Hambrecht & Quist Capital Management Announces Management Changes

Business Wire, June 19, 2001

Business Editors

BOSTON--(BUSINESS WIRE)--June 19, 2001

Hambrecht & Quist Capital Management Incorporated (HQCM), investment adviser to both H&Q Life Science Investors (NYSE:HQL) and H&Q Healthcare Investors (NYSE:HQH), today announced the appointment of Dr. Daniel R. Omstead as President and Chief Executive Officer and Alan G. Carr as Chairman.

Dr. Omstead joined HQCM in October of 2000 as Managing Director. Prior to that, he was CEO of Reprogenesis, Inc., a private biotech company in which HQH and HQL were investors. Dan was the first technical employee of Reprogenesis, where he was responsible for building the company and bringing multiple products into advanced clinical trials. He was instrumental in combining Reprogenesis with two other biotech companies to create Curis Inc., a publicly traded company. Dan holds a doctorate in chemical engineering and applied chemistry from Columbia University and has over twenty years of senior management and product development experience with large multinational pharmaceutical companies, including both Merck and Johnson & Johnson, as well as with emerging biotechnology enterprises.

Mr. Carr, most recently President of HQCM, has over forty years of experience as an investment manager, the last twenty years concentrating in the fields of healthcare and life sciences. He founded HQCM in 1986.

"I am delighted with Dan's appointment as President and CEO of HQCM," said Mr. Carr. "He has unique experience in the healthcare and biotech fields and I have the utmost confidence in his scientific background and management skills. I am certain that he will ably lead HQCM as we continue to work hard to meet our investors' objectives. I am committed for the foreseeable future to be an active adviser to Dan in the investment process."

Lawrence S. Lewin, Chairman of the Board of HQH and HQL, stated, "The Trustees strongly endorse Dan's appointment as President and CEO. We share Alan's confidence in Dan's ability to serve our shareholders well in the years ahead. We are also grateful for Alan's continued involvement and the sharing of his considerable experience as a mutual fund manager, public market and venture capital investor and specialist in the industry sectors in which the Funds invest."

HQH and HQL are closed-end funds that invest in public and private companies in the healthcare and life sciences industries. Hambrecht & Quist Capital Management Incorporated, based in Boston, serves as Investment Adviser to the Funds. Shares of the Fund can be purchased on the New York Stock Exchange through any securities broker.