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1 Vol. 3, Issue 4 April 2013 I This Issue Focus o: Policy Moth i Review BIO s policy ageda A move agaist IPAB ad the Medical Device Tax UK turig to Value Based Pricig Budget cuts ad NIH, FDA fudig Biggest Advacers ad Decliers Performace of US IPOs February Fiacigs Grats ad Cotracts February M&A ad Parterig Cliical Trials Patets Issued PDUFA Dates New Drug Approvals Burrill Idices By DANIEL S. LEVINE Feb. 2013* Feb. 2012* Chage Global Veture Capital 1,753 2, % VC 1,295 1, % IPOs (5 i 2013 vs 10 i 2012) 2, % IPOs (4 i 2013 vs 6 i 2012) 2, % Global PIPEs % PIPEs % Global Follow-os 1,970 1, % Follow-os 1,931 1, % Global Other Equity % Other Equity % Sequestratio a Blow to Life Scieces Madatory cuts threate research ad patiet access to ew therapies total of $85 billio i acrossthe-board govermet A spedig cuts were triggered i the absece of a last-miute Cogressioal deal to delay or ed the threat of sequestratio. While the cuts are meat to spread the pai of austerity, they threate to slow scietific research, the developmet of iovative drugs ad medical devices, ad the ability of patiets to get access to ew therapies. How big a impact sequestratio has o the life scieces will deped o whether actio is As the Biotechology Idustry Orgaizatio readies for its aual BIO Iteratioal Covetio i Bosto, it is updatig its February 2013 Life Scieces Scorecard (USD M) Moth I Review evetually take that spares the Food ad Drug Admiistratio ad the Natioal Istitutes of Health from the cuts, ad if ot, how these agecies take steps to implemet the cuts to their idividual budgets. The idustry has expressed ogoig cocers about both agecies beig uderfuded ad sequestratio will oly worse the situatio. The FDA is expected to lose $318 millio i fudig ad cut hudreds policy ageda with icreasig attetio to issues cofrotig biotech compaies overseas. Whether it s value-based pricig regimes i Europe that threate to limit market access for iovative ew Feb. 2013* Feb. 2012* Chage Global Debt Offerigs 5,940 3, % Debt 5,093 2, % Global Other Debt 338 1, % Other Debt 275 1, % Total Global Public Fiacigs 11,167 8, % Total Public Fiacigs 10,002 6, % Global Parterig 4,956 8, % Parter/Liceser 3,935 4, % Global M&A 14,109 10, % M&A, Target 5,983 9, % of jobs to adjust to the lower fudig level. For NIH, sequestratio would mea the loss of more tha $1.6 billio i fudig ad reduce the umber of grats it issues by more tha 2,000. While the political parties remai divided over issues of what mix of spedig cuts ad taxes are eeded to address the coutry s budget problems, it appears o oe wats to take resposibility for upopular choices ad so we ed up with a ax, rather (cotiued o page 4) BIO Thiks Globally, Hopes to Act Locally Trade group focuses o ifluecig policy i emergig markets products or the forgig of regulatory stadards for biosimilars i Chia, the policy issues that are shapig the ladscape i which biotech compaies will compete are more ad more ofte forged far from Washigto, D.C. I February, BIO released a set of policy priciples i the hopes of providig ideas o best practices to govermets aroud the world that seek to grow a biotechology sector withi their ow coutry. Beyod that, though, the orgaizatio hopes to egage authorities aroud the world ad serve as a source of expertise ad guidace as these authorities costruct polices with implicatios for the global idustry. The effort comes as growth i developed markets has bee slowig ad ecoomic prosperity ad a risig middle class is fuel- Caadia Editio *YTD Feb. 28 (cotiued o page 2)

2 t Publisher G. Steve Burrill editor Daiel S. Levie Maagig Editor Marie Daghlia Associate editor Michael Fitzhugh Staff writer ad researcher Sheryl P. Deker Graphic desigers Carol Collier Deve Cao SALES Cadice Smith (415) t ISSN: Published mothly by: Burrill & Compay Oe Embarcadero Ceter Suite 2700 Sa Fracisco, CA T: , Burrill & Compay Follow us @mfitz Click here to Sig up for our free weekly brief ad otificatios of ew issues of BIO Policy Ageda (cotiued from page 1) ig a greater demad for healthcare i coutries such as Chia, Idia, Brazil, ad Russia. It also comes as emergig market coutries seek to develop their ow biotech sectors ad costruct their ow regulatory regimes, istead of cotiuig to look to regulators i the ad Europe to rule o the safety ad efficacy of drugs as proxies. Joe Damod, seior vice presidet for iteratioal affairs for BIO, says the policy priorities represet areas that the orgaizatio expects to follow-up o with more detailed documets to be made available to authorities seekig to establish regulatory, patet, reimbursemet ad other policies. What we wated to do was create a tool we could share with govermets ad say, If you are really iterested i creatig a positive eviromet for biotech R&D ad iovatio, et cetera, these are what we thik are some of the policies you should adopt, he says. Whe coutries embrace biotechology, as i the case of Idia, the absece of coheret ad cosistet policies ca udermie their efforts. Cosider Bayer s experiece with its fight i Idia over a compulsory licese for its kidey cacer drug Nexavar. The Idia patet appeals board rejected the compay s effort to reverse the Idia Cotroller Geeral of Patets decisio to issue a compulsory licese allowig Natco Pharma to make geeric versios of the drug. Natco will sell the drug for $176 a moth ad pay Bayer a 6 percet royalty. That compares to the $5,600 a moth Bayer charged for the drug. The appeals board said the patet agecy acted correctly because Bayer failed to offer the drug at reasoably affordable prices. Bayer cotiues to fight the decisio ad is hopig the High Court i Mumbai will reverse it. Damo admits the lack of a coheret policymakig process is a challege i may coutries. I Idia, he otes, health agecies take actios like this. At the same time, ecoomic developmet agecies ad people close to the prime miister are tryig to promote the biotech sector. That, he says, seds mixed messages as to whether Idia is serious about buildig its idustry there. That saves Idia a few millio dollars a year supposedly. O the other had, what you ve basically doe is sed a sigal to the idustry that it s a very dagerous place to do busiess ad iovate ad to develop products, says Damod. Is it really worth that tradeoff if you are lookig coheretly at your govermet s strategy? Oe area of focus for the trade group is itellectual property rights. Some coutries have weak itellectual property protectios for ew molecules. Others, says Damod, have weak patet laws, weak eforcemet of patet laws, or weak data protectio. He says i some cases coutries do this by desig because they wat to promote a geerics idustry or a potetial biosimilars idustry. Aother area of cocer is regulatory policy. Some emergig markets are i the process of buildig out ad developig their ow regulatory regimes istead of relyig o regulators i the Uited States or Europe to decide o the safety ad efficacy of a drug ad use them as proxies. They are seekig to develop their ow regulatory capacity, i part, sice as they grow their ow idustry they will face approvals of drugs that have ot sought approval elsewhere. There s also a icreasig desire to produce more biologics i these markets, particularly biosimilars, which requires the creatio of a regulatory pathway ad the developmet of expertise. The best time to ifluece regulatory process is whe it s beig developed, says Damod. Oce a coutry develops its system, it s very difficult to uravel. What you ve basically doe is sed a sigal to the idustry that it s a very dagerous place to do busiess ad iovate ad to develop products Is it really worth that tradeoff? Joe Damod, Seior vice presidet for iteratioal affairs, BIO Last, there is pricig ad reimbursemet for ew drugs. That s bee a log stadig issue i may developed coutries, particularly i Europe, where austerity measures are addig to fiacial pressures o healthcare systems. But it s also a issue i emergig markets, where authorities are wrestlig with how to reimbursemet ew medicies as well. Gle Giovaetti, Global Life Scieces Sector Leader for Erst & Youg, says that while all of these issues are importat, he would put market access at the top of his list. I that cotext, he says it s ot just a matter of what s the fast way to get your drug o the market, but also how you get paid for it. What s the coversatio about the reimbursemet of medicies ad what s the appropriate measure of value? say Giovaetti. I may markets we are at a tippig poit where it s importat to demostrate the value of a product to a payer. It s o what basis that coversatio will be had that is critical. April

