charles J., president and CEO of Portola
Pharmaceuticals; Bryan Roberts , Ph.
When a patient suffers an acute traumatic injury, tissue is
damaged and begins to deteriorate quickly in an oxygen-rich
environment.
Roth's research was inspired by well-documented cases of people
who have survived long periods of time in extreme cold. The Association
represents the interests of its Members on all aspects of their
business and promotes their views to the authorities in the United
Kingdom, the European Union and elsewhere. They request the unbundling of CSDs from
for-profit competitive custody and banking operations to ensure fair
competition in these markets .

relentlessly emergence

In such cases
the metabolism slows to a negligible rate as a form of protection
against the elements . They have therefore
considered carefully the principles which, as the dominant users of
stock exchanges, they believe should be followed in future changes in
stock exchanges and their infrastructure .

c) Where possible Trading Platforms and Central Clearing and
Settlement operations should be owned separately.

workplaces emergence

The new company has received a substantial investment from ARCH
Venture Partners , Venrock Associates, 5AM Ventures, Aravis Ventures
and the Washington Research Foundation, some of the country's leading
early stage life science investors.
On April 22, Roth and his team's research regarding the ability to
induce a state of reversible metabolic hibernation in mice was
published in Science, a peer-reviewed journal.
Swedish Securities Dealers Association (SSDA) represents the
Swedish Securities, Traders and Brokers in Sweden.

eap workday

The board includes chairman Vaughn Kailian , managing partner of
Deerhaven Partners, board chairman of ViaCell and Elixir
Pharmaceuticals and formerly with COR Therapeutics and Millennium
(MLNM); Robert Nelsen, managing director and co -founder of ARCH
Venture Partners; Wilbur H. Schwab, founder and managing partner of 5AM
Ventures; Bennett Shapiro, M. The combined funds have over $3 billion under
management.

d) that the impact on all relevant downstream markets is duly
evaluated.

f) The organisation for settlement must serve users on fair
terms.

g) Exclusive arrangements between trading platforms and CCPs
and between CCPs and CSDs can only be justified on grounds
of efficiency and investor protection .

emergence rethinking

It can also
increase the time that organs or tissues for transplant are viable
outside the body during transportation over long distances. These Associations
support the principles outlined in the attached statement, save that
SSDA believe that a full separation of post-trade activities may not
be appropriate for certain aspects of the Swedish market.

rethinking incomes

Ikaria also has initiated a worldwide search for a chief executive
officer.

LIBA
AFEI ASSOSIM FBF SSDA
PRINCIPLES TO BE APPLIED TO THE CONSOLIDATION OF STOCK EXCHANGES
AND INFRASTRUCTURE PROVIDERS IN EUROPE

A.

relentlessly workday

as its chief technology officer. Their early research in
mice suggests that hibernation may be a latent ability in all mammals. The majority
of AFEI members operate in the fields of equities and derivatives. The turnover of Europe's exchanges and post-trade
infrastructure is modest by the standards of major industries such as
chemicals, construction or banking.

c) that the exchanges and other infrastructure providers
should adopt robust and lasting systems of governance
which assure and underwrite these objectives and
standards, and give users a top priority in the affairs of
their companies alongside shareholders.
The term "overall costs" means the total end-to-end cost of
trading, clearing and settlement; and the internal costs incurred by
market users when purchasing those services, including their costs of
associated investment.

b) Central Clearing and Settlement Providers should be owned
by users, broadly in proportion to usage.

D.

downsizing subsidy

"Dr.

B.

(2) a) Pricing should be transparent; based on published
tariffs; and be properly related to production costs;

b) Vertically integrated organisations should charge
separately for trading, clearing and settlement;

c) Different categories of security may call for different
tariffs, for example cash equities and derivatives;

d) Users should benefit from fair access to the
infrastructure;

e) Terms of business should reward/encourage members who
bring liquidity to the market;

f) Owners should collaborate actively with all market
participants to improve the range and quality of
services provided to the market place;

g) Rules on the management of risk, crises, market
interruption and similar issues must be transparent;
and include proper arrangements for the liability of
infrastructures.

induce insufficient

This will help prevent injury and death from insufficient or
inappropriate oxygen supply to organs and tissues. In brief, the issues are:

a) how best to ensure that market users continue to share the
benefits of technical progress, market development and
falling costs;

b) how to avoid conflicts of interest, cross-subsidy and
distorted competition;

c) that the exchanges and other infrastructure providers
should adopt robust and lasting systems of governance and
give users a top priority in the affairs of their
companies alongside shareholders;

d) that the impact of any change on all relevant downstream
markets is duly evaluated.

