FOR IMMEDIATE RELEASE 				       			           
June 4, 2004
CONTACT: Tom Glaser, President, AICC	    	                           
PHONE: 404-843-9426
tom@aiccse.org

AMERICAN-ISRAEL CHAMBER OF COMMERCE ANNOUNCES EAGLE STAR AWARDS
Veritas Venture Partners and Proneuron Receive Company Awards

Atlanta--- The American-Israel Chamber of Commerce, Southeast Region announced today the winners of the 3rd Annual Eagle Star Awards. Veritas Venture Partners was named "Israeli Company of the Year" in recognition of their investments that have created employment and growth in the Southeast and Israel. Proneuron Biotechnologies and their US partners-The Marcus Foundation, Shepherd Center, and Cell Dynamics-were recognized as "Deal of the Year" for the funding of clinical trials and creation of a cell-processing facility in Atlanta to treat spinal cord injuries. Sidney Kirschner received the "Chamber Founders" Award for his long time chairmanship of the American-Israel Chamber of Commerce's Medical Committee and as the organizer of the acclaimed Southeast-Israel Medical Technology Business Exchange. The Marcus Jewish Community Center of Atlanta received the "Community Partner" Award in recognition of the agency's extensive social, educational, and recreational programs in support of the area's growing Israeli community that has resulted from the location of over 40 Israeli companies with headquarters in the Atlanta area. " We congratulate these outstanding companies for their role in bringing brilliant technologies to market and contributions to the economies of both the Southeast and Israel. We're also pleased to recognize the important contributions of a key individual and organization whose efforts have advanced our cause," said Dr. Larry Cooper, chairman of the board of directors for the American-Israel Chamber of Commerce. The June 3rd event was organized to honor the people and companies who have contributed most to the Southeast-Israel business relationship. The program featured a keynote presentation by Elisha Yanay, general manager and board chairman of Motorola Israel and president of the Israel Association of Electronics and Information Industries. Provost Jean-Lou Chameau announced the formal alliance of Georgia Tech and four leading Israeli universities to collaborate in the development of Nanoscience and Technology.

Other finalists for "Israeli Company of the Year" included Scitex Vision America, a developer, manufacturer, and service provider of cutting-edge digital printing presses and consumables with its North American headquarters in Atlanta; Tescom Software Systems Testing - a quality assurance consulting company with its North American headquarters in Atlanta; and TTI Telecom, a developer of award-winning network management software for telecommunications companies worldwide with a major development operation and customers in Atlanta. Other finalists for "Deal of the Year" were ClickFox / Veritas-Cedar-Delta, a funding transaction by three Israeli venture capital firms for an Atlanta-based company that develops customer interaction analysis & optimization software solutions for contact centers; Drykor/ Mingledorff's Inc., a distribution agreement for Israel-manufactured thermal air conditioners to penetrate the Southeast market; and FlexLight Networks, an Israeli developer of gigabit optical access products with North American headquarters in Atlanta that raised $17M in funding for expansion. AICC was founded twelve years ago to increase economic development by fostering understanding, cooperation, and business relationships between Israel and the Southeastern United States. Since then, the organization has been involved in completed transactions valued at over $700 million. The Southeast region is "home" to more than 45 Israeli companies for their U.S. or regional headquarters, contributing to the area's reputation as one of the leading business centers in the United States for Israeli companies.

Details on Israeli Company of the Year Award

Veritas Venture Partners received the "Israeli Company of the Year" award in recognition of their investments in the Southeast --especially the greater Atlanta region--as well as in Israel, and for their model of early-stage investment in difficult times as a much-needed component in the economic development of both areas.

The Herzliya, Israel-based firm with its US headquarters in Atlanta has provided first-round financing, in most cases as the lead investor, to some of Israel's most prominent business successes including Gilat, ESC Medical, M-Systems, Class Data Systems, Mercury Interactive, and Accord Networks. Recent investments have included Atlanta-based ClickFox, Israel-based CableMatrix that recently established its US headquarters in Atlanta, and CytoDome, a medical device company that is moving to Atlanta.

CONTACT:   Laurence Olivier, partner, Veritas Venture Partners
Phone: 770-619-0121
e-mail:  laurie@veritasvc.com

Ness Ziona, Israel-based Proneuron Biotechnologies and their partners were honored with the "Deal of the Year" Award. Proneuron and the Shepherd Center were received a $3.2 million grant from the Marcus Foundation for Phase II clinical trials of their patented treatment for spinal cord injury and the establishment of a cell processing facility in Atlanta as joint venture with Cell Design, a wholly-owned subsidiary of Cell Dynamics. The deal creates employment in both Israel and Atlanta and also helps position the Shepherd Center as a world leader in cutting edge research, neurosurgical advances, and innovative rehabilitation therapies.

CONTACT:  Marjie Hadad, Media Liaison, Proneuron Biotechnologies
Phone:  011-972-55-365-220
e-mail: Marjie.hadad@proneuron.com

CONTACT:  Brenda S. Morse, PhD, president, Cell Dynamics LLC.
Phone:  770-850-1270 ext. 221
e-mail:  bmorse@celldynamicsllc.com