3 NOW AVAILABLE! Biotech 2013: Capturig Value Burrill & Compay s 27th Aual Report o the Life Scieces Idustry Take advatage our BIO Iteratioal Covetio special ad SAVE $50 o Biotech 2013 by purchasig before April 30, 2013 ad usig the discout code: FRANKLIN50 CLICK HERE TO ORDER Or visit: Iformatio, Isight, ad Aalysis: Biotech 2013 features 382-pages of i-depth iformatio ad early 200 charts ad graphs. April Oe Embarcadero Ceter, Suite 2700 Sa Fracisco, CA P: (415) F: (415)

4 Moth i Review (cotiued from page 1) tha a scalpel. The uwilligess to make difficult decisios ad reach compromise will harm iovatio, weake our ecoomic stregth, ad delay patiets access to ew medicies. The evolvig situatio i Washigto comes agaist a backdrop of weakeed fiacig activity for the life scieces sector i February, a moth i which activity fell dramatically from levels a year ago. Global veture fiacigs for life scieces compaies totaled $582 millio i February, a 47 percet declie from the same period a year ago ad the lowest mothly activity i two years. The cacer immuotherapies developer Jouce Therapeutics, which raised $47 millio i a series A roud, was the largest veture fiacig for the moth. O the public fiacig side, total global fiacig trasactios for life scieces compaies i February reached a aemic $865 millio, a 78 percet drop from the $3.9 billio for the same period a year ago. IPOs, PIPEs, followos, ad debt offerigs all slowed dramatically. I fact, the oly IPO completed i February occurred i Japa for the cardiovascular therapeutics compay MedRx, which raised $23.6 millio. I the Uited States, the success of the Zoetis IPO failed to produce coattails for other life scieces compaies. Persoalized geomics-based cacer diagostics maker Cacer Geetics postpoed its IPO ad the molecular diagostics compay AutoGeomics withdrew its IPO. Four compaies did add themselves to the IPO queue i February, givig some hope for a pick-up i activity. These icluded Tetraphase Pharmaceuticals, Ambit Bioscieces, Sophiris Bio, ad the cotract research orgaizatio Quitiles, which filed for a $600 millio IPO. Global M&A activity rose i February, thaks i part to Bioge Idec s acquisitio of the rights to the multiple sclerosis drug Tysabri from its parter Ela for $3.2 billio plus future royalties o the drug. Royalty Pharma is seekig to buy Ela s royalties for Tysabri for $6.6 billio. Ela s maagemet has ot respoded to the offer, but Royalty is takig its bid directly to the compay s shareholders. Reviewers at the Food ad Drug Admiistratio approved three iovative therapies i February, brigig the 2013 total to five. Amog the highest profile approvals this moth was Roche ad Immuoge s T-DM1. The therapy will be sold as Kadcyla for the treatmet of HER2-positive, metastatic breast cacer ad was reviewed uder the FDA s priority review program. Kadcyla is a atibodydrug cojugate that pairs Hercepti with a powerful chemotherapy aget. The combiatio delivers the therapy directly to the tumor cells, bypassig healthy cells. Other drugs approved i February icluded Celgee s Pomalyst for the treatmet of multiple myeloma; ad QuatRx Pharmaceuticals ad Shioogi s Ophea for the treatmet of vulvar ad vagial atrophy due to meopause. The idustry will cotiue to keep its eyes o Washigto as the impacts of sequestratio play out. The public has become weary of maufactured crises ad accustomed to dysfuctio i Washigto, but actio will eed to be take. We are payig a price as a atio for our iability to reach a cosesus. Lawmakers eed to uderstad what s at stake, both i terms of our ecoomic competitiveess ad the eeds of people sufferig with disease. Democrats Take Aim at Affordable Care Act Republicas fid ew allies agaist the medical device tax ad Medicare cost-cuttig board By MICHAEL FITZHUGH With the law ow safe from wholesale repeal, Democrats have bee icreasigly willig to speak out agaist aspects of the complex legislatio. Whe the Patiet Protectio ad Affordable Care Act was first siged ito law i 2010, the loudest voices opposig it were Republica. What Democratic oppositio there was to its provisios was muted as the debate fractured alog party lies. But followig Presidet Obama s November reelectio ad the Supreme Court s decisio to uphold the law, the ature of the debate is chagig. With the law ow safe from wholesale repeal, Democrats have bee icreasigly willig to raise their voices to speak out agaist aspects of the complex legislatio that they would like to get rid of. Chief amog their targets have bee the medical device tax, a tax o maufacturers ad importers of regulated medical devices, ad the Idepedet Paymet Advisory Board, a fiftee-member agecy created to achieve savigs i Medicare without affectig coverage or quality. Both have bee sore poits with idustry, which has log sought to remove them from the legislatio. I March, Democratic Seator Amy Klobuchar of Miesota, home to several large medical device compaies, led the charge with Utah Republica Orri Hatch to pass a amedmet to the Fiscal 2014 Seate Budget Resolutio expressig support for repeal of the medical device tax. Uderscorig the bipartisa support for device tax repeal efforts, eight Democratic seators co-sposored the amedmet, which passed with 79 votes. The tax is a burde o medical device busiesses, but, most importatly, it is a disicetive for jobs, said Klobuchar durig a address o the Seate floor before the March 21 vote. It stifles iovatio ad it makes it more difficult for the ext geeratio of lifesavig devices to make it to the market. I the House, some Democrats have also backed a effort to repeal the Affordable Care Act s Idepedet Paymet Advisory Board, which is charged with idetifyig ways to cut Medicare spedig as early as Jauary 15, 2014, if the per capita Medicare spedig rate is expected to exceed a ecoomic growth rate over a five-year period. The pharmaceutical idustry has bee cocered that madates to make spedig cuts would lead to price cotrols o drugs. Leavig some reimbursemet decisios i the hads of a isular, bureaucratic pael that uses a process that limits stakeholder participatio will have a egative impact o patiet access to care, ad could impede the doctorpatiet relatioship, say Jim Greewood, presidet ad CEO of BIO. Amog the Idepedet Paymet Advisory (cotiued o ext page) April

5 The Newberry 60 West Walto Street Chicago, IL Suday, April 21, 2013 Evet Co-Host: Joi iovative idustry leaders from Chia, Idia, Korea, Malaysia, Sigapore, Taiwa, Vietam, Australia, ad New Zealad for a three-hour meetig to discuss the explosio of ew healthcare ad bioeergy opportuities i these coutries. CEOs will provide a groud-level view ad discuss their experieces doig busiess i Asia ad Australia. G. Steve Burrill, CEO of Burrill & Compay, will deliver a brief overview of the state of the biotechology world i the Pa-Asia regio to ope the meetig. This will be followed by two paels ad a active questio ad aswer sessio for the audiece. Pla to arrive early to BIO to atted The Burrill Pa-Asia Life Scieces Meetig! This meetig is for CEOs, idustry maagers workig i Asia ad Australia or seekig to do busiess there, etrepreeurs iterested i opportuities to build busiesses i the regio, ad scietific ad academic leaders iterested i regioal developmets i biotechology. To register, visit: ALSO: DON T MISS THIS SUPER SESSION Burrill State-of-the-Idustry Report 2:00 PM - 3:30 PM o Tuesday, April 23, 2013 i McCormick Place Buildig S406 AB G. Steve Burrill, CEO of Burrill & Compay, will discuss treds ad hot topics from his ew aual report, Biotech 2013: Capturig Value. For 27 years, Mr. Burrill s reports have helped people uderstad developmets i the life scieces idustry ad where it is headig. Govermets worldwide are facig ew pressures to cotai healthcare spedig ad demads to develop reliable ad evirometally sustaiable sources of food, eergy, ad idustrial products. Lear what iovatio looks like i 2013 ad how compaies will eed to thik differetly about the way they create ad capture value i the evolvig world of healthcare. April Oe Embarcadero Ceter, Suite 2700 Sa Fracisco, CA P: (415) F: (415)

