Bryan, Garnier & Co manages a €7m placement for the leading contract research group MAPI Développement with the lead investor Matignon Investissement & Gestion

Paris – June, 24th, 2005. Bryan, Garnier & co (bryangarnier.com), the European independent investment bank for growth companies announced today the closing of a private placement composed of a € 4 million capital raising and the sale of € 3 million existing shares for Mapi Développement, a leader in the field of clinical research and patient communication.

The round was led by Bryan, Garnier & co acting as sole manager of the transaction and was subscribed by the Paris based, first tier investor Matignon Investissement et Gestion. Mapi will use proceeds for acquisitions in the sector of drug evaluation by patients and for the funding of the international expansion in pharmaco-epidemiology. After this transaction, Matignon Investissement et Gestion will hold a 40% interest in Mapi Développement.

Following the announcement, Benoit Bouche, Managing Director of Bryan, Garnier & Co in charge of the healthcare practice stated : «  Mapi is one of the most promising company in the CRO field in Europe. We met a strong interest from the financial community and are extremely pleased to give to a first tier investor the opportunity to invest in Mapi which will without any doubt be very successful in the years to come.”

The transaction follows an uninterrupted series of years of growth in revenues and in earnings. Guillaume Connan, investment director at Matignon stated: “We are extremely pleased and motivated by the prospect of working beside MM Ménard, Jambon and their partners and of helping them developing the business. The strategic choices made by Mapi make strong sense to us and the company benefits from an excellent reputation on which we should be able to build an outstanding success”.

According to Mapi group chairman Bernard Jambon « This transaction is a key milestone for Mapi. We have been really impressed by the professionalism and the relevance of the market analysis made by Matignon team which will, on the top of additional financial resources, bring skills that will be of great help to develop the business and implement our growth strategy”.

This transaction confirms Bryan, Garnier & Co leading position in the segment of healthcare growth companies in Europe. With a team made up of senior investment bankers with a proven successful entrepreneurial track record and of experts in transactional processes, Bryan Garnier & Co has developed a unique in house expertise in a field with an obvious lack of deeply acknowledged intermediation companies.

About Matignon

Matignon Investissement & Gestion, a management company authorised by the Autorité des Marches Financiers and member of the “Association Française des Investisseurs en Capital”, was created in 1996 when the portfolio of ACMER controlled by WORMS and UAP was sold to current management. With funds managed exceeding € 210 million located into four distinct investment vehicles, three   « FCPR » (Fonds Commun de Placements à Risques) and a « SCR » (Société de Capital-Risque), Matignon Investissement & Gestion specialises in the funding in equity of growth companies managed by entrepreneurs with a controling interest in their company. Matignon Investissement & Gestion invests in France and in other European countries in companies from diverse industries and at various stages of development from start-up to diversified industrial groups.

About Mapi

Mapi group is a diversified consultancy and services company to the pharmaceutical industry leader in France in phase III & IV clinical research and in pharmaco-epidemiology, and global leader in patient reported outcome research. With a unique expertise in these different fields, Mapi has become with years the interlocutor of choice for research programs whose outcome include but is not limited to practitioners reported clinical outcome. By systematically anticipating evolutions in the pharmaceutical development business, Mapi has been able to build an organisation capable of measuring benefits and limits of new drugs by all means and as understood by each of the patients, medical practitioners, public health bodies and payers, social security systems and health insurance companies. “Drugs, we measure all their merits”.