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i <br /> Management <br /> GalaGen's management team is comprised of individuals who formed the nucleus of the technical <br /> development team when the company was still part of Land O'Lakes and individuals experienced in the <br /> pharmaceutical and nutrition products industries. The Company also uses external resources to augment its <br /> skills for regulatory issues and special technical tasks. The Company has 20 employees and has leveraged its <br /> association with Land O'Lakes for economical office, laboratory and manufacturing facilities. Members of <br /> the management team are as follows: <br /> Robert A. Hoerr, M.D., Ph.D. President and Chief Executive Officer <br /> Dr. Hoerr was named President and Chief Executive Officer in September 1994. He joined GalaGen as <br /> Vice President, Medical and Regulatory Affairs in January 1993 and thereafter served as Senior Vice <br /> President and President and Chief Operating Officer. Dr. Hoerr was Director of Medical Affairs for <br /> Sandoz Nutrition Corporation, Minneapolis, Minnesota from 1990 to 1993, and Dr. Hoerr was Research <br /> Scientist and Assistant Program Director at the Clinical Research Center, Massachusetts Institute of <br /> Technology, Cambridge, Massachusetts from 1987 to 1990. Dr. Hoerr received his A.B. in Biology from <br /> Indiana University, his M.D. from Indiana University School of Medicine and his Ph.D. in Nutritional <br /> Biochemistry and Metabolism from M.I.T. <br /> Gregg A. Waldon Chief Financial Officer <br /> Mr. Waldon was named Chief Financial Officer in November 1994. He joined GalaGen in July 1992 as <br /> Controller was elected Treasurer in September 1992, Secretary in March 1993, and Vice President in <br /> December 1993. Mr. Waldon has seven years of experience in public accounting and is a CPA. From <br /> 1989 to 1992, he served as an Audit Manager with Price Waterhouse in its Middle Market and Emerging <br /> Growth Practice in Minneapolis, Minnesota and was Senior/Staff accountant with Price Waterhouse prior <br /> to that time. <br /> Peter N. Gray, Ph.D. Vice President, Research & Development <br /> Dr. Gray joined the Company in March 1995. He is a scientific business leader experienced in all phases <br /> of research and product development,technology strategy, licensing and management. Dr. Gray has <br /> earned his B.S. degree from the University of Delaware,his M.S. degree from Northwestern University <br /> Medical School and his Ph.D. from The University of Texas M.D. Anderson Tumor Institute. Dr. Gray <br /> has served a Fortune 300 pharmaceutical company,IMCERA Group, as Vice President of Research and <br /> also Technology Development. Dr. Gray has provided consulting expertise in the fields of control of <br /> biological infestation. Dr. Gray was a founder of the Biotechnology Research and Development <br /> Corporation and managed the formation of American Gene Therapy. Prior to joining industry, Dr. Gray <br /> was head of the department of biochemistry and molecular biology at The University of Oklahoma <br /> College of Medicine. <br /> Christopher J. Searcy, Pharm. D., M.B.A. Vice President, Business Development <br /> Dr. Searcy was named Vice President, Business Development of the Company in April 1995. Dr. Searcy <br /> was Director, Licensing and Development for Pfizer Inc.,New York, from 1991 until 1995. In that <br /> function, he was responsible for worldwide pharmaceutical licensing including evaluation of early and <br /> late stage products as well as strategic alliances from small, medium and large companies primarily based <br />