6 Tax (cotiued) Board s Democratic detractors is Rep. Bill Pascrell, D-New Jersey, home to may pharmaceutical compaies. He has fought to repeal the creatio of the board, which is scheduled to begi meetig April 30. I have cocers with IPAB, icludig how it will operate, ad that it gives up importat Cogressioal authority over pricig, says Pascrell. Abdicatig our resposibility is ot the right thig to do for our seiors. Although 20 Democrats had co-sposored the bill, Pascrell ad others recetly voted agaist legislatio that would have repealed the board because Republicas tied it to what some felt was a poiso pill, a provisio that would have also capped malpractice settlemets at $250,000. The fate of both the device tax ad Idepedet Paymet Advisory Board seems icreasigly tied to other issues as politicias o each side of the aisle itegrate legislatio iteded to repeal them with other provisios with broader impacts, such as cap o malpractice settlemets. Both items are upopular eough that support for repeal might succeed i a straight up vote i the House, says Tevi Troy, seior fellow at the Hudso Istitute. If it was a more complex vote that had must-pass legislatio attached such as a cotiuig resolutio, sequestratio fix, or debt ceilig hike the there might be more of a challege, he says. A Geeratio at Risk Savig sciece dollars demads attetio to detail, teamwork, creativity like sciece itself By SHERYL P. DENKER Sequestratio is addig to the squeeze o federal fudig of scietific research, but fast maeuverig by key seators may preserve some of the 1,000 ew grats that the Natioal Sciece Foudatio iitially projected would be lost due to the automated budget cuts. By providig a detailed 2013 NSF budget, Seator Barbara Mikulski, D-Marylad, workig together with Seator Richard Shelby, R-Alabama, was able to get fudig for the NSF out of the cotiuig resolutio bill ad ito a regular appropriatios budget bill, providig the programs greater fudig. Mikulski is chair of the committee that cotrols the budget for NSF ad other sciece agecies. Not oly will fewer ew grats be lost tha the NSF iitially projected, but there will also be less egative impact o the early-career scietists, graduate studets, ad postdocs that NSF has said are a priority. It is those studets ad ewly mited scietists that will be hit by dimiishig federal fuds for biomedical sciece research, says Carrie Wolietz, associate vice presidet for federal relatios at the Associatio of America Uiversities, a group of 62 leadig public ad private research uiversities i the ad Caada. Our big cocer is the impact o the ext geeratio of scietists, ot oly o the real umber of decreased grad studets ad post-docs but also o the difficult-to-quatify discouragemet factor, says Wolietz. Kowig that perhaps oly oe out of six grats will get fuded, it will be difficult for uiversities to attract talet. It takes decades to recover from that. I the short term faculty ad idustry might ot feel it but i the log term, especially for the M.D./ Ph.D. researchers, so critical to bech to bedside work, it will be a sigificat impact. It s hard to retai those studets without prospect of a future research career. Mikulski set fudig for NSF s research equal to the presidet s 2013 budget submissio, a 5.2 percet icrease over Her fudig of early $6 billio is $50 millio above a earlier Seate guidelie ad $100 millio above the House of Represetatives guidelie. She also added $20 millio to the presidet s request for NSF s educatio directorate, makig that budget $896 millio, ad she added $5 millio to Advaced Techological Educatio, which supports commuity ad 2-year colleges, requestig NSF to pull that moey from other educatio activities. Clearly she ad others are worried about the impact of decliig sciece dollars o the ext geeratio. Fracis Collis, director of the Natioal Istitutes of Health, is also cocered about the log-term impact of the fudig cuts o a ew geeratio of scietists. The curret geeratio foud out sciece is cool, but if they do t perceive a trajectory ad stable pathway, they may decide to do somethig else. The curret message is ucertai give the path we are o, he said durig a recet celebratio of sciece pael. To chage our trajectory, Kevi Wilso, director of public policy for the America Society for Cell Biology, says it s importat to chage the way the academic scietific commuity looks at thigs. The iroy is that whe budgets are tight, everyoe goes to their corer versus comig together, he says. While these parterships have improved i recet years, there is a iheret tesio i the priorities of diverse sciece groups whe talkig to legislators that makes achievig this ideal difficult. Academics wat research dollars ad traiig programs, so the NIH is frot ad ceter for them. Pharma wats FDA ad patet reform, NIH is ot their top priority. May smallto mid-size biotechs are focused o stayig i busiess. Some thik the scietific commuity could lear a few thigs from the military o how to creatively cotrol ad chage the message delivered to legislators ad the public. Orgaizatios such as Uited for Medical Research are tryig to do just that. The group works to esure that i the future NIH gets the iflatio-adjusted fudig it deserves ad is comprised of leadig research istitutios across the atio, patiet ad health advocates, ad private compaies such as Corig, Life Techologies, ad Thermo Fisher Scietific. Sice federal agecies dedicate various proportios of their total expeditures to R&D fudig, across the board sequester cuts have diverse impacts o the R&D i each agecy. At oe ed of the spectrum is the NIH, dedicatig a overwhelmig 97 percet of total expeditures to R&D, with 54 percet of that goig to basic research. Uited for Medical Research s recet aalysis of what the NIH does for the Uited States, i terms of the ecoomic retur o the taxpayer s ivestmet, shows that i 2012 the NIH supported early 402,000 jobs ad $57 billio i ecoomic output. A 5.1 percet across the board cut o NIH fudig, the group determied, traslates to a estimated loss of 20,500 jobs, $3 billio i ew ecoomic activity, ad $1.12 billio i NIH grat awards. Scietists ad researchers are traied ot to report egative data. But hopefully this time the data s bad eough for the atio ad its future to get some attetio. April

7 U.K. Moves Toward Value-Based Pricig of Medicies As deadlie looms, cocer grows over how policy will affect iovatio By MARIE DAGHLIAN As the U.K. Departmet of Health ad the Associatio of British Pharmaceutical Idustries meet to iro out a framework for a ew, value-based pricig scheme for prescriptio drugs, there is cocer that the approach may ot sufficietly fulfill the govermet s itetio of deliverig value to patiets ad the Natioal Health Service while simultaeously ecouragig iovatio. Though the govermet ad idustry both agree that a broader assessmet of the value of ew drugs is eeded, the idustry is cocered about the evetual impact the ew rules may have. We are ot coviced that value-based pricig will ecourage iovatio or reward the most effective medicies, says Associatio of British Pharmaceutical Idustries Chief Executive Stephe Whitehead. I fact, we are cocered that value-based pricig could i fact stifle iovatio because it will struggle to accurately reflect the iheret gradual ad icremetal ature of iovatio. The ew value-based pricig system is part of a overhaul of the Natioal Health Service, first aouced i 2010, with a fial bill passed i March 2012 as the govermet s Health & Social Care Bill. Although the ew pricig scheme will apply primarily to ew drugs itroduced i 2014 ad beyod, some older drugs, especially those curretly fuded by the Cacer Drugs Fud will also receive ew determiatios. While the govermet s stated goal is to stimulate iovatio ad the developmet of high-value treatmets i the coutry, improve patiet access to medicies, ad achieve better value for the Natioal Health Service, its secodary objective is to rei i the risig cost of healthcare. Value-based pricig is a method for determiig what the NHS will pay for a drug based o its perceived value to the Natioal Health Service rather tha o the actual cost of the product, market or historical price, says the UK BioIdustry Associatio, a idustry trade group. But with the ew system expected to replace the 50-year-old volutary Pharmaceutical Price Regulatio Scheme at the start of 2014, it is still uclear how value will be measured. The value attached to braded medicies uder the curret scheme is determied by the Natioal Istitute for Health ad Cliical Excellece use of the Quality Adjusted Life Year, or QALY, which has come uder repeated attack by the pharmaceutical idustry ad patiet groups as limitig access to ew drugs. I part, that s because NICE has set a aual cost limit of $30,437 ( 20,000) to $45,656 ( 30,000) per QALY. A Europea Commissio-fuded report issued i Jauary 2013, foud the QALY flawed as a way to assess the value of ew medicies. While NICE objected to the limited scope of the study, the idustry hailed it as a reaso to chage the status quo. This research shows why NICE so ofte delivers coclusios that are out of step with other bodies ad ca udermie cliical work i the U.K. ad most importatly dey U.K. patiets i eed access to ew ad prove treatmets, said Whitehead. Value-based pricig is a attractive otio at the superficial level, says Alistair Ket, director of patiet advocacy group Geetic Alliace UK ad chair of Rare Disease UK. The rhetoric is attractive movig to medicies that provide sigificat beefit for umet eed that ca also commad sigificatly higher prices. But delvig ito the details makes it more complicated. Ket says that it s ot yet clear what is meat by value ad who determies the price that is set. I order to establish value, he says, you have to talk to patiets ad care givers as ot everythig carries equal weight. He worries the Departmet of Health has a simplistic otio of value. Ket cites a example of a colleague with a rare coditio that requires ezyme replacemet therapy to icrease her lug fuctio by 4 percet. While this may seem small, it allows may hours durig the day whe she does t have to breathe through a oxyge mask, allowig her to coverse ad iteract i a ormal way with others. The quality of life improvemet is sigificat. His hope is that such wider social beefits curretly ot a compoet of QALYbased pricig will be cosidered i the ew value-based scheme. For example, if I am sick ad a medicie I take makes it possible for my wife who has bee carig for me to go back to work, this is ot factored ito the curret determiatio because it is outside the cotext of the healthcare system, says Ket. But perhaps the biggest cocer of patiet groups ad idustry is the short timelie before the ew system is madated to take effect, a cocer that is amplified because a umber of issues still remai uclear. These iclude how a U.K.-oly value-based pricig structure will: impact iovatio; iteract with wider NHS reforms ad a ew commissioig structure; ad iteract with the curret, predictable, price regulatio scheme system through the trasitio phase ad beyod. The UK BioIdustry Associatio ad others are cocered that the govermet is tryig to istitute too may chages at oce. The ew healthcare law calls for a sigificat reorgaizatio ad reductio of staff at the Natioal Health Service, which has a budget of about $180 billio ( 120 billio) a year. Ket says the umber of employees is to be cut to about 3,500 from 8,000 today. The Departmet of Health ad the Associatio of British Pharmaceutical Idustries is expected to uveil a valuebased pricig framework at the ed of March. Whether or ot the ew system will be better tha the oe curretly i place is beig kept uder wraps for ow. Patiet groups have bee meetig with both parties to let them kow what is importat to them. It is widely hoped that the ew system will take wider social beefits ito accout ad will more closely reflect a evidece-based approach that may provide reimbursemet for ew medicies cotiget o the collectio of data o outcomes that would be aalyzed at a later period ad used to egotiate their values. April

8 Come joi us i explorig the opportuities ad challeges created by exteded logevity. The Burrill & Buck Agig Meetig MAY 20-21, 2013 The Buck Istitute for Research o Agig 8001 Redwood Blvd Novato, CA USA o Twitter ad joi the coversatio by usig #AgigMtg To register, visit: REGISTER TODAY & RECEIVE A FITBIT ONE! (icluded with your registratio) April

9 February Statistics Fiacigs: Out-of-the-Box Capital TearSciece taps its reveue stream to fud commercializatio. By MARIE DAGHLIAN Privately-held medical device maker TearSciece has tapped its reveue stream to secure $70 millio i odilutive capital from HealthCare Royalty Parters to fud commercializatio efforts ad establish its system as the stadard of care for evaporative dry eye. The coditio affects at least 86 millio people globally. Commo symptoms of the disease iclude eye irritatio, dryess, redess, tiredess, ad visual disturbaces. Our compay had a exceptioal first year product lauch with Tear- Sciece sellig more tha 100 systems, effectively treatig thousads of dry eye sufferers, ad provig our commercial busiess model, says Tim Willis, presidet ad CEO of TearSciece. Health- Care Royalty Parters fudig ad partership will provide TearSciece the fiacial resources to build o our success ad fully execute o our global commercializatio efforts. The TearSciece system helps a doctor idetify evaporative dry eye, which is the most prevalet type of dry eye, ad provides a device-based solutio that is more effective, less paiful, ad less costly compared to curret treatmets, accordig to Gregory Brow, foudig maagig director at HealthCare Royalty Parters. With about 23 millio people sufferig from dry eye disease i the Uited States ad 86 percet of them sufferig from evaporative dry eye, the market potetial i North America is more tha $10 billio. Evaporative dry eye occurs whe Meibomia glads i the eyelids become obstructed ad do ot secrete the oily lipids eeded to keep the water portio of tears from evaporatig too quickly. The TearSciece system measures the absolute thickess of the lipid layer of a dry eye patiet s tear film ad treats the root cause of evaporative dry eye disease by ublockig obstructed Meibomia glads durig a i-office procedure. Ublockig the Meibomia glads allows the glads to resume their atural productio of lipids required for a healthy tear film ad ocular surface. Cacer Immuotherapies Third Rock Vetures has backed its ewest startup, Jouce Therapeutics, with $47 millio i a series A fudig roud, cotiuig its strategy of committig eough fudig at lauch to see the compay through proof-of-cocept, whe it may garer a much higher valuatio. Cambridge, Massachusetts-based Jouce is focused o the discovery ad developmet of first-i-class cacer immuotherapies desiged to haress the patiet s immue system to seek out ad attack cacerous cells ad tumors. Compared to more traditioal approaches of targetig the tumor directly, Jouce says its approach has the potetial to drive durable resposes to treatmet, extedig ad improvig patiets quality of life for years. Jouce s techology eables the exploratio of multiple mechaisms of actio ad a broad spectrum of targets. The compay s capabilities ad expertise iclude tumor immuobiology, atibody discovery ad optimizatio ad itegrated traslatioal sciece capabilities, icludig ovel i vivo tumor model systems ad other cliically based approaches. Jouce is leveragig these capabilities to build a robust pipelie of first-i-class biologic product cadidates. The fudig will eable the compay to build its product egie ad rapidly advace its lead programs to the cliic. Cacer immuotherapies have show the potetial to ot just icremetally ehace patiets quality of life, but to sigificatly improve their log-term survival, says Cary Pfeffer, iterim chief executive officer of Jouce ad parter at Third Rock Vetures. Jouce has assembled a world-leadig team that is at the forefrot of the ew uderstadig of the power ad potetial of cacer immuotherapies. We are uiquely positioed to rapidly develop our pipelie ad, ultimately, deliver o our goal of improvig patiets lives. Performace of 2013 IPOs Compay Ticker Pricipal Focus IPO Date Capital Raised (USD M) Offerig Price (USD) Price 2/28/2013 (USD) Retur From IPO Zoetis NYSE:ZTS Aimal Health 1/31/13 2, % Kalobios KBIO Therapeutics 1/31/ % Stemlie Therapeutics STML Therapeutics 1/29/ % LipoSciece LPDX Diagostic 1/25/ % April

