Covington Capital Corporation Announces Change in Investment Specialist for New Generation Biotech Investment Portfolios

    TORONTO, Sept. 17 /CNW/ - Covington Capital Corp. ("Covington") announced
today that it will assume the role of Investment Specialist for the New
Generation Biotech Equity Fund Inc. ("NGBE") and the New Generation Biotech
Balanced Fund Inc. (collectively the "Funds") from Genesys Capital Partners
Inc. ("Genesys"). It was mutually agreed by Covington and Genesys that this
approach would serve the best interests of the Funds' investors as a result of
cost savings realized through a decrease in management fees.
    Covington also announced today that NGBE sold portions of its positions
in Affinium Pharmaceuticals Inc., Epocal Inc., and NeurAxon Inc. to an
institutional purchaser; thereby providing cash liquidity for the Fund. An
affiliate of Genesys will provide certain investment management services to
that institutional purchaser. The Fund maintains positions in each of these
three portfolio companies.
    The change of Investment Specialist is reflective of the maturity of the
investment portfolios. With the portfolios of the Funds maturing, management's
focus has shifted toward managing costs, providing liquidity and securing exit
opportunities for the existing portfolio holdings. Covington and Genesys have
a strong working relationship and the investment specialist role will be
transitioned in a timely and constructive manner.
    Given the maturity of the portfolio, this is the right time for Covington
to assume the role of Investment Specialist, and a logical progression in the
life-cycle of the Funds. Covington, with in-house life sciences management
expertise, and access to established deal flow channels, is well-suited to
step into the role of Investment Specialist and actively manage the portfolio
through to the end of its natural life cycle.

    About Covington Group of Funds

    Founded in 1995, Covington Group of Funds ( is one
of Canada's largest and most experienced venture capital fund providers.
Covington Group of Funds manages over $450 million in venture capital assets
on behalf of institutional and retail investors. These funds invest in
small-and-medium businesses throughout many industry sectors. The Covington
Group of Funds, headquartered in Toronto, is an affiliate of Affiliated
Managers Group, Inc. AMG is an asset management company with equity
investments in a diverse group of boutique investment management firms.

For further information:

For further information: Fiona Robertson, EVP, Sales and Marketing,
Covington Group of Funds, (416) 365-9155,

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Covington Group of Funds

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