Genetic Engineering News Publishes Annual Listing of Molecular Millionaires

Business Wire, April 1, 2005

LARCHMONT, N.Y. -- Phillip A. Frost, M.D., tops the list of this year's "Molecular Millionaires," published by Genetic Engineering News (GEN; www.genengnews.com). Lindsay A. Rosenwald, M.D., came in second after Dr. Frost, who was also the number one millionaire in the 2004 edition, according to the April 1 issue of GEN.

"In celebrating GEN's 25th year of publishing, we are delighted to present our 25 Molecular Millionaires," says John Sterling, Editor-in-Chief of GEN. "This year, we also provided bios and background on many of our millionaires so that our readers might gain some insight on how the millionaires achieved their status."

Dr. Frost took the number one position by virtue of his $521,274,897 stock holdings in Ivax (AMEX:IVX) and Ivax Diagnostics (AMEX:IVD). Since 1987, he has been chairman and CEO of Ivax, a company that develops generic specialty pharmaceuticals, respiratory drugs, and cancer treatments. Dr. Frost received his medical degree from Albert Einstein College of Medicine, practiced and taught dermatology in Miami for many years, and invented a disposable biopsy device in 1971.

Dr. Rosenwald followed Dr. Frost on the list with $135,053,255 worth of stock in Manhattan Pharmaceuticals (OTC BB:MHTT.OB), Cell Therapeutics (NASDAQ:CTIC), Dor Biopharma (AMEX:DOR), Genta (NASDAQ:GNTA), Keryx Biopharmaceuticals (NASDAQ:KERX), Neose Technologies (NASDAQ:NTEC), Novadel Pharma (AMEX:NVD), Corautus Genetics (NASDAQ:VEGF), and Cypress Bioscience (NASDAQ:CYPB). A Wall Street biotechnology entrepeneur for over 17 years, Dr. Rosenwald is the chairman and chief executive of Paramount Capital, a group of companies that specializes in asset management, investment banking, venture capital, and direct investing within the biotechnology and life-sciences industry.

Other millionaires, along with the biofirms that helped contribute to their lofty position, include Bill Gates (Icos; NASDAQ:Icos, and with some help from Microsoft), Harlan W. Waksal, M.D. (Imclone Systems; NASDAQ:IMCL), Jane Hsiao, Ph.D. (Ivax and Ivax Diagnostics), Arthur Levinson, Ph.D. (Genentech; NYSE:DNA), John C. Martin, Ph.D. (Gilead Sciences; NASDAQ:GILD), Stephen A. Fodor, Ph.D. (Affymetrix; NASDAQ:AFFX), and Sol J. Barer, Ph.D. (Celgene; NASDAQ:CELG).

Genetic Engineering News is published 21 times a year by Mary Ann Liebert, Inc. For a copy of the April 1 issue with the listing of the molecular millionaires, please call 914-834-3100, ext. 623, or email: ebicovny@liebertpub.com.