10 February Statistics February 2103 Market Movers Ticker Compay Price 1/31/13 Price 2/28/13 Percet Chage Reaso ADVANCERS NVGN Novoge % Reports that ati-ovaria cacer drug C6 i the super bezopyra family is effective agaist ovaria cacer ad ovaria cacer stem cells MNOV MediciNova % FDA grats fast-track status to ibudilast for the treatmet of methamphetamie addictio MBLX Metabolix % No specific reaso for the advace OPXA Opexa Therapeutics % Regais compliace with Nasdaq requiremet for cotiued miimum bid price listig, ad sigs optio ad licese agreemet with Merck Seroo for Tcela for the treatmet of multiple sclerosis PSDV psivida % Spaish Agecy of Drugs ad Medical Devices grats marketig authorizatio to Iluvie for diabetic macular edema ALIM SIGA Alimera Scieces SIGA Techologies % Alimera chooses to pursue a Patiet Access Schemes approval for Iluvie rather tha appeal NICE rejectio % SIGA offers guidace durig PharmAthee lawsuit that it will begi Arestvyr sales to the govermet i the first quarter of the year LCI Laett % Prelimiary release of positive fiscal 2013 secod quarter results iclude strog sales of existig ad ew products, solid gross margi ad lower tha aticipated operatig expeses SNMX Seomyx % No specific reaso for the advace AMRI Albay Molecular Research % Sigs exclusive licese agreemet with Chai Therapeutics for developmet of AMRI s tubuli ihibitor cacer therapy i early-stage trials DECLINERS MYRX Myrexis % Nasdaq iitiates proceedigs to delist the compay from the exchage based o their belief that the compay is a public shell AFFY Affymax % Marketig parter Takeda reports weak sales ad Freseius Medical halts pilot program of Omotys, the erythropoeiti stimulatig aget ad Affymax s lead drug BLAB Bio Lab Naturals % No specific reaso for the declie ABIO ECTE ARCA biopharma Echo Therapeutics % Stock prices adjust from a ed of Jauary spike related to the aoucmet of a collaboratio with Medtroic to ru a late-stage trial of Gecaro for prevetio of atrial fibrillatio % Aouces itetio for public offerig of commo stock at $0.75 per share CLSN Celsio % Aouces failure of Thermodox, the compay s lead product, to improve progressio-free survival i late-stage trial for liver cacer DVAX PPHM Dyavax Techologies Peregrie Pharmaceuticals % FDA rejects the Biologic Licese Applicatio for Heplislav, a ivestigatioal hepatitis B vaccie for adults, ad the compay s flagship product % Stock prices adjust from a spike caused by cofusio surroudig aalysis of results for bavituximab i a mid-stage trial for advaced pacreatic cacer ad also based o revised aalysis followig vial labelig errors i a trial for osmall cell lug cacer NSPH Naosphere % Aouces disappoitig fourth quarter demad for its product i Europe ad that 2012 cash flow from operatios was egative $31.7 millio GENT Getium % Italia biotech fails to receive Europea regulatory approval for its most advaced drug i developmet, defibrotide, for the treatmet of a rare disease ivolvig occlusio of veis i the liver April

11 February Statistics Veture Fiacigs i February 2013 Compay Raised (USD M) Pricipal Focus Fiacig Roud Ivestors Jouce Therapeutics 47.0 Therapeutics Series A Third Rock Vetures OptiSca Biomedical 30.7 Medical devices Part of $43.7M offerig Not disclosed BAROova 27.3 Medical devices Series C Sate Vetures; Bosto Scietific; ONSET Vetures; Highlad Capital Parters; Arboretum Vetures; Lumira Capital Aduro Biotech 25.6 Therapeutics Equity oly Curret ivestors CardioKietix 23.4 Medical devices Series E, close of $48M roud Paorama Capital; Veture Parters; JPMorga Parters; New Leaf Veture Parters; SV Life Scieces; H&Q Healthcare Ivestors; H&Q Life Scieces Ivestors Gyesoics 21.0 Medical devices Series D HBM Parters; Correlatio Vetures; Abigworth; Advaced Techology Vetures; IterWest Parters NovaDigm Therapeutics 20.6 Therapeutics Equity oly Not disclosed Itersect ENT 18.3 Medical devices Series D, first trache of $30.5M Omthera Pharmaceuticals 17.6 Therapeutics Debt fiacig Not disclosed Elcelyx Therapeutics 12.0 Therapeutics Series C, part of $20M roud Norwest Veture Parters; Kleier Perkis Caufield & Byers; Veture Parters; PTV Scieces, Medtroic GSM Fud; Morgathaler Vetures; Kleier Perkis Caufield & Byers; Techology Parters Novia Health 11.0 Medical devices Series A inetworks; other previous ad ew ivestors Sythetic Geomics 10.0 Idustrial/Ag Series D Draper Fisher Jurvetso Holaira 10.0 Medical devices Series C Advaced Techology Vetures; Morgethaler Vetures; Split Rock Parters; Versat Vetures Aviir 10.0 Diagostics Secod trache of $30M roud EdoGastric Solutios 10.0 Medical devices Debt fiacig Not disclosed Merck Global Iovatio Fud; Parters & Parters; Bay City Capital; Aberdare Vetures; New Leaf Veture Parters Sotera Wireless 9.3 Digital Health Equity oly Safeguard Scietifics; Delphi Vetures; Saderlig Vetures; Qualcomm Vetures; EDBI; Itel Capital; Cerer Capital; West Health Ivestmet Fud Catabasis Pharmaceuticals 8.7 Therapeutics SV Life Scieces; Clarus Vetures; MedImmue Vetures; Advaced Techology Vetures BIND Bioscieces 8.7 Therapeutics Part of $20.25M roud Not disclosed, 20 ivestors Cohera Medical 7.3 Medical devices Series D, close of $17 M BeeChill 6.6 Medical devices Part of $9.5M equity roud Ker Whela Capital; Bradford Capital Not disclosed Sprig Bak Pharmaceuticals 6.1 Therapeutics Series A, close Brock Securities; Gilford Securities Nova 5.8 Tools/Techology Series C, close of $11M Hatteras Veture Parters; Neal Huger CyVek 5.5 Tools/Techology Series D Coecticut Iovatios; private ivestors Kala Pharmaceuticals 5.3 Therapeutics Series A, close of $11.5M DemeRx 5.1 Therapeutics Equity oly (stealth mode) Exosome Diagostics 5.0 Diagostics Debt, optios, warrats Revace Therapeutics 5.0 Therapeutics Series F, part of $60M roud Crow Veture Fud (Crow family); Lux Capital Maagemet; Polaris Veture Parters; Third Rock Vetures Chrysalis Pharma Parters Two udisclosed ivestors Not disclosed Quotiet Biodiagostoics 5.0 Diagostics Gale Parters; CEO Paul Cowa (cotiued) April

12 February Statistics (cotiued) Veture Fiacigs i February 2013 Compay Raised (USD M) Pricipal Focus Fiacig Roud Ivestors Mardil Medical 4.3 Medical devices Equity oly Agesi Iovasi Malaysia Celmatix 4.0 Diagostics Equity oly Not disclosed PLC Systems 4.0 Tools/Techology Part of $11.3M roud Not disclosed Aerial BioPharma 3.8 Therapeutics Series A, secod trache Brickell Biotech 3.6 Therapeutics Series B, first trache of $7M Not disclosed Amorepacific Vetures (S. Korea); Palisade Cocetrated Equity Partership II; other ivestors TherOx 3.5 Medical devices Debt fiacig Kleier Perkis Caufield & Byers Blaze Biosciece 3.5 Tools/Techology Series A, close Existig seed stage ivestors Pulmatrix 3.5 Therapeutics Veture debt Not disclosed MedShape 3.5 Medical devices Equity oly Not disclosed BioAegis 3.1 Therapeutics Seed stage Family s; high et worth idividuals GluMetrics 3.0 Medical devices Debt fiacig Kaiser Permaete Vetures; Advaced Techology Vetures; Versat Vetures Meo Iteratioal 3.0 Idustrial/Ag Not disclosed Ivera 3.0 Tools/Techology Equity oly Not disclosed MiCardia 3.0 Medical devices Debt fiacig Previous ivestors iclude BioStar Vetures; MedFocus Fud Japa Asia Ivestmet Group; HBM Parters Health Data Visio 2.8 Healthcare IT Series A GRP Parters; Redhills Vetures Odyssey Thera 2.8 Tools/Techology HBM Parters; Burrill & Compay; Loza; Merck Kieta 2.7 Therapeutics Agel fudig Not disclosed ExoStat Medical 2.5 Medical devices Not disclosed PharmaJet 2.2 Medical devices Equity oly Not disclosed Ampla Pharmaceuticals 2.2 Therapeutics Equity oly Advet Healthcare Vetures CerRx 2.1 Therapeutics Seed stage Not disclosed Meditope Bioscieces 2.1 Therapeutics Equity oly Not disclosed Mascoma 2.1 Idustrial/Ag Other Not disclosed Wavetec Visio Systems 2.0 Medical devices Part of $8M roud Not disclosed PTC Therapeutics 2.0 Therapeutics Debt fiacig Not disclosed StemBioSys 2.0 Tools/Techology Equity oly Not disclosed SyapDx 2.0 Diagostics LabCorp Ezra Iovatios 2.0 Medical devices Equity oly Not disclosed BioSig Techologies 1.8 Medical devices Part of $4.2M roud Not disclosed Neuros Medical 1.8 Medical devices Debt fiacig Not disclosed Dipexium Pharmaceuticals 1.8 Therapeutics Equity oly Not disclosed Melior Discovery 1.7 Tools/Techology Agel fudig Past ivestors iclude BioAdvace; Osage Parters; APIDC Veture Capital; Cammebys Capital Group; Mid-Atlatic Agel Group; Michael J Fox Foudatio Aimal Cell Therapies 1.7 Therapeutics Agel fudig Not disclosed BaroFold 1.7 Tools/Techology Equity oly Not disclosed Methes Eergies Iteratioal 1.7 Idustrial/Ag Equity oly Not disclosed EdoSee 1.7 Medical devices Not disclosed (cotiued) April

