For Immediate Release

CHEMDEX RAISES $112.5 MILLION IN IPO, 15% MORE THAN EXPECTED

June 17, 1999

Palo Alto, California, (Bloomberg) -- Chemdex Corp., which sells laboratory chemicals and equipment over the Internet, raised $112.5 million in an initial stock sale, 15% more than expected.

The Palo Alto, California-based company sold 7.5 million shares at $15 each, above the anticipated $12-$14 range set by Morgan Stanley, Dean Witter & Co., which handled the transaction. The sale represented a 24% stake and gave the company a market value of $476.6 million. The share price was initially $9-$11, and the increase indicates strong investor demand.

Chemdex operates a website, www.chemdex.com, with a search engine that helps users purchase life sciences research products, such as laboratory chemicals, enzymes and equipment from a database of about 225,000 products from about 110 suppliers. The market for purchasing life sciences research products was $9.4 billion last year, the company said.

Chemdex will trade under the symbol “CMDX.” BancBoston Robertson Stephens and Volpe Brown Whelan & Co. assisted in the sale.

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