QUARTERLY HEALTHCARE TRANSACTIONS. # of Transactions 42%

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1 HYDE PARK CAPITAL QUARTERLY HEALTHCARE NEWSLETTER HYDE PARK CAPITAL ADVISORS, LLC Q1 29 NEWS & TRENDS LARGE ACQUISITIONS IN Q1 29 Q1 29 was a robust quarter for healthcare due in large part to two large stock-and-cash transactions: Merck & Co., Inc. buying Schering-Plough Corp. and Pfizer, Inc. buying Wyeth. Overall, the activity for Q1 29 totaled 19 transactions, a decrease of 28% compared to Q1 28 (263 transactions), however, the value of those transactions increased by 565%. Merck & Co., Inc and Schering-Plough Corp., two New Jersey based companies, announced plans on March 9, 29 to merge in a $47.4 billion cashand-stock transaction. Under the terms of transaction, Merck & Co. will pay.5767 shares of its common stock and $1.5 in cash for each of the 1.7 billion Schering-Plough common shares. The transaction will be financed with a combination of $9.8 billion from existing cash balances of Merck and $8.5 billion from committed financing provided by J.P. Morgan. Upon closing of the transaction, Schering-Plough shareholders are expected to own approximately 32% of the combined company. Pfizer, Inc. and Wyeth announced plans on January 25, 29 to merge in a $64. billion cash-and-stock transaction. The transaction will be financed through a combination of cash, stock and debt through a syndicate of banks. Under the terms of the transaction, Pfizer will pay $5.19 per share of Wyeth ($33 per share in cash and.985 of a share of Pfizer common stock). Upon closing of the transaction, Wyeth shareholders are expected to own approximately 16% of the combined company % HEALTHCARE TRANSACTIONS U.S Transaction & Deal Value $ $84 $ $37 $5 $2 $5 $ Q1 28 Q2 28 Q3 28 Q4 28 Q1 29 Deal Value U.S. Transaction & Deal Value $ $14 $16 $31 $2 Q1 25 Q1 26 Q1 27 Q1 28 Q1 29 Deal Value Number of U.S. Transactions by Type (LTM) 5% 5% 48% $15 $2 $15 $1 $5 $ Transaction Value ($B) Transaction Value ($B) These mergers were driven by the twin desires to realize substantial synergies and cost savings as well as to boost the pipelines of the acquirers. Private Placement Public Offerings Buybacks

2 HEALTHCARE MARKET TRENDS & STATISTICS, Biotech & Life Sciences Index Services Index S&P 5, Biotechnology & Life Sciences Industry Index S&P 5 Index (^SPX) S&P 5 Health Care Services Industry Index S&P 5 Index (^SPX) For the twelve months ending March 31, 29 the, Biotech & Life Sciences Public Company Index performed 16% versus 4% for the S&P 5 Index. For the twelve months ending March 31, 29 the Services Public Company Index performed 14% versus 4% for the S&P 5 Index. 13. Technology Index Medical Devices Index S&P 5 Health Care Technology Industry Index S&P 5 Index (^SPX) S&P 5 Health Care Equipment Industry Index S&P 5 Index (^SPX) For the twelve months ending March 31, 29 the Technology Public Company Index performed 41% versus 4% for the S&P 5 Index. For the twelve months ending March 31, 29 the Medical Devices Public Company Index performed 32% versus 4% for the S&P 5 Index. Total Enterprise Value / LTM Revenue 1 Total Enterprise Value / LTM EBITDA 1 Public Company Valuation Multiple 4.x 2.x.x 2.1x 2.4x, Biotech & Life Sciences 1.1x Services 1.7x Technology 3.4x Medical Devices Public Company Valuation Multiple 12.x 8.x 4.x.x 8.2x 9.7x 7.8x 8.8x 9.2x, Biotech & Life Sciences Services Technology Medical Devices (1) LTM data is as of Q4 28 for public companies.

