CUMBERLAND, RI--(BUSINESS WIRE)-October 28, 2003-Collegium Pharmaceutical, Inc., a privately held pharmaceutical company focused on the development of proprietary, late stage pharmaceutical products, announced today that it has completed its Series A financing with venture capital firm, Boston Millennia Partners. The investment marks Collegium's first round of institutional capital.

With over 80 products developed over the past 30 years, the Collegium management team has a proven track record of taking products from lab to market. Jane Hirsh, Collegium's CEO, was the founder and CEO of Copley Pharmaceuticals which was acquired by TEVA Pharmaceuticals. Collegium has established an extensive patent portfolio for late stage products that it plans to bring to market over the next three years. Collegium has forged collaborations and in-licensing agreements with a number of large pharmaceutical companies and academic institutions.

"Millennia is delighted to partner with Collegium's impressive management team and assist in bringing their products to market. We have known the founders for many years. They are proven industry professionals who have built meaningful companies in the past. We look forward to playing an active role in the company's growth," said Dana Callow, Managing General Partner. Patrick Fortune, PhD, Partner, will join the Board of Collegium. "The Company's platform of a great technology team, experienced management and strong intellectual property, combined with solid business partnerships, creates a great opportunity for both fast growth and strong operating performance," said Dr. Fortune.

"This financing will accelerate the development of several late stage pharmaceutical products poised to enter the market in the coming three years," said Michael Heffernan, Collegium's President. "We are very pleased to have Boston Millennia as a partner. This funding will allow Collegium to establish the critical capacity necessary to move our products forward and enter into discussions with potential partners. Having someone with Pat Fortune's operating background and senior executive experience in companies like Monsanto, Bristol-Myers Squibb and Baxter International will be a particular advantage as we scale up our business."

About Collegium Pharmaceutical, Inc.
Collegium Pharmaceutical, Inc., is a privately held pharmaceutical company focused on the development of proprietary, late stage pharmaceutical products for the rapidly growing reformulation market and related areas. The Company's products target market opportunities through product improvement and line extension strategies protected by intellectual property (IP), creating a portfolio of improved pharmaceutical products. Collegium uses its broad expertise in IP development, drug formulation, manufacturing, basic science (chemistry, biology, bioengineering), marketing and clinical trials management to identify and execute product opportunities across multiple therapeutic areas. For more information, visit the Company's website at www.collegiumpharma.com.

About Boston Millennia Partners
Boston Millennia Partners is a private equity investment partnership managing over $700 million in capital. From its office in Boston, Millennia invests in high-growth businesses in the healthcare and life sciences, information technology and business services, and telecommunications industries. Typical investments range from $3 to $15 million. The managers at Millennia have funded over 120 companies in the U.S. private equity market since 1980. Portfolio companies with whom they have invested include PAREXEL International (NASDAQ: PRXL), ILEX Oncology (NASDAQ: ILXO), Verio (NASDAQ: VRIO), Proteome/Incyte Genomics (NASDAQ:INCY), and HotJobs/Yahoo (NASDAQ: YHOO), among others. For more information, visit our website at www.millenniapartners.com.

Contacts:
Jessica Wolfe, Ph.D., MPH
Collegium Pharmaceutical
401-762-2000
jwolfe@collegiumpharma.com

Adrienne Stinson, Administrator
Boston Millennia Partners
617-428-5150
adrienne@millenniapartners.com