Life Science Venture Capital 2012 Update

VM Index by Venture Market Intelligence

Burak Alpar CEO Venture Market Intelligence

[email protected] +44 20 3514 0710

www.vmindex.com

Contents

1.  Life Science Venture Capital – 2012 update

2.  Strategies for Raising Venture Capital

3.  VM Index – Venture Capital Made Easier

4.  Case study: Rempex PharmaceuQcals

www.vmindex.com 1

LIFE SCIENCE VENTURE CAPITAL – 2012 UPDATE

SecQon 1

www.vmindex.com 2

Raising Venture Capital is GeSng Harder

•  Investment in life sciences down 30% from 2007 peak in US & Europe ($10.9bn to $7.7bn)

•  1,506 biotech companies (Europe & N.America) raised money in the last 5 years

–  All are compeQng for finance, licencing deals and exits –  Thousands more start-‐ups are looking for their first round of funding –  On average only 600 companies have successfully closed funding rounds each

year over the last 5 years –  Half of the established companies looking for money will not get funded this

year

•  “Companies have a less than 1% chance with a VC: We meet 300-‐400 companies a year, and make 2 or 3 investments.”

–  Dinko Valerio, General Partner, Aescap speaking at BioEurope Spring, Amsterdam, March 2012

•  It’s a ‘numbers game’ – you have to go to ALL potenQal investors in the right order as fast as possible

Compe&&on for money is intensifying while funds are drying up VCs can afford to take their &me, and want to meet and benchmark as many companies as possible How much &me can CEOs afford to waste speaking to the wrong investors?

www.vmindex.com 3

N. America -‐ Life Science Investment

Number of deals 581 453 370 390 438

Amount raised – FVR $m 1451 1301 928 887 1156

Amount raised – SVR $m 7440 4959 4221 4578 5212

Avg. deal size – FVR $m 8.2 9.0 9.6 9.5 8.8

Avg. deal size – SVR $m 21.3 19.9 17.5 17.1 19.8

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Amount Raised -‐ SVR Amount Raised -‐ FVR Number of deals

8891 6260 5149 5465 6373 Ac&vity returning to 2008 levels, but s&ll 28% down from 2007 peak Investment is moving towards later-‐stage deals Deals are smaller and fewer deals are geJng done than in 2007/8

*N. America = US & Canada. All amounts USD Source: vmindex.com

4

Europe -‐ Life Science Investment

Number of deals 229 194 135 147 159 Amount raised – FVR $m 463 349 247 308 283

Amount raised – SVR $m 1549 1265 841 1107 1122

Avg. deal size – FVR $m 5.0 5.5 6.5 7.0 5.4

Avg. deal size – SVR $m 16.7 13.8 12.2 13.1 15.2

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(USD

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Amount Raised -‐ SVR Amount Raised -‐ FVR Number of deals

2012 1614 1088 1415 1405 Investment almost halved from 2007 to 2009. S&ll 30% down from 2007 peak in 2011 Later stage deals increasingly aRrac&ve N.America has done 2.6x more deals than Europe and raised 4.3x more capital

*N. America = US & Canada. All amounts USD Source: vmindex.com

5

The Truth About Venture Capital

•  CEOs can’t rely on just speaking to the big name VCs •  Most investors are not as acQve as you think – most acQvity is

funding exisQng pornolio, not new investments •  There is a ‘long tail’ of acQve life science investors. Most do just 1

deal per year or less and have a much lower profile. How do you find them?

•  Many deals are led by an increasing number of lesser known or non-‐obvious investors

•  Many deals include non-‐VC investors (eg family offices, corporate funds, etc)

•  Lead investors are hard to idenQfy without VM Index and represent a minority of the total populaQon

•  Cross-‐border/non-‐local investors represent a significant source of funding, but which ones should you approach?