C.

The term "Users' Costs" includes not only the charges of
service providers ("direct costs"), but also the internal
expenses incurred by the market in purchasing their
services, including the market's costs of investment.

subsidies workplaces

Shaw, managing director of Black Point Group and founder and retired
CEO of IDEXX Laboratories, Inc. When metabolic hibernation is induced, an oxygen-free
environment is created and the cells' metabolic rate slows.

d) Where there is the same ownership of Trading , Clearing and
Settlement, there must be effective separation, so that
all conflicts are effectively handled in a way which
commands market confidence.

workworld worse

This finding may have important clinical benefits in humans. In brief the
issues are:

a) how best to ensure that market users continue to share the
benefits of technical progress, market development and
falling costs;

b) how to avoid conflicts of interest, cross-subsidy and
distorted competition. OVERALL OBJECTIVE

To promote the further healthy development of the European Capital
Markets, they must achieve over time the lowest overall costs of
trading and post-trade services combined with the greatest
responsiveness to users' and customers' needs.

iii) that providers of Clearing and Settlement Systems are
able and willing to invest in systems, procedures and
capacity - including connections between Clearing and
Settlement Systems - which providers of trading services
may require.

wouldn relentlessly

"We look forward to seeing this new
technology through development and into clinical practice where we
believe it will yield great benefits. The board has
recruited Kevin Tomaselli, Ph. Early funding for the research came from Fred Hutchinson
Cancer Research Center.

European Trading Associations Publish Statement of Principles to Be Applied to Consolidation of Stock Exchanges and Central Market Infrastructure

GENERAL PRINCIPLES FOR THE EVOLUTION AND CONSOLIDATION OF THE
TRADING MARKET PLACE

1) Providers of Trading, Clearing and Settlement Services must
seek to minimise market users' costs over time .

(3) Proposals for change must strike a careful and appropriate
balance between:

(a ) Limiting wasteful, duplicative investments; and

(b) Recognising the costs to users of a move away from
established systems and procedures.

livelihood ishmael

D. Roth has been researching metabolic control for
16 years., an investigator at the Hutchinson
Center, ARCH Venture Partners and Fred Hutchinson Cancer Research
Center (www. Following such principles is
central both to lowering the cost of capital in Europe, and to
widening and deepening its markets.

(2) Decisions that a given exchange should change central counter
party or settlement provider/location should be taken by
common agreement between users and owners of trading
platforms.

newsonline detriment

, a new biotechnology company that will
develop treatments utilizing Roth's research on inducing reversible
metabolic hibernation to treat high-risk , critically ill patients.

French Banking Federation (FBF, Federation Bancaire Francaise) is
the professional body representing over 500 commercial, cooperative
and mutual banks operating in France . However, the role of securities
markets in the European Union is all-pervasive. It directly effects
many thousands of public companies; millions of personal investors;
the pensions, insurance and savings of almost of every household; and,
last but emphatically not least, the financing of public sector
activities.

workplaces downsizing

,
a basic sciences researcher at the Hutchinson Center, announced the
formation of Ikaria Inc.D. This in
turn slows the deterioration of the damaged tissue and creates a
protective pause during which time transportation or critical care
procedures can be performed.ikariainc.

LIBA
AFEI ASSOSIM FBF SSDA
STATEMENT OF PRINCIPLES TO BE APPLIED TO THE CONSOLIDATION OF
STOCK EXCHANGE AND INFRASTRUCTURE PROVIDERS IN EUROPE

There could well be very important changes in the machinery for
trading, clearing and settling shares throughout Europe in the near
future, as a result of proposals to merge with European Stock
Exchanges. Since these principles and goals
are material to the interests of the wider public and economy, we are
releasing them in the attached detailed public statement. SPECIFIC PRINCIPLES NEEDED IN PRESENT CIRCUMSTANCES

(1) Proposals for change arising in the present corporate actions
should:

a) be designed to promote and deliver further market
efficiency through standardisation, harmonisation and
inter-operability and, where appropriate, further
consolidation.

ishmael rethinking

Improvements in costs and
quality beyond that level of return should be shared with
market users.

a) Central Clearing and Settlement Services should be provided
by organisations whose ownership, governance and resource
allocation procedures are designed to ensure that users'
interests are given a top priority.

retire detriment

fhcrc.com

About the Investors

ARCH Venture Partners, Venrock Associates, 5AM Ventures, Aravis
Ventures and the Washington Research Foundation are some of the
country's leading early stage life science investors .

