Baltimore's Camden Partners Portfolio Company, Picis, Inc., Announce IPO

September 20, 2006

Baltimre, Md. - Camden Partners Holdings, LLC, a private equity firm based in Baltimore, anticipates the initial public offering for one of its portfolio companies, Picis, Inc., a Wakefield, Mass.-based maker of software for hospital intensive care units, emergency rooms and operating rooms.

According to the filing with the Securities and Exchange Commission, Picis will offer up to $86.25 million in common stock, using net proceeds from the IPO for general corporate purposes.

Richard M. Johnston, a managing member of Camden Partners, is serving as chairman of the Picis Board of Directors. He has served as a Picis director since November 2004 and as chairman of the board since February 2005. Johnston has over 40 years of investment experience and focuses on investments in the health care and business services sectors. He serves on the boards of Atricure, Inc., COHR, Inc., Lombard Medical Technologies, Medivance, Inc., and Webmedx, Inc., all of which are Camden Partners' portfolio companies.

Goldman, Sachs & Co. will act as the sole book-running manager of the proposed offering. Piper Jaffray & Co. will act as co-lead manager, and Thomas Weisel Partners LLC and William Blair & Company will act as co-managers.

Picis said it plans to list its shares on the NASDAQ Global Market under the symbol "PICS."

About Picis

Picis is an established provider of innovative healthcare information technology solutions designed to transform the delivery of patient care in the high-acuity areas of the hospital, including the emergency department, operating and recovery rooms and intensive care units. Headquartered in Wakefield, Massachusetts, Picis has licensed its systems for use in more than 1,000 hospitals in 19 countries. For more information visit www.picis.com.

About Camden Partners

Camden Partners Holdings, LLC, founded in 1995, is a diversified investment management firm based in Baltimore, Maryland. The company operates private equity funds that focus on providing growth capital to emerging companies within the Business and Financial Services, Healthcare and Education sectors; Camden Partners Limited Partnership, a hedge fund featuring a balanced long-short strategy focusing on small cap public companies; and Camden Private Capital, a fund-of-funds, including Corporate Finance and Venture offerings. For more information visit http://www.camdenpartners.com.

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