13 February Statistics (cotiued) Veture Fiacigs i February 2013 Compay Raised (USD M) Pricipal Focus Fiacig Roud Ivestors INRage Systems 1.6 Medical devices Debt fiacig Hopewell Vetures Nexis Visio 1.5 Tools/Techology Debt fiacig Not disclosed Iocoll 1.5 Medical devices NewSmith Asset Maagemet 3D Biomatrix 1.5 Tools/Techology Seed stage Not disclosed, past ivestor Augmet Vetures Ultrasoud Medical Devices 1.5 Medical devices Not disclosed Radialogica 1.3 Healthcare IT Equity oly Not disclosed Bete BioServices 1.3 Tools/Techology Debt fiacig MVP Capital Parters; Life Scieces Greehouse of Cetral Pesylvaia; Pe Veture Parters AFCell Medical 1.2 Medical devices Equity oly Not disclosed C4 Imagig 1.2 Medical devices Equity oly Not disclosed Prismic Pharmaceuticals 1.2 Therapeutics Equity oly Not disclosed K-PAX Pharmaceuticals 1.2 Welless Equity oly Not disclosed Nuclea Biotechologies 1.1 Diagostics Equity oly Not disclosed Parallax Eterprises 1.0 Digital Health Seed stage Not disclosed Gold Stadard Diagostics 1.0 Diagostics Equity oly Not disclosed Igyta 1.0 Diagostics Debt fiacig Silico Valley Bak Bioject Medical Techologies 1.0 Medical devices Equity oly Not disclosed Itica Biomedical 1.0 Therapeutics Debt fiacig Not disclosed Saphea Medical 1.0 Medical devices Series A, part of $3M roud Not disclosed, lauched by Pavilio Medical Iovatios ad STD Med Xeris Pharmaceuticals 1.0 Therapeutics Part of $1.9M roud Texas Emergig Techology Fud ZetrOZ 0.9 Medical devices Not disclosed Akermi 0.8 Idustrial/Ag Debt fiacig Malaysia Life Scieces Capital Fud; Prolog Vetures; Chysalix Eergy; Burrill & Compay PariGeix 0.7 Therapeutics Debt fiacig Not disclosed Decimmue Therapeutics 0.6 Therapeutics Part of $2.25M offerig Healthcare Vetures; Broadview Vetures; Astellas Veture Future Path Medical Holdig 0.5 Medical devices Equity oly Not disclosed Immuome 0.4 Therapeutics Debt fiacig Not disclosed Wellcoi 0.3 Digital Health Equity oly Not disclosed MxBiodevices 0.2 Therapeutics Equity oly Not disclosed Next Healthcare 0.2 Tools/Techology Seed stage Not disclosed Actiobac Biomed 0.1 Therapeutics Foudatio Veture Capital Group Virtual Icisio N/A Medical devices Series B PrairieGold Veture Parters; Bluestem Capital Parters; Ivest Nebraska Cloudat N/A Healthcare IT Series B Samsug Vetures Saguie BioScieces N/A Tools/Techology Ivet Vetures; Heliat Vetures Critical Diagostics N/A Diagostics Not disclosed Total Veture Fiacigs (cotiued) April

14 February Statistics (cotiued) Veture Fiacigs i February 2013 Compay Glide Pharma (Uited Kigdom) Raised (USD M) Pricipal Focus Fiacig Roud Ivestors 21.4 Medical devices Ivesco Perpetual; existig ivestors Dezima Pharma (Netherlads) 13.0 Therapeutics Series A Forbio Capital Parters; BioGeeratio Vetures; New Sciece Vetures Strad Life Scieces (Idia) 10.0 Tools/Techology Series B Burrill & Compay Sapies Steerig Brai Stimulatio (Netherlads) 9.9 Medical devices Series A extesio INKEF Capital PolyActiva (Australia) 9.5 Medical devices Series B Medical Research Commercializatio Fud; Brado Bioscieces Fud 1; Yuuwa Capital; agel ivestors Multiplicom (Belgium) 7.3 Diagostics PMV; RMM; Qbic ARKIV Fud; Gimv; biotech Fods Vlaadere; VIB AtaBio (Frace) 6.4 Therapeutics Seed stage Wellcome Trust Seedig Drug Discovery Iitiative Fudig Avraham Pharmaceuticals (Israel) 5.7 Therapeutics Equity oly Yissum Research Developmet; Potifax; Clal Bitoechology Idustries; Techio Research ad Developmet Foudatio Eopace Biomedical (Israel) 5.0 Medical devices Strategic ivestmet with optio to buy Sori Group (Italy) Qvateq (Switzerlad) 4.3 Medical devices Series B Private ivestors Nexus6 (New Zealad) 3.8 Digital Health BioSciece Maagers; K1W1; private ivestors MyMeds&Me (Uited Kigdom) Sphere Fluidics (Uited Kigdom) 3.0 Digital Health Seed stage Albio Vetures 2.5 Tools/Techology 24Haymarket; Royal Society Eterprise Fud; Cambridge Eterprise; Providece Ivestmet; the Uiversity of Cambridge Eterprise Fud; the Lodo Busiess Agels Roudtable EIS Fud; idividual ivestors Domaiex (Uited Kigdom) 2.3 Therapeutics Logbow Capital; Bury Fitzwilliam-Lay ad Parters; Uiversity College Busiess Helmedix (Australia) 1.3 Therapeutics Seed stage Medical Research Commercializatio Fud ScarX Corp (Caada) 1.2 Therapeutics Pre-seed fudig MaRS Iovatio; Otario Ceters of Excellece Neurody (Caada) 1.0 Therapeutics Series A Not disclosed Morria Biopharmaceuticals (Uited Kigdom) 0.9 Therapeutics Part of $10M roud Not disclosed CoectedHealth (Sigapore) 0.5 Digital Health Seed stage Get2Volume Fio Corporatio (Caada) 0.3 Digital Health Not disclosed BioMoti (Uited Kigdom) 0.2 Therapeutics Equity oly Oxford Techology Maagemet; udisclosed ivestor Xcyto Diagostics (Idia) N/A Diagostics Series A Birthstoe Capital Advisors; Amvar Vetures Adrus Reo (Russia) N/A Therapeutics Fudig i traches util 2015 Total No- Veture Fiacigs Total February Veture Fiacigs RVC Biofud April

