Company Press Release

NEW YORK, July 28 /PRNewswire/ -- Fred Alger Management, Inc. (Alger), a leading asset management firm, today announced the hiring of David Farhadi, M.D. as Vice President, Senior Analyst/Co-Portfolio Manager for Alger covering the healthcare sector focusing on the biotechnology and pharmaceutical industries.

David received his Doctor of Medicine from Tulane University School of Medicine where he was Chief Medical Resident. While in Pennsylvania David served as an Assistant Professor at the Hospital of the University of Pennsylvania before receiving his MBA from the Wharton School of Business.

Prior to joining Alger, David was an Analyst and Portfolio Manager covering Healthcare at Pequot Capital Management. David's previous investment experience also includes Citadel Investment Group and UBS in New York.

Dan Chung, CEO and Chief Investment Officer of Alger, said, "We are pleased to have David join our organization as a member of our Health Care team. We believe that his extensive industry experience and background as a medical doctor will allow him to provide unique investment insights which will be a valuable compliment to our existing research team."

About Fred Alger Management

Founded in 1964, Fred Alger Management, Inc. is a leading asset management firm managing more than $15 billion. Alger employs a bottom-up approach in its attempt to identify the fastest-growing companies in their respective sectors. For more than 40 years, Alger has followed a rigorous process, a consistent approach, and a core philosophy: find dynamic, innovative companies creating change and invest in them. Alger offers investment advisory services to separately managed, sub-advised, and wrap accounts. Fred Alger & Company, Incorporated offers mutual funds as well as institutional funds for defined benefit and defined contribution plans. For more information, please visit www.alger.com.