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U.S. Bancorp Piper Jaffray Hosts 15th Annual Health Care Conference in New York

NEW YORK, Jan. 22 /PRNewswire-FirstCall/ -- Everyone is waiting with anticipation to see what the market will bring for 2003. Health care is considered one of the most stable and consistent growth sectors, and broader fundamentals in the market, especially earnings and valuation indicators and analysis, continue to favor the health care sector going forward. That said, geopolitical news and volatility weighed heavily on the entire market in 2002. To better understand what will affect health care stocks in 2003, U.S. Bancorp Piper Jaffray hosts its 15th annual Health Care Conference Tuesday-Thursday, January 28-30, at The Pierre Hotel in New York.

This year's conference will feature management presentations from more than 120 of the most highly regarded and influential public companies within the biopharmaceuticals, medical technology, information-driven health care and health care services sectors. In addition, more than 50 leading late-stage private companies with exceptional growth prospects in the health care sector will also present during the three-day conference.

"While we believe forward earnings numbers continue to have an upward bias in health care in 2003, several new technologies and developments are forever changing the landscape of health care investing," said Robert Peterson, head of Equity Research for U.S. Bancorp Piper Jaffray. "This year's conference schedule includes some of the premier companies in the industry to provide a unique opportunity for our clients to learn what health care will look like in 2003 and beyond."

The conference kicks off Tuesday morning with feature presentations by U.S. Bancorp Piper Jaffray's seven senior health care research analysts: Timothy Coan, specialty pharmaceuticals, Scott Davidson, medical technology, Peter Ginsberg, biopharmaceuticals, Thom Gunderson, medical technology, Daren Marhula, information-driven health care, Angela Samfilippo, health care services and Arch Smith, medical technology. Analysts will offer insight into the major trends impacting their respective sectors. In addition, the conference will include eight separate panels addressing high-profile issues affecting the entire health care industry.

Company and investor participation for the U.S. Bancorp Piper Jaffray Health Care Conference is by invitation only. Members of the media who would like to attend should contact Susan Beatty at (612) 303-5680 or susan.beatty@pjc.com. Guests should register at www.gotoanalysts.com .