Regional investment analysis* reveals striking similari&es in all the major VC markets

Google, guess-‐work and luck will not find you all the right investors to approach, and will waste a great deal of &me, money and opportuni&es

VM Index tracks and analyses all ac&ve investors, and separates leads from followers

*See analysis on following slides

www.vmindex.com 6

West Coast U.S. -‐ Top 25 Life Science investors 56% of the biggest names didn’t do a deal in the region last year 428 investors ac&ve in Life Sciences in the region over 5 years 85% of all ac&ve investors did 1 deal or less per year over the last 5 years 25% of ac&ve investors headquartered outside the U.S. & Canada Only 36% of investors lead deals CEOs need to approach all the right investors to maximise the chances of success on the best terms

!"#$%&'( )$*+,-*(&$(% ./01.22 3/22!"#$%&'$((")%$*+( &,-'.,/0,1 23 4$5*$'6$7*&+7( )89:;</=:8 >? @A5+%&+7'6+7A%&(')$BC%+5!'D'EF+7( )89:;</=:8 >G 2"7E%#+!'$!H%("7( &,-'F</I >3 G("C%&&"H$'H+&*B7+( )89:;</=:8 >J @H+&7")A )89:;</=:8 3K @H+7($&*'H+&*B7+( )89:;</=:8 3? @E$F')%*F')$6%*$5 )89:;</=:8 34 267"(6+)*'H+&*B7+'6$7*&+7( )89:;</=:8 34 >+((+L'M""!5$&!'N+$5*N'H+&*B7+( )89:;</=:8 3O >#"N7'!$H%!"M'H+&*B7+( )89:;</=:8 3O O&+M'+&*+767%(+'$((")%$*+( )89:;</=:8 3O 2H%H"'H+&*B7+( )89:;</=:8 32 O4$#'H+&*B7+( )89:;</=:8 3> @#6#')$6%*$5 #8008PQR0,SS0 3> @$7)N'H+&*B7+'6$7*&+7( %99:=<:0 33 @C"7M$7!'H+&*B7+( )89:;</=:8 33 @C7$T%+7'N+$5*N)$7+'H+&*B7+( M80Q:=US<= 33 @VE('H+&*B7+'6$7*&+7( 4-%&(*56* 33 O&+M'5+$C'H+&*B7+'6$7*&+7( &,-'F</I 33 @EB77%55'$&!')"#6$&F )89:;</=:8 3J @)5$7B('H+&*B7+( #8008PQR0,SS0 3J >NE#'6$7*&+7( 786&9$(5*"+ 3J @%&*+7M+(*'6$7*&+7( )89:;</=:8 3J @&"H"'H+&*B7+( :$";*(< 3J @

='>?3@?56A$?%B6$"B$?6"#$%&'(%?"'&?6"#$%&6"C?($C6'"?6"?3/22 2D?E@FGH

./01.22 !"#$"%#%&' 3/22 !"#$"%#%&'='&*5?56A$?%B6$"B$?6"#$%&'(%?*B&6#$?6"?($C6'" D3I 2D0J$*+?6"#$%&'(% 342 ()! OG (*!!"#$%&'(%?*#$(*C6"C?->?&'?2?+$*5KL$*( 2GO +,! 33K +-!M*(5L?%&*C$?6"#$%&'(% 324 (.! 22 ..!N-;O$(?'A?B('%%1O'(+$(?6"#$%&'(% 3JG .,! 2> ..!

N-;O$(?'A?+$*5%

Source: vmindex.com 7

West Coast U.S. -‐ Life Science Investments

44%

36% 43% 43% 37%

0

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4500

2007 2008 2009 2010 2011

Amount Invested in Region (USDm)

Largest Deals – 2011

1.   Portola PharmaceuRcals – USD 89.0m 5th largest deal in the US. Led by Temasek (1, Singapore) with exisQng investors parQcipaQng. Temasek outside top 25 investors

2.   Rempex PharmaceuRcals – USD 67.5m 9th largest deal in the US. Co-‐Led by Frazier Healthcare (4) and Vivo Ventures (5)

