RESEARCH TRIANGLE PARK June 30, 2005 — Christy Shaffer, chief executive officer of Inspire Pharmaceuticals, is the new chair of the Council for Entrepreneurial Development’s Board of Directors.

The chair-elect is Peter Young, CEO of RTP-based AlphaVax, Inc.

“I look forward to serving in this important capacity and working with CED to stimulate an environment for the entrepreneurial community to flourish in North Carolina,” Shaffer said. “I expect this year to be transformational for CED as we continue to establish important new alliances across the state.”

The complete list of CED’s board of directors is available at: