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NewStar Financial Leads Financing for Western Institutional Review Board, Inc.

Supports Acquisition by Arsenal Capital Partners

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BOSTON, March 19, 2012 -- NewStar Financial, Inc. (Nasdaq: NEWS), a specialized commercial finance company, announced today that it has arranged $38,600,000 in Senior Credit Facilities to support Arsenal Capital Partners' acquisition of Western Institutional Review Board, Inc. ("WIRB"). Founded in 1968, WIRB is the leading independent institutional review board ("IRB"), which operates federally mandated panels to ensure that appropriate steps are taken to protect the rights, safety, and welfare of human subjects participating in clinical research and trials. WIRB pioneered the concept of an independent IRB and is currently recognized as the "gold standard" in the industry. The Company has offices in the U.S. and Canada and provides review services to research institutions, CROs, and other major research sponsors in all 50 states and over 60 countries around the world.

Arsenal Capital Partners ("Arsenal") is a leading New York-based private equity firm that invests in middle-market companies in the specialty industrial, healthcare, and financial services sectors. Since its founding, Arsenal has raised two funds and currently has $800 million of committed capital under management. NewStar served as Lead Arranger and Administrative Agent for the Senior Credit Facilities. Stephen McLean, Partner at Arsenal, said, "NewStar's understanding of the IRB market, and their responsiveness during the diligence process, was a key differentiator. NewStar was a consistent and reliable financing partner throughout the deal process, and we look forward to working with the NewStar team on future transactions."

"We are excited to support Arsenal Capital Partners, an experienced investor in the healthcare sector, on their acquisition of WIRB. WIRB is a leader in its field and we look forward to supporting the future growth of the business," said Tom Gillis, Director at NewStar. The deal team for the transaction included Tom Gillis, Robert Milordi, Annie Fisher and Christopher Lynch.

About NewStar Financial, Inc.:

NewStar Financial, Inc. is a specialized commercial finance company focused on meeting the complex financing needs of companies and private investors in the middle markets. The Company specializes in providing a range of senior secured debt financing options to mid-sized companies to fund working capital, growth strategies, acquisitions and recapitalizations, as well as equipment purchases. NewStar originates loans and leases directly through teams of experienced, senior bankers and marketing officers organized around key industry and market segments. The Company targets 'hold' positions of up to $30 million and will selectively underwrite or arrange larger transactions for syndication to other lenders.

NewStar is headquartered in Boston MA and has regional offices in Atlanta GA, Chicago IL, Dallas TX, Darien CT, Los Angeles CA, Philadelphia PA, Portland OR, and San Francisco CA. Please visit our website at for more detailed information.


NewStar Financial, Inc.

Robert K. Brown


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