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SmallCaps Online LLC Announces Investment Opinion on Valentis Inc

Business Wire, July 18, 2000

Business Editors

NOTE TO EDITORS: The following is an investment opinion issued

by SmallCaps Online LLC

NEW YORK--(BUSINESS WIRE)--July 18, 2000

SmallCaps Online LLC Reiterates Buy Recommendation On

Valentis Inc.

Visit SmallCaps Online's Web Site at

www.SmallCapsOnline.com for Detailed Report

SmallCaps Online LLC today announced that it reiterated its BUY recommendation on Valentis, Inc. (Nasdaq: VLTS). The full text of this report can be accessed at SmallCaps Online's web site, at www.SmallCapsOnline.com.

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SmallCaps Online LLC is a registered investment advisor focused on identifying emerging growth companies in the healthcare and information technology sectors that offer compelling investment opportunities over the long term. By providing comprehensive financial services, including corporate finance, M&A advisory, strategic partnering and communications consulting, the company positions itself to provide a fully integrated package of value-added services to emerging growth companies.

The information in this press release has been obtained from sources that SmallCaps Online LLC believes to be reliable, but the Company does not guarantee its accuracy or completeness. All statements are the opinion of SmallCaps Online LLC which are based upon information gathered from public filings, and/or information provided by the company which is featured. Neither the information nor any opinion expressed constitutes a solicitation by SmallCaps Online LLC for the purchase or sale of any securities. SmallCaps Online LLC or its affiliates have performed investment banking, consulting or other business and may solicit investment banking, consulting or other business from any company mentioned in this release. SmallCaps Online LLC or any of its affiliates or persons associated with SmallCaps Online LLC may at anytime be long or short any of the securities referred to herein and may make purchases or sales thereof while the Company's reports are in circulation or posted on the SmallCaps Online LLC web site at www.SmallCapsOnline.com. Accordingly, SmallCaps Online LLC has a potential conflict of interest in preparing this report. This material, or any portion thereof, may not be reproduced without prior permission from SmallCaps Online LLC. Copyright (c) 2000 by SmallCaps Online LLC. All rights reserved.

Business Services Industry

SmallCaps Online LLC Announces Investment Opinion on Valentis Inc

Business Wire, July 18, 2000

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