Italian Association of Financial Intermediaries (ASSOSIM
Associazione Italiana Intermediari Mobiliari) is the Italian
Association of Financial Intermediaries, which represents the majority
of financial intermediaries acting in the Italian Markets. In addition,
AFEI and FBF stress that the consolidation of exchanges will further
reinforce the domination of existing central clearing and settlements
infrastructure (CCPs and CSDs) and may impact competition in custody
and banking markets.

wasteful eap

Ikaria Inc. Launched by ARCH Venture Partners Venrock Associates 5AM Ventures and Fred Hutchinson Cancer Research Center; Company will develop commercial app

The company hopes to develop and commercialize the technology and
resulting products.
The company is funded by ARCH Venture Partners and Venrock Associates
along with 5AM Ventures, Aravis Ventures and the Washington Research
Foundation.

Contacts:
Alan Yarrow, Chairman of LIBA
LIBA Switchboard: +44 20 7796 3606
c/o DrKW Switchboard: +44 20 7623 8000
Weekend calls:
John Serocold, Director, LIBA
+44 20 7367 5503

Notes to Editors:

The French Association of Investment Firms (AFEI Association
Francaise des Entreprises d'Investissement) comprises nearly 130
investment service providers, mainly investment firms, but also credit
institutions authorised to provide investment services.

workday ishmael

For more information about Ikaria , please visit
www. Previous health
care companies backed by their funds or their principals include IDEC
Pharmaceuticals, Centocor, Affymetrix (AFFX), Affymax, Adolor (ADLR),
Genetics Institute , Illumina (ILMN), Caliper Life Sciences (CALP),
Decode Genetics (DCGN), and numerous other public and private
biotechnology companies.

London Investment Banking Association (LIBA) is the principal
trade association in the United Kingdom and Europe for firms active in
the investment banking and securities industry. Between the various stages of
trading, clearing and settlement, there must be
segregation or full separation of these various processes.

stagnating eap

Roth will also become a member of the
board.
Temporary slowing of the metabolic rate, or inducing hibernation
on demand, has the potential to lengthen the window of time that
patients with trauma, stroke, cardiac arrest or surgery can be
treated.
Members of the London Investment Banking Association are together
responsible for most of the turnover of the London Stock Exchange and
a very substantial fraction of the trading undertaking on most other
European Bourses together with the members of the Associations
mentioned above (AFEI, ASSOSIM, FBF, SSDA).

workplaces frightening

D.D. The National Institutes of Health and the
Department of Defense , which is seeking new ways to extend the time
available to treat military personnel with battlefield wounds, also
contributed funding.

At all times, tariffs and terms of business should be so designed
and implemented that:

(1) Exchange and Infrastructure providers (owners) are able to
earn a reasonable return from operational and market
efficiency, and innovation.

(3 ) Market users should be consulted sincerely and well in
advance about changes in tariffs and terms of business,
and development projects.

e) Methods which would contribute to such
segregation /separation include:

separate companies with their own distinct constitutions;

total separation of financial accounts;

total separation of technical platform;

systematic avoidance of transfer pricing and
cross-subsidy;

periodic external audit and review by independent and
respected entities; and

appropriate oversight, if needed, by National and
International Regulatory Authorities.

workday stagnating

Business Editors/Health/Medical Writers

SEATTLE----Today, ARCH Venture
Partners, Fred Hutchinson Cancer Research Center and Mark Roth , Ph.D.

ASSOSIM has
nearly 80 members represented by banks, investment firms, and branches
of foreign brokerage houses, active in the Investment Services
Industry, mostly in primary and secondary markets of equities, bonds
and derivatives, for some 82% of the total trading volume.

2) To give effect to the commitment to falling costs and
involvement in proposed changes in services , owners should
adopt robust and durable systems of corporate governance
which give users an appropriate and effective voice and
influence.