15 February Statistics Public Fiacigs i February 2013 Compay Ticker Amout Raised (USD M) Pricipal Focus IPO MedRx (Japa) Tokyo: Therapeutics Total No- IPOs 23.6 Total February IPOs 23.6 PIPEs Retrophi OTC:RTRX 9.2 Therapeutics NaoViricides OTC:NNVC 6.0 Therapeutics Novelos Therapeutics OTC:NVLT 5.5 Therapeutics Cytomedix OTC:CMXI 5.0 Medical devices Aeolus Pharmaceuticals OTC:AOLS 3.6 Therapeutics Oxyge Biotherapeutics OXBT 2.1 Therapeutics Immuotech Laboratories IMMB.Pk 2.0 Therapeutics Pressure BioScieces PBIO.Pk 1.7 Tools/Techology DelMar Pharmaceuticals OTC:DMPI 1.6 Therapeutics ARCA biopharma ABIO 1.0 Therapeutics Total PIPEs 37.7 Ablyx Euroext:ABLX 41.7 Tools/Techology BioLieRx BLRX 8.0 Therapeutics Agle LSE:AGL 3.6 Diagostics Serova TSX-V:SVA 2.0 Therapeutics Advaced Proteome Therapeutics TSX-V:APC 0.9 Therapeutics Biosyex Euroext:ALBIO 0.7 Diagostics Critical Outcome Techologies TSX-V:COT 0.5 Therapeutics Iovotech TSX-V:IOT 0.4 Diagostics BraiStorm Cell Therapeutics OTC:BCLI 0.3 Therapeutics Total No- PIPEs 58.0 Total February PIPEs 95.7 Follow-os Achillio Pharmaceuticals ACHN Therapeutics Celldex CLDX Therapeutics MedGeics NYSE:MDGN 29.4 Therapeutics Immuomedics IMMU 16.1 Therapeutics EteroMedics ETRM 13.0 Medical devices Echo Therapeutics ECTE 11.8 Medical devices Imprimis Pharmaceuticals IMMY 9.7 Therapeutics NeoGeomics NEO 9.5 Diagostics MELA Scieces MELA 7.9 Medical devices Opexa Therapeutics OPXA 3.3 Therapeutics Total Follow-os (cotiued) April

16 February Statistics (cotiued) Public Fiacigs i February 2013 Compay Ocolytics Biotech (Caada) Ticker TSX:ONC; Nasdaq:ONCY Amout Raised (USD M) Pricipal Focus 32.0 Therapeutics Ca-Fite Pharma (Israel) TASE:CFBI 7.2 Therapeutics Total No- Follow-os 39.2 Total February Follow-os Other Equity TearSciece Private 70.0 Royalty stream fiacig Cytomedix OTC:CMXI 15.0 Committed equity facility Celsio CLSN 15.0 At-the-market registered direct offerig Competitive Techologies OTC:CTTC 10.0 Equity purchase agreemet ibio NYSE:IBIO 10.0 At-the-market offerig Total Other Equity Pharmaxis (Australia) ASX:PXS 40.0 Fiacig agreemet Newro Pharmaceuticals (Italy) SIX:NWRN 3.4 Reveue stream fiacig Total No- Other Equity 43.4 Total February Other Equity Debt Accuray ARAY Medical devices Pacific Bioscieces PACB 20.5 Tools/Techology Cardiovascular Systems CSII 2.5 Medical devices Sauwave Health OTC:SNWV 2.0 Medical devices Total Debt Swedish Orpha Biovitrum (Swede) SSE:SOBI 31.6 Therapeutics Total No- Debt 31.6 Total February Debt Other Debt Discovery Laboratories DSCO 30.0 Secured loa facility MELA Scieces MELA 10.0 Loa from VC leder Cytomedix OTC:CMXI 7.5 Seior secured term loa facility Nephros OTC:NEPH 1.3 Bridge loa Total Other Debt 48.8 Flamel Techologies (Frace) FLML 15.0 Debt fiacig Dezima Pharma (Netherlads) Private 5.8 Loa from Dutch Miistry of Ecoomic Affairs Ligol Eergy (Caada) TSX-V:LEC 5.0 Secured credit facility Total No- Other Debt 25.8 Total February Other Debt 74.6 April

17 February Statistics Grats ad Cotracts i February 2013 Compay Amout Raised (USD M) Priicpal Focus Fudig Agecy Grats ViaCyte 6.0 Type 1 diabetes stem cell therapy JDRF ad CIRM PatietsLikeMe 1.9 Patiet social etworks Robert Wood Johso Foudatio NeuroSigma 0.6 Implatable erve stimulatio Total Grats 8.5 NIH NINDS fast track Phase I SBIR Biocartis (Switzerlad) 2.5 Cacer tests Flemish Agecy for Iovatio by Sciece ad Techology Ability Pharmaceuticals (Spai) 1.6 Cacer drug trial Spaish govermet Ipacto-2012 Xageic (Caada) 1.0 Rapid Dx platform Federal Ecoomic Developmet Agecy for Souther Otario Alleex (Swede) 0.3 Geetic matchig for trasplats Europea Commissio FP7 apceth (Germay) N/A Cacer cell therapy Federal Miistry of Educatio ad Research Total No- Grats 5.4 Total February Grats 13.9 Cotracts BioFire Diagostics 7.7 Biological warfare aget detectio platform Focus Diagostics 7.7 Biological warfare aget detectio platform Iquum 7.7 Biological warfare aget detectio platform Total February Cotracts 23.0 US Departmet of Defese US Departmet of Defese US Departmet of Defese April

18 February Statistics M&A: Bioge Buys Tysabri Rights for $3.3 Billio As Ela opts for cash ad royalties, Royalty Pharma makes $6.6 billio bid By MARIE DAGHLIAN Te days after Bioge Idec said it would pay Ela $3.3 billio plus cotiget royalty paymets ragig from 18 percet to 25 percet begiig i 2014 to gai full cotrol of their multiple sclerosis drug Tysabri, Royalty Pharma aouced it had made a usolicited offer to acquire Ela Pharmaceuticals for $6.6 billio. So far, Ela maagemet has subbed the deal, istead offerig to distribute $1 billio of the cash it will get from sellig Tysabri rights to Our motivatio was to diversify ad de-risk the compay to move forward; ad for the patiets to cotiue to beefit from the profoud efficacy of Tysabri. The risk of oe asset ad a sigle collaborator was ot ideal. Kelly Marti, CEO, Ela its shareholders. It has also said it will sped about $1 billio i acquisitios to stregthe its portfolio ad use the rest of the cash to pay dow debt. The deal betwee Bioge ad Ela, aouced February 6, will ed their previous equal sharig of global profits ad a chage of cotrol provisio that was part of their origial agreemet o Tysabri. Global sales of Tysabri reached $1.6 billio i 2012 ad have bee growig at a aual compouded rate of 37 percet over the past five years. Bioge hopes to develop it for other idicatios such as secodary progressive MS ad stroke. Due to the rare possibility of a fatal brai ifectio, Tysabri is curretly recommeded oly for patiets who have failed other therapies. Bioge ad Ela just recetly submitted applicatios to ad Europea regulators for permissio to market the drug as a first-lie therapy, sayig they had foud a way to idetify patiets at risk for the brai ifectio. I a coferece call followig the aoucemet of the deal, George Scagos, CEO of Bioge Idec, said the ratioale for takig full cotrol was to further stregthe Bioge s MS frachise, which also icludes the ijectable drug Avoex ad the ivestigatioal oral drug Tecfidera, curretly uder review by the Food ad Drug Admiistratio. He said he does t expect the deal to chage pipelie priorities. Do t take this cofidece i Tysabri as a lack of cofidece i ay other part of our portfolio, Scagos said. Bioge will use existig offshore cash reserves to pay for the deal, which is structured as a asset acquisitio that comes with sigificat tax advatages. These iclude the ability to amortize the purchase, which will save the compay about $40 millio to $50 millio aually. The sales-based cotiget royalty paymets are also tax-deductible. The deal will be immediately accretive to earigs, will provide operatioal syergies, ad will simplify strategic decisiomakig. For Ela, the deal provides tax efficiet capital ad log-term cash flow. The restructurig of this busiess collaboratio provides Ela with sigificat strategic flexibility, said Kelly Marti, CEO of Ela. Our motivatio was to diversify ad de-risk the compay to move forward; ad for the patiets to cotiue to beefit from the profoud efficacy of Tysabri. The risk of oe asset ad a sigle collaborator was ot ideal, he said. Because Tysabri accouted for most of Ela s reveue, it left the pharmaceutical with a lot of cash ad o pipelie. As ivestors waited to see what compay maagemet plaed to do with all the cash, Royalty Pharma met with Ela to propose a sale of the compay to the buyer of pharmaceutical reveue streams. Royalty Pharma derives its reveue by buyig a iterest i royalty streams, ad to date has purchased iterests i several high-profile drugs, such as Gilead Scieces HIV drugs Truvada, Emtriva, ad Atripla, ad Abbott s arthritis drug Humira, amog others. At a shareholder meetig two days after Royalty Pharma met with compay officials, Ela s maagemet outlied its pla to retur $1 billio to shareholders, refiace its existig debt, ad make several acquisitios to fill its pipelie. It did ot metio the acquisitio offer, so Royalty Pharma wet directly to shareholders, proposig to buy Ela for $11 a share, a premium of 6.3 percet to the closig share price of Ela stock o February 15, 2013, before the private offer to maagemet. The deal, says Royalty Pharma, offers Ela Shareholders a attractive fiacial alterative that will allow them to realize value for their Ela Stock i cash immediately ad elimiate the executio risk associated with idetifyig, acquirig, itegratig ad growig attractive assets i the cotext of a highly competitive strategic ladscape. The alterative choice, accordig to Royalty Pharma, is to remai a ivestor i a compay with virtually o assets except for cash ad the Tysabri royalty, with expected operatig expeses i the rage of $170 millio to $190 millio i the ext year, ad the risk iheret i ivestig i yet-to-be disclosed busiess assets. Ela s board respoded to the public takeover offer by callig it opportuistic ad highly coditioal. It oted that it had bee workig for more tha a year o several strategic trasactios that it felt could be more beeficial to shareholders. Returig capital through share repurchase, diversifyig busiess ad asset risk/reward through o-traditioal busiess structures while simultaeously capturig the log term high margi royalty icome from Tysabri will offer a compellig ivestmet thesis for our curret shareholders, Ela s board said i its respose. As of this writig, it still remais to be see how the deal will play out. Ela maagemet bega to retur $1 billio to shareholders ad Royalty Pharma is cotiuig to meet with shareholders to covice them to accept its offer. April

