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East Coast Investment Overview: MAA, NE, NYMA, SE

East Coast Investment Overview: MAA, NE, NYMA, SE. January 17, 2003. Our Outlook from Last Year – What We Said. Larger funds, big deals Increased valuation pressures – down rounds No near-term IPO liquidity Big ideas, serial entrepreneurs raise big bucks

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East Coast Investment Overview: MAA, NE, NYMA, SE

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  1. Venture Capital Advisory Group East Coast Investment Overview:MAA, NE, NYMA, SE January 17, 2003

  2. Our Outlook from Last Year – What We Said • Larger funds, big deals • Increased valuation pressures – down rounds • No near-term IPO liquidity • Big ideas, serial entrepreneurs raise big bucks • Increased global competition for key deals • Seed funding “gap” for modest deals • “Healthcare only” funds increase • Cash conservation for later rounds

  3. East Coast Life Science VC Investment:MAA, MNYA, NE, SE *Includes preliminary figures for 4Q 2002

  4. East Coast LS Investment 2002 Deals & Dollars By Segment Deals Dollars Medical IS 12% $199 M Medical IS 23% 37 Deals Medical Devices 18% $292 M Biopharma Biopharma 52% 84 Deals 65% $1090 M Medical Devices 19% 31 Deals Healthcare Services 5% $78 M Healthcare Services 6% 10 Deals *Includes preliminary figures for 4Q 2002

  5. 2002 East Coast LS Deals By Round Class Deals Dollars: Corporate Corporate Other Other 2% $34 M 5% 8 Deals 9% 13 Deals 15% $236 M Seed/First 21% $335 M Later Seed/First 26% 39 Deals Later 32% 50 Deals 30% $483 M Second 32% $500 M Second 28% 42 Deals

  6. East Coast Areas Investment Breakout New York Metro Mid-Atlantic Southeast New England

  7. Most Active Investors With East Coast Site

  8. Most Active Investors: No East Coast Site

  9. MAA - Most Active Investors In 2002 • Ben Franklin Technology Partners • JPMorgan Partners • NEA • InterWest • Perseus-Soros BioPharmaceutical Fund • Prism

  10. Outlook for 2003 • FDA will lead the way • Activity is up already in 2003 • Aldulazyme, Fabrazyme, Aralast • Still too many companies in the industry • Contraction • Consolidation • Other 2002 outlooks are on track

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