Milestone Venture Partners Invests in Medidata Solutions, Inc.

New York, NY, March 22, 2002 -- Milestone Venture Partners, a premier early-stage venture capital firm, today announced a recent investment in Medidata Solutions, Inc. through its fund, Milestone Venture Partners II. Milestone led the round, which included Globalnet Management, Lambda Ventures and Silicon Alley Venture Partners.

Medidata Solutions, Inc., based in New York City, provides software applications and services to pharmaceutical and biotechnology companies to assist them with the electronic capturing and managing of clinical trial data.

Medidata’s CEO, Tarek Sherif, BA Yale University, MBA Columbia Business School, has sixteen years of broad-based business experience. Prior to joining Medidata, Mr. Sherif managed a $100 million equity fund focused on technology companies. Glen de Vries, (CTO), and Edward Ikeguchi, M.D., (CMO) co-founded Medidata in 2000.

Mr. de Vries holds a BS degree in molecular biology and genetics from Carnegie Mellon University and is a co-founder of Oceantek, a web development firm focused on solutions for the healthcare industry.

Dr. Ikeguchi, of the Columbia Graduate School of Physicians and Surgeons, has been involved in multiple clinical research projects and holds patents on several medical devices. He is also a co-founder of Oceantek and Black Health Network.

Medidata will use the funds to expand its sales and technical support staff. Visit Medidata Solutions at www.medidatasolutions.com.

Milestone Venture Partners invests in early-stage, enterprise information technology companies in the New York City metro area. Medidata is the first recipient of an investment by Milestone Venture Partners II, Milestone’s current fund. The fund will remain open to additional investors for a few more months.

Milestone’s management team, Richard Dumler, Edwin Goodman and Todd Pietri, has extensive experience in equity investing and raising capital. Mr. Goodman and Mr. Pietri co-founded Milestone in 1999.

Mr. Dumler, a 30-year veteran venture capitalist, was a general partner at Lambda Funds and Bessemer Ventures. He was formerly a director of New Ventures for Sears Roebuck and a managing director of the Venture Capital Division of Allstate Insurance. Most recently, prior to joining Milestone, Mr. Dumler has been active as a private investor in several new ventures.

Mr. Goodman led the U.S. venture capital group of Hambros bank for 17 years. The firm invested profitably in Allied Waste, Corporate Software; Komag, Inc PCA International, Inc; Petsmart Inc, RASNA Corporation; Solectron Corporation; Staples, Telematics and Veeco Instruments. Prior to that, Mr. Goodman worked for seven years at Apax Partners (formerly, Patricof & Co).

Mr. Pietri, prior to joining Milestone, co-founded the technology investment banking group at Legacy Securities and headed the consulting and sales organizations at CompuSystems, an enterprise resource-planning software company.

For more information, call Richard Dumler, Edwin Goodman or Todd Pietri at 212-223-7400, or write Milestone Venture Partners, 551 Madison Avenue, 7th Floor, New York, NY 10022.

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