The following companies are scheduled to present at the conference: aaiPharma Inc., Abbott Laboratories, ACADIA Pharmaceuticals, Inc., ACMI, Acorda Therapeutics Inc., Acorn Cardiovascular, Inc., Adeza Biomedical Corporation, Advanced Neuromodulation Systems, Inc., Aksys, Ltd., Alexion Pharmaceuticals Inc., Align Technology Inc., Alkermes Inc., Allos Therapeutics, Inc., Allscripts Healthcare, Alteon Inc., Ambion, Inc., American Healthways, Inc., American Medical System Holdings, Inc., AMERIGROUP Corporation, AmSurg Corp., Ancillary Care Management, Inc., Angiotech Pharmaceuticals, Inc., Animas Corporation, Antisoma, Applied Biosystems Group, Arrow International Inc., Aspect Medical Systems, Inc., Atrix Laboratories, Inc., Barr Laboratories Inc., Baxter International Inc., Becton, Dickinson and Company, Biogen, Inc., BioMarin Pharmaceutical Inc., Biomet, Inc., Biosensors International, BioSphere Medical, Inc., Boston Scientific Corporation, C.R. Bard, Inc., Cameron Health Inc., CancerVax Corporation, Caremark Rx, Inc., Celgene Corporation, Cell Therapeutics, Inc., CENTENE Corporation, Centerpulse Ltd., Cephalon, Inc., Cerner Corporation, Chiron Corporation, Closure Medical Corporation, Inc., Coalescent Surgical, Compex Technologies Inc., Computer Programs and Systems, Inc., Computerized Medical Systems, Inc., CONMED Corporation, Connetics Corporation, CryoLife, Inc., CTI Molecular Imaging, Inc., Curative Health Services, Inc., Cyberonics, Inc., Cytokinetics, Inc., Cytyc Corporation, Definity Health, Inc., Deltagen, Inc., Dynavax Technologies Corp., Eclipsys Corporation, Edwards Lifesciences Corporation, Elitra Pharmaceuticals, Inc., Endocardial Solutions, Inc., Esperion Therapeutics, Inc., Eunoe Inc., EXACT Sciences Corporation, First Health Group Corp., Forest Laboratories, Inc., Genitope Corporation, Genta Incorporated, Genzyme Corporation, GTx, Inc., The Men's Health Co., Guidant Corporation, Hanger Orthopedics Group, Inc., Harvard Bioscience, Inc., HEALTHSOUTH Corporation, Hemophilia Resources of America, Icagen, Inc., IDEC Pharmaceuticals Corporation, Idenix Pharmaceuticals, Inc., IDX Systems Corporation, ILEX Oncology, Inc., IMPAC Medical Systems, Inc., Impath Inc., Inamed Corporation, Inhibitex, Inc., Inspire Pharmaceuticals, Inc., Integra LifeSciences Holdings Corporation, Interpore Cross International, IntraLase Corp., Invacare Corporation, Invitrogren Corporation, Johnson & Johnson, King Pharmaceuticals, Inc., Kyphon Inc., LabOne, Inc., Laboratory Corporation of America Holdings, Lifecore Biomedical, Inc., Lincare Holdings, Inc., Medarex, Inc., MedAssets, Inc., MedSource Technologies, Inc., Medtronic, Inc., Merit Medical Systems, Inc., MGI Pharma, Inc., Millennium Pharmaceuticals, Inc., Millipore Corporation, Myogen, Inc., Nabi BioPharmaceuticals, National Imaging Associates, NeoPharm, Inc., Neose Technologies, Inc., Neurochem, Novacept, Inc., Novoste Corporation, NxStage Medical, Inc., Omnicell, Inc., Onyx Pharmaceuticals, Inc., Orthofix, ParadigmHealth Corp., Pathology Partners, Inc., Pediatrix Medical Group, Inc., Pharmaceutical Resources, Inc., Pharmacyclics, Inc., Phase Forward Incorporated, Picis Inc., POZEN, Inc., Promega Corporation, Protarga, Inc., Protein Design Labs, Inc., Proxima Therapeutics, Inc., Qiagen GmbH, Quest Diagnostics Incorporated, R2 Technology, Inc., Radiant Medical, Refractec, Inc., RehabCare Group, Inc., SangStat, Semper Care, Inc., Sepracor Inc., Serologicals Corporation, Smith & Nephew plc., Sonic Innovations, Inc., Specialty Laboratories, Inc., Spinal Concepts, Inc., St. Jude Medical, Inc., STERIS Corporation, Stryker Corporation, Teva Pharmaceutical Industries Limited, The Innovation Fund, TheraSense, Inc., Thermo Electron, TherOx, Inc., Tularik Inc., United Surgical Partners International, Inc., Universal Hospital Services, Inc., Vasca, Inc., Velocimed, Inc., ViaCell, Inc., VNUS Medical Technologies, Inc., Waters Corporation, WebMD Corporation, WellPoint Health Networks, Wilson Greatbatch Technologies, Inc., Wright Medical Group, Inc., Xcel Pharmaceuticals, Inc., XOMA Ltd., Zimmer Holdings, Inc., ZOLL Medical Corporation.

U.S. Bancorp Piper Jaffray, a subsidiary of Minneapolis-based U.S. Bancorp (NYSE: USB), is a focused securities firm comprised of three divisions: Equity Capital Markets, Fixed Income Capital Markets and Private Advisory Services. The firm provides a full range of investment products and services to individuals, institutions and businesses. The firm has over 120 offices in 24 states across the country. The Equity Capital Markets Division focuses on the needs of growth companies in the health care, technology, financial institutions, consumer and communications growth sectors. The firm has a national reputation for its expertise in fundamental research and equity and debt financing. The Fixed Income Capital Markets business provides bond issuers, individual investors and institutional investors expertise in investment banking, underwriting, trading, sales and research. The firm offers innovative solutions in corporate and government debt financings with particular expertise in corporate, health care/hospitals, real estate, higher education and government debt. The Private Advisory Services division financial advisors provide guidance in retirement planning, education planning, estate planning and wealth accumulation. Investors select from a wide array of products, including fee-based products, stocks, bonds, mutual funds, annuities, insurance and trust services. U.S. Bancorp offers a comprehensive range of financial solutions through U.S. Bank, U.S. Bancorp Asset Management, U.S. Bancorp Investments and U.S. Bancorp Piper Jaffray. For more information on U.S. Bancorp Piper Jaffray, visit www.piperjaffray.com. Non-deposit investment products are not insured by the FDIC, are not deposits or other obligations of or guaranteed by U.S. Bank National Association or its affiliates, and involve investment risks, including possible loss of the principal amount invested.

This report should be read in conjunction with important disclosure information found at the following site: http://www.piperjaffray.com/disclosures.

2003 U.S. Bancorp Piper Jaffray, 800 Nicollet Mall, Suite 800, Minneapolis, Minnesota 55402-7020

Additional information is available upon request.

SOURCE U.S. Bancorp Piper Jaffray

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.



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