(Research Triangle Park, NC - May 24, 2001) - Southern Capitol Ventures (www.southerncapitolventures.com), an RTP-based venture capital firm, today announced it is receiving support from the North Carolina Biotechnology Center (www.ncbiotech.org). In addition to having access to the Center's vast resources, Southern Capitol Ventures will receive funding later this year. The NC Biotechnology Center, which is based in Research Triangle Park, is the nation's first state-sponsored initiative to develop the biotechnology industry.

The North Carolina Biotechnology Center has committed up to $100,000 in support to Southern Capitol Ventures. "We are very excited about this show of support from the NC Biotechnology Center," said Southern Capitol Ventures Board Member Jim Skinner. "This is a significant stamp of approval for SouthCap and also positive news for emerging biotech firms in North Carolina."

"The Biotechnology Center supports seed funds like this one because they complement what we do," said Dr. Doug Darr, vice president of the Center's Business and Technology Development Program. "We support technology development, but it's critically important to support business development at the same time, as these funds do for small companies."

"We are committed to the RTP region and are aggressively working to support emerging biotechnology companies," said Ben Brooks, Managing Director of Southern Capitol Ventures. "RTP's "Biotech 2001" event, which was held earlier this week by the Council for Entrepreneurial Development, showcased some of the cutting-edge biotech companies in our area." Research Triangle Park is the United States headquarters of GlaxoSmithKline, one of the world's largest pharmaceutical companies, as well as the home to both established and early stage biotechnology firms including Biogen, Merix, Cogent, and StemCo.

Southern Capitol Ventures recently announced that James Skinner, CEO of Xanthon, Inc., had joined its advisory board. Mr. Skinner, along with current board member Phil Furman, Ph.D., Chief Scientific Officer for Triangle Pharmaceuticals, will head up Southern Capitol Ventures' biotechnology efforts.

About the North Carolina Biotechnology Center
The North Carolina Biotechnology Center was established in 1981 by the state General Assembly, and is the nation's first state-sponsored initiative to develop the biotechnology industry. In it's 15-year-history, the Center has helped recruit big names, such as Biogen and Covance, attracted outstanding faculty to the state's universities, and addressed policy issues. The Center's Progress Report is available as a PDF file at www.ncbiotech.org.

About Southern Capitol Ventures
Southern Capitol Ventures (www.southerncapitolventures.com) provides venture capital and consulting services to emerging growth companies across the Southeast. Through strategic alliances with The Atlantis Group and truePilot, both RTP based angel investment groups, Southern Capitol has developed a network of angel investors, investment banking firms, industry professionals, and venture capitalists. For more information please contact Dave Murray at 919-858-7580 x 136 or dave@southerncapitolventures.com.