Barlow Group

New CEO Brings Extensive On-line Experience; Will move company into new market sectors and services

Andover, MASS. - InnoCentive, the first online platform allowing world-class scientists and R&D-focused companies to jointly achieve innovative solutions to complex challenges, today announced the appointment of Dwayne Spradlin as its new President and CEO. Spradlin succeeds Dr. Alpheus Bingham, InnoCentive co-founder, who will join the Company's Board of Directors.

Spradlin comes to InnoCentive from Hoovers, Inc., a Dun & Bradstreet company, the leader in business insight solutions, where he has served as President since November 2004. At InnoCentive, he will leverage his extensive experience and relationships in on-line information services and market places to lead the Company in the ongoing development and commercialization of on-demand innovation services. He also will serve on the Company's Board of Directors.

"Dwayne Spradlin is the ideal leader for InnoCentive as we take a total look at the Company's business needs today and our future goals," said Darren Carroll, InnoCentive Board Chairman and senior managing director of Lilly Ventures. "Under Alph's leadership, we have gone well beyond proof of concept. We have built a viable business addressing science-based companies' biggest challenges. We are confident that, with Dwayne's experience scaling on-line businesses, he will accelerate the company's expansion into new market sectors and services."

"InnoCentive is a leader in enabling companies to tap the enormous pool of R&D expertise and talent available globally," said Spradlin. "Our worldwide communities of researchers, scientists, and inventors solve many of our customers' most difficult challenges, enabling our customers to benefit from breakthrough innovation, reduced product development lifecycles, and better overall R&D economics. My focus and that of this team is to truly revolutionize the process and scale of innovation - making it global, collaborative, and efficient."

Spradlin joins the Company after it successfully reached several key milestones in 2006. In January, the Company announced it had closed a $9 million Series A Preferred venture capital financing round led by Spencer Trask Ventures, Inc., a New York-based venture capital firm. Additionally, a record number of R&D Challenges have already been posted this year, and the global network of registered InnoCentive Solvers passed 110,000 in early September. The Company also has recruited an outstanding Advisory Group in recent months.

"InnoCentive is a pioneer in using global search to drive scientific discovery," said Amiel Kornel, InnoCentive Board Director and Senior Managing Director at Spencer Trask & Co.'s office in Redwood Shores, California. "As the Company continues to grow and achieve key milestones under Dwayne's leadership, the potential of the online network will only become more real."

Previously, Spradlin was President and Chief Operating Officer of Starcite, Inc., an on-line meeting and events planning business, which he transformed into an enterprise eProduct and Services platform. Prior to joining Starcite, he was Senior Vice President of Corporate and Business Development for Verticalnet, Inc., a portfolio of online industry marketplaces and marketplace-enabling software solutions. For much of his professional career, Spradlin was a Director at Pricewaterhouse Coopers, where he was a leader in the areas of emerging technologies and e-business. He holds a B.A. in Applied Mathematics and an MBA from the University of Chicago.

Concurrent with Spradlin's appointment, InnoCentive has increased the Board of Directors from five to seven members.

The Board completed the CEO search with assistance from the Barlow Group, a Norwalk, Connecticut-based recruiting firm.

About InnoCentive
InnoCentive is the first online forum that allows world-class scientists and science-based companies to collaborate in a global scientific community to achieve innovative solutions to complex challenges. Companies including Dow AgroSciences, Eli Lilly and Company, Procter & Gamble and others, which collectively spend billions of dollars on R&D, post scientific problems confidentially on the InnoCentive Web site where over 110,000 scientists and scientific organizations in more than 175 countries can solve them. Scientists who deliver solutions that best meet InnoCentive's challenge requirements receive financial awards ranging up to and over $100,000. To learn more and to register as an InnoCentive Solver, visit the InnoCentive Web site at www.innocentive.com.