Accelerator Corporation, a private biotechnology investment and development company, announced today that it has added PPD, Inc. (NASDAQ:PPDI), as the sixth investor in Accelerator III, the company’s most recent investment vehicle. Inclusive of this investment from PPD, investors have committed capital in excess of $27 million to Accelerator III. PPD joins Accelerator’s syndicate of investors that includes Amgen Ventures, ARCH Venture Partners, OVP Venture Partners, WRF Capital, and Alexandria Real Estate Equities, Inc., along with its academic anchor the Institute for Systems Biology.

“We are very pleased to welcome PPD as a new investor in Accelerator,” said David M. Schubert, Chief Business Officer of Accelerator. “As one of the world’s leading clinical research organizations, PPD’s expertise in planning and executing preclinical drug development and Phase I through Phase IV clinical trials, along with its significant internal resources and broad skill base, will be particularly valuable to Accelerator and Accelerator companies. We believe that PPD is an ideal strategic partner and investor for Accelerator,” Schubert added.

“Accelerator and its management team continue to make excellent progress in identifying and recruiting early-stage, biotechnology platform investments,” stated Steven Gillis, Managing Director, ARCH Venture Partners. “The investors in Accelerator look forward to working with PPD and its Founder and Chief Executive Officer Fred Eshelman, a highly respected entrepreneur and proven leader in pharmaceutical development and contract research,” continued Gillis.

Concurrent with PPD’s investment, Fred Eshelman, Pharm.D., will join Accelerator’s Board of Directors.

“Accelerator’s investments include an impressive portfolio of companies that are advancing biotechnology through cutting-edge science and research,” said Dr. Eshelman. “We believe our active participation in identifying and developing new biotechnology companies will yield significant returns for our business and our shareholders.”

In the past five years, Accelerator has facilitated investment in and managed nine early-stage companies. Three companies — VLST Corporation, Spaltudaq Corporation, and Allozyne, Inc. — have emerged and raised follow-on financings in excess of $114 million. Three companies – Seredigm Corporation, Recodagen Corporation, and Mirina Corporation – are currently under management at Accelerator. In total, Accelerator and Accelerator-backed companies have raised in excess of $160 million in initial and follow-on financings. Via its current investment commitment, Accelerator’s syndicate anticipates investing in three or four additional early-stage companies over the next several years.

About PPD

PPD is a leading global contract research organization providing discovery, development and post-approval services as well as compound partnering programs. Our clients and partners include pharmaceutical, biotechnology, medical device, academic and government organizations. With offices in 33 countries and more than 10,500 professionals worldwide, PPD applies innovative technologies, therapeutic expertise and a commitment to quality to help its clients and partners maximize returns on their R&D investments and accelerate the delivery of safe and effective therapeutics to patients. For more information about PPD, please visit the company’s website at www.ppdi.com.

About Amgen Ventures

Amgen Ventures was formed in 2004 to provide emerging biotechnology companies with resources to develop pioneering discoveries focused on human therapeutics. Amgen Ventures reflects Amgen’s commitment to helping patients through cutting-edge science and its desire to transform science through innovation. As an important component of Amgen’s overall outreach strategy, Amgen Ventures invests in early-stage biotechnology companies focused on discovering and developing human therapeutics. The fund offers early-stage companies access to Amgen’s extensive capabilities while providing Amgen with insight into external research innovations that may pave the way for future collaborations.

About ARCH Venture Partners

ARCH Venture Partners is a premier provider of seed and early-stage venture capital for technology firms. Over the last 20 years, ARCH has co-founded or led the seed round for more than 120 new ventures — with 7 funds and $1.4 billion under management. ARCH enjoys special recognition as a leader in the successful commercialization of technologies developed at academic research institutions and national laboratories. Notable biotechnology companies where ARCH was an early or founding investor are: Aviron, Illumina, Alnylam, Array Biopharma, deCode Genetics, Xenoport, Trubion Pharmaceuticals, Ikaria, GenVec, IDUN Pharmaceuticals, Neurogesx, and Caliper Life Sciences, among others. For more information on ARCH Venture Partners, please visit www.archventure.com.

About OVP Venture Partners

For over 24 years, OVP Venture Partners has led the drive into new, high-growth technology markets in the Pacific Northwest. OVP’s record of 52 liquidity events – including 22 IPOs – leads the region. OVP has over $750 million in capital under management and is currently investing its seventh fund. The firm concentrates on opportunities at the intersection of technology’s next big waves and the foundational strengths native to the region. OVP has offices in Seattle, WA, and Portland, OR, and focuses on investments in communications, software, security, semiconductors, digital biology, and nanotechnology.