19 February Statistics M&A i February 2013 Acquirer Coutry Target Coutry Deal Value USD M Asset Stage Pricipal FocUS Bioge Idec Uited States Ela s Tysabri drug rights Irelad 3,250 Marketed Multiple sclerosis Cardial Health Uited States AssuraMed Uited States 2,070 DTC medical products Myla Uited States Strides Arcolab s Agila uit Idia 1,600 Ijectables Jabil Circuit Uited States Nypro Uited States 665 Medical device CMO Decade Sushie Limited Radiometer Medical (Daaher) Cayma Islads Uited States 3SBio Chia 350 Biopharmaceuticals Quest Diagostics HemoCue products Perrigo Compay Uited States Rosemot Pharmaceuticals Uited Kigdom Uited States 300 Diagostics 283 Specialty/geeric Alere Uited States Epocal Uited States Diagostics Perrigo Compay Uited States Velcera Uited States 160 OTC pet healthcare Cardial Health Uited States Six Chiese drug distributors Chia 120 Drug distributio Cagee Caada Ipse ad Ispiratio rights Frace/ 55.9 Hemophilia program ICON Irelad Cliical Trial Services Uited States 55.8 Cliical trial services Baizhog Xue; Kigbird Ivestmet Chia Chia Huokag Bio- Pharmaceutical Chia 42.4 Marketed Hematology; cardiovascular Mosato Uited States Rosetta Gree Israel 35 Crop bioegieerig Haia Haiyao Chia SioMab Biosciece Chia 9.9 Drug discovery Heska Corporatio Uited States Cuattro Veteriary Uited States 7.7 Aimal health Stem Cell Therapeutics Caada Trillium Therapeutics Caada 2.9 Cacer stem cell therapies Aduro BioTech Uited States BioSate s GVAX Uited States 1 Cacer vaccies Johso & Johso Uited States Shaghai Elsker for Mother & Baby Chia N/A Ifat care products Auriia Pharmaceuticals Caada Isotechika Pharma Caada N/A Autoimmue BioSese Techologies Uited States DNA Techology Demark N/A Protei maufacturig BioSese Techologies Uited States VitraBio Germay N/A Protei maufacturig Reckitt Beckiser Pharmaceuticals Uited Kigdom Golog Medicie Chia N/A Sore throat treatmet Cubist Pharmaceuticals Uited States Adyxx Uited States N/A Pai April

20 February Statistics Parterig i February 2013 Compay/Liceser Compay/Licesee Deal Type Potetial Deal Value (USD M) Upfrot Paymet (USD M) Asset Phase Pricipal Focus Lycera Merck Collaboratio 600 Discovery Immuotherapeutics Chiasma (Israel) Roche (Switzerlad) Licese Phase 3 Edocrie; cacer, drug delivery Bristol-Myers Squibb Reckitt Beckiser (Uited Kigdom) Collaboratio 482 OTC drugs i Lati America Resolve Therapeutics Takeda Pharmaceutical (Japa) Partership Precliical Lupus; autoimmue Opexa Therapeutics Merck Seroo (Merck KgAa- Germay) Licese optio Phase 2b T-cell therapy for MS Alylam Pharmaceuticals The Medicies Compay Licese Phase 1 Hypercholesterolemia 4SC Discovery (Germay) LEO Pharma (Demark) Licese Dermatology Cocert Pharmaceuticals Jazz Pharmaceuticals Licese 120 N/A Precliical Neurology RQx Pharmaceuticals Geetech (Roche-Switzerlad) Collaboratio 111 N/A Discovery Udisclosed target Eisai (Japa) Valeat Pharmaceuticals (Caada) Licese Marketed Cacer side effects Tesys Medical HuagShi Feiyu Pharma (Chia) BoTie Therapeutics (Filad) Cetric Research Istitute Atrium Iovatios (Caada) Agel Biotechology (Uited Kigdom) Zhejiag Shashi Medicla Device (Chia) Chia Grad Pharmaceutical (Chia) UCB (Belgium) Marketig agreemet 40 Patiet moitorig device Joit Veture 20 Ocology; ati-virals Licese amedmet Phase 2 Parkiso s disease Iovus Pharmaceuticals Licese 7.5 Marketed Geitouriary Fosu Pharma (Chia) Joit Veture 1 Dietary supplemets NPF Materia Medica (Russia) Joit Veture N/A Biomaufacturig Orthocell (Australia) Gradhope Biotech (Chia) Licese N/A Stem cell techology Affymetrix DNA Lik (South Korea) Licese N/A Foresic testig techology Dyaz Alpha Szeszor CVie Therapeutics (Lee s Pharma- Hog Kog) Techio (Israel Istitute of Techology) Licese N/A Marketed Agioedema Joit Veture N/A Digital diagostic tool Ameritox Agilet Techologies Collaboratio N/A Medicatio moitorig Albay Molecular Research Chai Therapeutics Licese N/A Phase 1 Cacer OxOc Developmet Pfizer Codevelopmet N/A Cliical trial services Dako (Agilet) Pfizer Collaboratio N/A Compaio diagostics AirStrip CardioNet Partership N/A Digital health Heptares Therapeutics (Uited Kigdom) Morphosys (Germay) Alliace N/A Discovery GPCR targeted atibodies Qiage (Germay) Eli Lilly Partership N/A Compaio diagostics Bioco (Idia) Myla Collaboratio N/A Geeric isuli aalogs Samsug Bioepis (South Korea) Merck Collaboratio N/A Biosimilars (cotiued) April

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