| Our investment
thesis is that there are many quality unlisted technology
product and services companies which have robust businesses
but don't attract the attention of large investment banks and
brokerage houses. As a result, they are frequently not covered
by the media or securities analysts and consequently are
relatively unattractive investment candidates for most
institutional investors
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| We routinely
make valuation judgments that hinge on a keen understanding of
the viability of a company's business model, the competitive
environment for the company's future products, and the quality
of a company's intellectual property. Our active presence in
the technology market enhances our ability to identify
promising small- and micro-cap companies for investment
|
| We
invest exclusively in the technology sector |
| We
look especially for early to mid-stage investments that will
benefit significantly from our active, value-added approach.
We may buy anywhere from 1%-51% and we will exercise our veto
on the board by virtue of our ownership. However, we DO NOT
take over operational control though we may have a say in
making it professional using outside managers |
| Our goal is to
work as partners with pharmaceutical companies to enhance
their market and investor presence and get them access to
global clients and global “best practices”
|
| Each potential
investment is evaluated on its individual merits. However, we
focus above all else on the quality and experience of the
management team. The candidate company's key managers should
have a proven track record; an exceptional ability to
communicate the company's story to employees, customers and
investors; and a deep commitment to creating value for
shareholders |
| Because we
typically are an active, value-added investor — ready,
willing and able to do our part in the company-building
process — we look for management teams with whom we can have
a true partnership relationship. Other qualities that we
always look for: a strong proprietary position; a large,
clearly-defined market for the company's products or services;
and a realistic, timely exit strategy for achieving liquidity
for investors. |
| Investment Process |
| We encourage
entrepreneurs and their advisors to contact us with investment
proposals. A detailed business plan is most helpful, but a
brief, well-conceived description of the company or the
underlying technology will often enable us to determine our
level of interest. We try our very best to respond to
investment proposals within three weeks of receipt.
|
| If our initial
evaluation is favorable, we will assign a small team to
thoroughly assess the proposal based on our investment
criteria. The evaluation process leading up to a commitment
can take as little as a few weeks and as much as several
months, depending on the quality of information available.
This process is a rigorous one, where we seek to obtain a
detailed understanding of the company's intellectual property,
competitive landscape, capital structure, and, not least, the
management team. We are especially interested in making a
thorough assessment of the key "value-changing"
technical or commercial milestones that the company must
attain in order to attract future financing and ensure
eventual liquidity for investors.
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| For
those deals that are ultimately funded, the due diligence
process at some point becomes a sort of mutual courtship. The
process thus not only informs us about the prospective
portfolio company, but also tells the portfolio company a lot
about us and what kind of partners we are likely to be. If you
do your own due diligence on us, we believe you will find us
to be among the most knowledgeable life science venture
investors in the industry, committed to the goal of adding
value to our portfolio companies through partnership-style
relationships |