3 SELECTELECT HEALTHCARE DEALS Q1 29 HEALTHCARE COMPANIES TRANSACTIONS Q1 29 Date Target Target Description Buyer Buyer Description Enterprise Value ($MM) EV / Revenue EV / EBITDA 3/27/29 Nventa Biopharmaceuticals Corp. Operates as a biopharmaceutical company. Akela Pharma, Inc. Provides inhalation therapies. $2 NA.2x 3/26/29 Transcription Relief Services, LLC Provides medical transcription Transcend Services, Inc. Provides medical transcription services. NA services for patients. $8 1.1x 3/26/29 Gulf States Health Services, Inc. Operates as a rehabilitation North Oaks Medical Center Operates as a hospital. NA facility. $1 NA 3/12/29 CV Therapeutics, Inc. Develops drugs for Gilead Sciences, Inc. Development of therapeutics for infectious $1, x NA cardiovascular diseases. diseases. 3/8/29 Schering Plough Corp. Develops, manufactures, and sells Merck & Co., Inc. Provides products for human and animal $47, x 9.9 x pharmaceuticals. health. 2/23/29 CoreValve, Inc. Develops products for heart valve Medtronic, Inc. Manufactures, and markets medical $85 NA NA replacement. devices worldwide. 2/23/29 Emageon, Inc. Provides enterprise level AMICAS, Inc. Provides radiology and medical image $26.4 x NA information technology solutions. solutions. 2/12/29 Heartware International, Inc. Develops blood pumps that are Thoratec Corp. Development of proprietary medical $253 NA NA surgically implanted. devices. 2/9/29 OVATION, Inc. Develops medical therapies for Lundbeck, Inc. Offers business development and $9 NA NA severe illnesses. marketing services. 2/3/29 PharmaNet Development Group, Inc. Provides clinical development JLL Partners Operates as a private equity and venture $188.4 x 7.1 x services to pharmaceuticals. capital firm. 2/2/29 Guava Technologies, Inc. Develops medical devices. Millipore Corp. Provides technologies and services for $23 1. x NA bioscience research. 2/2/29 Diamedix Corp. Develops integrated instrument GED Eastern Operates as a private equity firm. $19 NA NA and reagent systems. 1/25/29 Wyeth Operates as a research based Pfizer, Inc. Development of prescription medicines. $64, x 8. x pharmaceutical company. 1/15/29 Avigen, Inc. Development of small molecule Biotechnology Value Fund, LP Operates as a principal investment firm. $5 NA NA therapeutics. 1/12/29 Ablation Frontiers, Inc. Develops and markets cardiac Medtronic, Inc. Develops, manufactures, and markets $225 NA NA ablation devices. medical devices. 1/12/29 Targanta Therapeutics Corp. Operates as a biopharmaceutical Medicines Co. Provides acute care hospital products $111 NA NA company. worldwide. 1/11/29 Advanced Medical Optics, Inc. Develops, manufactures, and Abbott Laboratories Sells health care products worldwide. $2, x 1.1 x markets medical devices. 1/5/29 Indevus, Inc. Provides products to treat conditions in urology. Endo Holdings, Inc. Development and marketing of prescription pharmaceuticals. $ x NA EV = Enterprise Value. EBITDA = Earnings Before Interest, Taxes, Depreciation and Amortization. STRATEGIC BUYERS SEEKING ACQUISITIONS IN HEALTHCARE 1 Company Specifics Eli Lilly & Co. (NYSE:LLY) Allergan, Inc. (NYSE:AGN) Pfizer, Inc. (NYSE:PFE) Teleflex, Inc. (NYSE:TFX) Equipment Charles River Laboratories International, Inc. (NYSE:CRL) Life Sciences Tools and Services Res Care, Inc. (NasdaqGS:RSCR) Services Abbott Laboratories (NYSE:ABT) SXC Health Solutions Corp. (NasdaqGS:SXCI) Health Care Technology BioScrip, Inc. (NasdaqGM:BIOS) Services Magellan Health Services, Inc. (NasdaqGS:MGLN) Managed Omnicare, Inc. (NYSE:OCR) Services (1) Announced during Q1 29.

4 THE PRIVATE CAPITAL MARKET HEALTHCARE COMPANIES RAISING CAPITAL Q1 29 Value Date Target Target Description Investors ($MM) 3/31/29 Novavax, Inc. Operates as a biopharmaceutical company. Cadila, Ltd. $11 3/3/29 BioVex Group, Inc. Operates as a biotechnology company. Crédit Agricole Private Equity; $4 et. Al 3/3/29 Pathway Medical Technologies, Develops medical devices for the treatment of peripheral arterial disease. Forbion Capital Partners; Giza $4 Inc. Venture Capital: et. Al 3/3/29 LensX Lasers, Inc. Operates as a medical device company. InterWest Partners; SV Life $22 Sciences; Versant Ventures 3/3/29 Sutro Biopharma, Inc. Creates new products in protein vaccines and therapeutics. Alta Partners; SV Life Sciences $15 3/3/29 Aushon BiosyStems, Inc. Develops microarray technologies for life science research and clinical North Bridge Venture Partners $7 diagnostics. 3/26/29 Atritech, Inc. Operates as a medical device company. Prism VentureWorks; Split Rock $3 Partners, LLC; et. al 3/26/29 Neuraltus, Inc. Operates as a pharmaceutical company. Adams Street Partners, LLC; $17 Latterell Venture Partners 3/25/29 Reata, Inc. Operates as a biotechnology company. NA $32 3/25/29 Clarient, Inc. Provides oncology diagnostics services to community pathologists. Oak Investment Partners, LP $29 3/23/29 Arena, Inc. Develops oral drugs for cardiovascular, central nervous system, Azimuth Opportunity, Ltd. $5 inflammatory, and metabolic diseases. 3/17/29 Still River Systems, Inc. Provides proton therapy solutions to the physicians and patients. CHL Medical Partners; Venrock $33 3/13/29 Insulet Corp. Engages in the development, manufacture, and marketing of an insulin Deerfield International, Ltd. $6 infusion system. 3/12/29 Sangart, Inc. Engages in the development of oxygen transport agents. Leucadia National Corp. $5 3/9/29 Victory Pharma, Inc. Produces prescription pharmaceutical products for the treatment of pain and related conditions. 3/5/29 Proteon Therapeutics, Inc. Develops pharmaceutical products to address medical needs of patients with renal and vascular diseases. 2/25/29 Clinical Data, Inc. Develop and commercialize both targeted therapeutics and molecular diagnostic tests. 2/13/29 Cadence, Inc. Focuses on in licensing, developing, and commercializing proprietary product candidates principally for use in the hospital setting. 2/13/29 Affymax, Inc. Engages in the development of peptide based drug candidates to enhance the treatment of serious and life threatening conditions. 2/13/29 Heartware International, Inc. Focuses on developing and commercializing a family of blood pumps that are surgically implanted. 1/2/29 Ardian, Inc. Develops novel device technology for treatment of congestive heart failure. Ampersand Ventures; Essex $45 Woodlands Health Ventures Intersouth Partners; $38 MPM Capital New River Management; Third $5 Security Various Investors $87 Bessemer Venture Partners $42 Thoratec Corp. $28 Advanced Technology Ventures; $47 Morgenthaler 1/8/29 Kolltan, Inc. Develops new generation monoclonal antibody oncology therapeutics. Purdue Pharma, LP $35 1/7/29 Synosia Therapeutics, Inc. Develops and commercializes clinically differentiated products for Abingworth Management $32 unmet medical needs in psychiatry and neurology. 1/6/29 Anacor, Inc. Engages in developing small molecule therapeutics. Aberdare Ventures; Care Capital, LLC $5