About Alexandria Real Estate Equities, Inc.

Alexandria Real Estate Equities, Inc. (NYSE:ARE), Landlord of Choice to the Life Science Industry®, the largest owner, cluster developer and pre-eminent first-in-class international real estate investment trust focused principally on the ownership, operation, management, redevelopment, selective development and acquisition of properties containing office/laboratory space. Alexandria is the leading provider of real estate to the life science industry, and has an outstanding eleven-year track record as an NYSE-listed company with an approximate $6.7 billion total market capitalization (as of September 30, 2008). Alexandria provides high-quality real estate, technical infrastructure, services and capital to the broad and diverse life science sector. Client tenants include institutional (universities and independent not-for-profit institutions), pharmaceutical, biotechnology, medical device, life science product, service, and translational medicine entities, as well as governmental agencies. Alexandria's international operating platform is based on the principle of “clustering,” with assets and operations strategically located in key life science hub markets.

About the Institute for Systems Biology

The Institute for Systems Biology (ISB) is an internationally renowned, non-profit research institute headquartered in Seattle and dedicated to the study and application of systems biology. Founded by Leroy Hood, Alan Aderem and Ruedi Aebersold, ISB seeks to unravel the mysteries of human biology and identify strategies for predicting and preventing diseases such as cancer, diabetes and AIDS. ISB´s systems approach integrates biology, computation and technological development, enabling scientists to analyze all elements in a biological system rather than one gene or protein at a time. Founded in 2000, the Institute has grown to 14 faculty and more than 250 staff members, an annual budget of more than $35 million, and an extensive network of academic and industrial partners. For more information about ISB, visit www.systemsbiology.org.

About WRF Capital

WRF Capital is the venture investment arm of the Washington Research Foundation, an independent organization founded in 1981 to support research and scholarship at Washington state research institutions. A leading early-stage investor based in Seattle, Washington, WRF Capital partners with entrepreneurs, local universities, and research institutions to develop technology-focused companies into successful market leaders. Examples of WRF Capital's life science companies include Alder Biopharmaceuticals, Amnis, Corus Pharma (acquired by Gilead Sciences), Ekos, Hyperion Therapeutics, Ikaria, Lumera (NASDAQ:LMRA), Omeros, Targeted Growth, Teranode, Therus and Uptake Medical. For more information, visit www.wrfcapital.com.

About Accelerator Corporation

Accelerator Corporation, founded in 2003, is a privately held biotechnology investment and development company located in Seattle, Washington, USA. The company is building the next generation of life-enhancing biotechnology companies by providing the resources critical to accelerating the development of nascent leading-edge biotechnologies. These key resources, provided by global life science leaders – Amgen Ventures, ARCH Venture Partners, OVP Venture Partners, PPD, Inc., Alexandria Real Estate Equities, Inc., WRF Capital, and the Institute for Systems Biology – include committed capital from top-tier venture capital firms, state-of-the-art facilities, world-class scientific and technical expertise and support, and experienced biotechnology start-up business management and support. For more information, please go to: www.acceleratorcorp.com.

Except for historical information, all of the statements, expectations and assumptions contained in this news release, including expectations and assumptions about PPD’s investment in Accelerator, are forward-looking statements that involve a number of risks and uncertainties. Although PPD attempts to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. In addition, other important factors which could cause results to differ materially include the following: risks associated with acquisitions and investments, such as impairments; rapid technological advances that make our products and services less competitive; risks associated with and dependence on collaborative relationships; risks associated with the development and commercialization of drugs, including earnings dilution and obtaining regulatory approval; continued success in sales growth; loss of large contracts; increased cancellation rates; economic conditions and outsourcing trends in the pharmaceutical, biotechnology, medical device, academic and government industry segments; competition within the outsourcing industry; the ability to attract and retain key personnel; risks that we may not continue our dividend policy; and the other risk factors set forth from time to time in the SEC filings for PPD, copies of which are available free of charge upon request from the PPD investor relations department.

Contacts:

Accelerator
Jessica Burback, 206-957-7300
jburback@acceleratorcorp.com
or
PPD
Media:
Sue Ann Pentecost, 919-456-5890
sueann.pentecost@rtp.ppdi.com
or
Analysts/Investors:
Luke Heagle, 910-558-7585
luke.heagle@wilm.ppdi.com