SG Cowen 22nd Annual Health Care Conference March 14, 2002

3/14/2002


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Table of Contents

SG Cowen 22nd Annual Health Care Conference March 14, 2002

Forward-Looking Statements

Aerogen’s Mission

Aerogen Technology: Liquid Aerosol Formulation

Aerogen’s Current Platforms

Respiratory Therapy

Respiratory Therapy Home Market

Respiratory Therapy HOME Products: Business Strategy

Respiratory Therapy – HOME Market Current Drug Delivery Options

Respiratory Therapy HOME Products Aerogen Opportunity

Respiratory Therapy HOME Products Aeroneb Portable Nebulizer

Respiratory Therapy HOME Products Aerodose Inhaler Platform

Aerodose Albuterol Inhaler

Aerodose Albuterol Inhaler Phase 2 Clinical Study*

Respiratory Therapy HOME Products

PPT Slide

Respiratory Therapy Hospital Market

Respiratory Therapy HOSPITAL Market Opportunity

Respiratory Therapy HOSPITAL Products: Business Strategy

Respiratory Therapy HOSPITAL Products Aeroneb Professional Nebulizer

Respiratory Therapy HOSPITAL Products Aeroneb Pro

Aeroneb Pro Status

Respiratory Therapy HOSPITAL Products Aeroneb Pro - Next Generation

PPT Slide

Systemic Drug Delivery Market Opportunity

Systemic Drug Delivery: Business Strategy

Systemic Drug Delivery Diabetes Market Opportunity

Aerodose Insulin Inhaler

Portable and Compact

Aerodose Insulin Inhaler Clinical Trials

Aerodose Insulin Inhaler Efficiency vs. Competition

Inhaled Insulin Competitive Landscape

Aerodose Insulin Inhaler Partners

Aerodose Insulin Inhaler Status

Aerogen

Experienced Management Team

Investment Considerations

PPT Slide

Author: Ruth Ann Gover