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Press Release

Michael B. Laffin

For immediate release:
August 4, 2004

Carnegie Mellon Start-Up Team to Open NASDAQ Stock Market This Friday, August 6

PITTSBURGH‹Three recent Carnegie Mellon University graduates are scheduled to open the NASDAQ Stock Market this Friday, Aug. 6, in New York City, 9:30 a.m. ET. EADevices, formerly known as EANeedle, is a start-up biotechnology company that created a safe, minimally invasive biopsy procedure that serves as a catalyst for early cancer detection. The firm is made up of three former Carnegie Mellon students: Joshua Gerlick, Yogesh Oka and Mark OšLeary.

Gerlick who earned his MBA from the Tepper School of Business at Carnegie Mellon said that the NASDAQ opportunity is one of the prizes the team won by finishing in first place at the 2004 Global MOOT CORP Competition ­ the "Super Bowl of Business Plan Competitions."

In the competition, judges act as a venture capital group and base their decision on which business plan they would most likely fund. This year, 30 teams competed from 10 different countries. The competition, held each year at the University of Texas, awards the winner $100,000, the most lucrative prize in university-based competitions. This year a team from the Tepper School of Business was the winner, and for the first time in history, another team from the same university, Clear Count Medical Solutions, was the runner-up.

Gerlick, undergraduate computer science major Yogesh Oka, and graduate mechanical engineering student Mark OšLeary formed the company after winning their first competition, held by the Pittsburgh Technology Council. Prize winnings from this competition were used to establish the corporation, pay initial legal fees and subsidize the cost of entering an international competition. The team also was a semi-finalist in the Purdue University Life Sciences Business Plan Competition and in the MBA Jungle Business Plan Challenge in New York.

Clear Count Medical Solutions, presented by Steven Fleck and Gautam Gandhi, created a patented device that uses radio frequency identification technology to track surgical sponges that might be inadvertently left in a patient during a surgical procedure. Current methods to avoid such problems cost U.S. hospitals $1 billion annually. Fleck and Gandhi also will be present at the NASDAQ ceremony.

Both teams were advised and coached by faculty at the Donald H. Jones Center for Entrepreneurship at the Tepper School of Business at Carnegie Mellon.

Satellite Information

The market open is provided live via satellite feed and is available from 9:20 to 9:35 a.m. on Galaxy 4R C/transponder 21. The downlink frequency is 4120 horizontal; audio: 6.2/6.8. The feed can also be found on Waterfront fiber 1623.

The NASDAQ opening ceremony also can be viewed on CNBC, Bloomberg, CNNfn or the NASDAQ Market Open Web Cam: Note: Viewers must have Windows Media Player.


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