3.   CardioDX– USD 60.0m 10th largest deal in the US. Led by Longitude Capital (3). Longitude outside top 25 investors

* %age figures are proporQon of total amount invested in Life Science deals in N.America

2 of the top 3 deals of 2011 were led by investors outside the list of 25 most ac&ve investors The largest deal was led by a cross-‐border investor who only did 1 investment in the region in 2011 The top 3 deals account for approx. 10% of the money invested in the region in 2011


North East U.S. -‐ Top 25 Life Science investors 40% of the biggest names didn’t do a deal in the region last year 392 investors ac&ve in Life Sciences in the region over 5 years 89% of all ac&ve investors did 1 deal or less per year over the last 5 years 22% of ac&ve investors headquartered outside the U.S. & Canada Only 34% of investors lead deals CEOs need to approach all the right investors to maximise the chances of success on the best terms


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NJ;O$(9'A97$65%

North East U.S. -‐ Life Science Investments

16% 27%

29% 27%

33%

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2007 2008 2009 2010 2011



1.   Valeritas – USD 150.0m Largest deal in the US. Led by Welsh, Carson, Anderson & Stowe (1) -‐ outside top 25 investor list

2.   Tesaro – USD 101.0m 2nd largest deal in the US. Led by Kleiner Perkins (6) -‐ outside top 25 investor list

3.   Radius Health – USD 78.8m 10th largest deal in the US. Co-‐led by BB Biotech (1, Switzerland), Brookside Group (1), and Saints Capital (3) – all outside the top 25 investor list.

All of the top 3 deals of 2011 were led by investors outside the list of 25 most ac&ve investors Second largest deal led by Kleiner Perkins – a big name however not a top 25 investor in this region The top 3 deals account for approx. 15% of total money invested in the region in 2011

* %age figures are proporQon of total amount invested in Life Science deals in N.America


United Kingdom -‐ Top 25 Life Science investors 64% of the biggest names didn’t do a deal in the region last year 221 investors ac&ve in Life Sciences in the U.K. over 5 years 90% of all ac&ve investors did 1 deal or less per year over the last 5 years 45% of ac&ve investors headquartered outside the U.K. Only 41% of investors lead deals CEOs need to approach all the right investors to maximise the chances of success on the best terms


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United Kingdom -‐ Life Science Investments

28% 36%

23%

28% 34%

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700

2007 2008 2009 2010 2011



1.   Circassia – USD 98.0m 2nd largest deal in Europe. Also, larger than #1 deal in the U.S. West Coast region. Led by Imperial InnovaQons (6)

2.   Oxford Nanopore Technology – USD 41.3m 4th largest deal in Europe. Redmile Group (1, California) co-‐led the deal with exisQng investors. Redmile not in top 25 investor list

3.   Oxyrane – USD 26.5m 9th largest deal in Europe. Co-‐led by Forbion Capital Partners (5, Netherlands) and Morningside Group (3, China). Both outside top 25 investor list

2 of the top 3 deals of 2011 were led by overseas investors outside the list of 25 most ac&ve 3 of the 4 lead investors in the top three deals are located outside the U.K., only 1 of them is U.S. based The top 3 deals account for approx. 35% of total money invested in the region in 2011

* %age figures are proporQon of total amount invested in Life Science deals in Europe


Germany, Austria & Switzerland -‐ Top 25 Life Science investors 28% of the biggest names didn’t do a deal in the region last year 172 investors ac&ve in Life Sciences in the region over 5 years 91% of all ac&ve investors did 1 deal or less per year over the last 5 years 40% of ac&ve investors headquartered outside the region Only 36% of investors lead deals CEOs need to approach all the right investors to maximise the chances of success on the best terms


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Germany, Austria & Switzerland -‐ Life Science Investments

