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Investment Strategy

We invest predominantly in late preclinical and early clinical-stage, project-focused companies with the goal of advancing a single product to human proof-of-concept and exit through sale to a pharmaceutical or biotechnology company. Our strategy capitalizes on the opportunities presented by fundamental changes underway within the pharmaceutical industry as it seeks innovative new products to sustain its growth and new development models to improve its productivity.

The focused, smaller scale efforts we are investing in provide a key link between translating basic science into late-stage product development and commercialization. Our strategy is aimed at providing a capital-efficient, risk-contained avenue for delivering pipeline products to established companies. Proof-of-concept is a major inflection point; its value is reflected pharmaceutical deal making. The key elements of our strategy include:

• Focusing on potential acquirers at the outset by engaging strategic pharmaceutical or biotechnology partners at the initial stages of company formation
• Active management of portfolio companies by the HCV team
• Capital efficient development through semi-virtual organizations
• Limited venture capital requirements; up to $20 million total investment to achieve human proof-of-concept
• Exits through M&A at proof-of-concept;