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NEW YORK, June 1 /PRNewswire-FirstCall/ -- Piper Jaffray & Co. is pleased to announce that Caroline Stewart has joined the firm as a vice president and senior health care research analyst covering biotechnology companies. Stewart will be located in the firm's New York office.

Stewart joins the firm from Morgan Joseph & Co./IRG LLC, where she was a senior research analyst covering small- to mid-cap development-stage and early-product biotechnology companies. She has previously researched biotechnology companies at Leerink Swann & Co./MEDACORP, Salomon Smith Barney and Deutsche Banc Securities.

"We are excited to have Caroline join our health care research team," said Joel Denney, head of Investment Research at Piper Jaffray. "Caroline has several years of experience covering biotechnology companies, and we look forward to having her expertise and knowledge on our health care team as we continue to grow our biotechnology coverage."

Stewart received her master's of science degree in molecular and cell biology and chemistry from Brandeis University in Waltham, Mass., and her bachelor's degree in chemistry from Columbia University in New York.

Piper Jaffray & Co. is the chief operating subsidiary of Piper Jaffray Companies (NYSE: PJC), a focused securities firm dedicated to delivering superior financial advice, investment products and transaction execution within selected sectors of the financial services marketplace. The company currently operates through two primary revenue-generating segments: Capital Markets and Private Client Services. The sale of the company's Private Client Services branch network, announced April 11, 2006, currently is pending. The company's Capital Markets business generates revenue through two groups, Corporate and Institutional Services and Public Finance Services. Through its chief operating subsidiary, Piper Jaffray & Co., the firm has served corporations, government and nonprofit entities, institutional investors and the financial advisory needs of private individuals since 1895. With headquarters in Minneapolis, Piper Jaffray has approximately 2,800 employees in 107 offices in 23 states across the country and in London. For more information about Piper Jaffray, visit us online at .

Since 1895. Member SIPC and NYSE.

SOURCE Piper Jaffray & Co.

Susan Beatty,
Media Relations of Piper Jaffray & Co.,
+1-612 303-5680

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