5 THE PUBLIC OFFERING MARKET HEALTHCARE COMPANY REGISTRATIONS AND OFFERINGS Q1 29 Issuer Company Axcan Intermediate Holdings, Inc. Issuer Description Registration Filed Registration Primary Transaction Effective Offer Date (1) Features Gross Offering Amt. ($MM) Develops pharmaceuticals for gastrointestinal diseases and disorders. 1/7/28 11/14/28 11/14/28 Corporate Debt $463 Xenoport, Inc. Operates as a biopharmaceutical company. 12/3/28 12/3/28 12/3/28 Common Stock; Warrants $4 Cell Therapeutics, Inc. Markets a radioimmunotherapeutic for treating lymphoma. 1/21/28 4/23/28 NA Convertible Corporate $25 Debt Stereotaxis, Inc. Produces a cardiology instrument control system. 12/29/28 9/7/26 NA Common Stock; Options; $1 Warrants DARA BioSciences, Inc Operates as a development stage pharmaceutical company. 1/21/28 4/18/28 NA Common Stock; Warrants $9 BMP Sunstone Corp. Operates as a pharmaceutical and OTC, manufacturing, marketing, and 1/9/28 8/3/27 NA Common Stock $5 distribution company. Vivakor, Inc. Operates as a transdisciplinary biomedical/biotechnology company. 12/22/28 12/19/28 NA Common Stock $3 1 Public Offerings Transaction Q1 28 Q2 28 Q3 28 Q4 28 Q Public Offerings Transaction Q1 25 Q1 26 Q1 27 Q1 28 Q1 29 1) Offer date is only available for a transaction if a prospectus has been filed with the SEC for that transaction.

6 HYDE PARK CAPITAL RECENT HEALTHCARE ENGAGEMENTS Advantica EyeCare Dattoli Cancer Center & Brachytherapy Senior Debt Placement Community Home Care & Hospice Castle Dental Centers, Inc. Decision Management International, Inc. Universal Health Care Group, Inc. Dencor Management Services, Inc. Prostate Services of America, Inc. Private Placement Alton Design, LLC Amertek Medical, Inc. Coast Dental Services, Inc. Pharmacy Services Group Pilgrim Software Isolux America, Corp. Dr. Notes, Inc. Trident Health Resources, Inc. Pilgrim Software, Inc. Financial Advisory Financial Advisory Private Placement HYDE PARK CAPITAL ADVISORS, LLC is an institutionally focused investment banking firm serving the corporate finance needs of companies typically operating in the healthcare and business services industries and most often located in Florida and the Southeastern United States. Our principals have extensive investment banking experience executing merger & acquisition engagements, including purchase and sale of company assignments, recapitalizations, financial advisory, fairness opinions and raising growth capital and acquisition financing for companies, including equity, mezzanine and senior debt. We pride ourselves on our professional representation of both middle market public companies and family owned and entrepreneurial driven large private companies. As one of the most active investment banking firms in the Southeast, our professionals have advised on more than 3 corporate investment banking transactions totaling more than $1 billion in transaction value. We are headquartered in Tampa, Florida and are a member of FINRA and SIPC. Contact Phil Reagan at [email protected] to receive our complementary Hyde Park Capital Quarterly Newsletters via . John H. Hill, Jr. Senior Managing Director (813) [email protected] John M. McDonald III Senior Managing Director (813) [email protected] Thomas W. Cardy Managing Director (813) [email protected] John A. Valentine Vice President (813) [email protected] Jeffrey A. Bridge Associate (813) [email protected] Andrew E. Sweet Senior Analyst (813) [email protected] Philip M. Reagan Analyst (813) [email protected]