27% 30% 44%

42%

32%

0

100

200

300

400

500

600

700

2007 2008 2009 2010 2011



1.   BiocarRs (CH) – USD 95.8.4m 3rd largest deal in Europe. Also, larger than #1 deal in the West Coast. Syndicate included over 11 investment vehicles including family offices, strategic investors and numerous cross-‐border investors

2.   Affiris (A) – USD 34.4m 8th largest deal in Europe. Led by Santo VC (1, Germany) – outside top 25 investor list

3.   F-‐Star (A) – USD 21.7m 9th largest deal in Europe. Led by SR One (2, USA) -‐ outside top 25 investor list


2 of the top 3 deals of 2011 were led by investors outside the list of 25 most ac&ve investors The top 3 deals account for approx. 35% of total money invested in the region in 2011 There are no German companies in the top 3. Germany’s largest deal of 2011 was Europe’s 23rd largest deal. Germany has tradi&onally been the joint largest investment territory in Europe (together with U.K.)


France & Benelux -‐ Top 25 Life Science investors 40% of the biggest names didn’t do a deal in the region last year 158 investors ac&ve in Life Sciences in the region over 5 years 41% of all ac&ve investors did 1 deal or less per year over the last 5 years 32% of ac&ve investors headquartered outside the region Only 32% of investors are leads CEOs need to approach all the right investors to maximise the chances of success on the best terms


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./01.22 !"#$"%#%&' 3/22 !"#$"%#%&':'&*=6=5>$6%?5$"?$65"#$%&'(%6*?&5#$65"6($85'" 2<D AEF$*+65"#$%&'(% RA ()! 68 )*!!"#$%&'(%6*#$(*85"86-;6&'626+$*=GH$*( 68I ++! 88 ,*!I*(=H6%&*8$65"#$%&'(% PR -.! 6R (.!J-9K$(6'>6?('%%1K'(+$(65"#$%&'(% R6 ()! 67 )/!

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France & Benelux -‐ Life Science Investments

23%

20%

15%

25%

19%

0

100

200

300

400

500

2007 2008 2009 2010 2011



1.   AM-‐Pharma (NL) – USD 39.7m 5th largest deal in Europe. Co-‐led by Ysios (3, Spain) and Kurma Biofund (1, France). Both outside top 25 investor list

2.   ArGen-‐X (NL) – USD 36.7m 6th largest deal in Europe. Co-‐led by Seventure (1, France) and Orbimed (2, USA). Both outside top 25 investor list

3.   AvanRum Technologies (NL) – USD 36.6m 7th largest deal in Europe. Co-‐led by Aster Capital (1, France) and Sofinnova Partners (6, France). Aster outside top 25 investor list


All 3 of the top deals of 2011 had non-‐Top 25 lead investors par&cipate The top 3 deals account for approx. 50% of total money invested in the region in 2011 There are no French companies in the top 3. The largest French deal of 2011 was Europe’s 10th largest deal


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Scandinavia -‐ Top 25 Life Science investors 54% of the biggest names didn’t do a deal in the region last year 105 investors ac&ve in Life Sciences in the region over 5 years 93% of all ac&ve investors did 1 deal or less per year over the last 5 years 36% of ac&ve investors headquartered outside the region Only 32% of investors are leads CEOs need to approach all the right investors to maximise the chances of success on the best terms


Scandinavia -‐ Life Science Investments


All 3 of the top deals of 2011 had non-‐Top 25 lead investors par&cipate The top 3 deals account for approx. 50% of total money invested in the region in 2011 There are no Swedish companies in the top 3. The largest Swedish deal of 2011 was Europe’s 28th largest deal



1.   Symphogen (DK) – USD 132.4m Largest deal in Europe. Also, larger than #1 deal in the West Coast. Co-‐led by Novo Ventures and Essex Woodland (1, USA) – Essex outside top 25 investor list

2.   Orphazyme (DK) – USD 19.7m 15th largest deal in Europe. Led by Aescap Venture (4, Netherlands) -‐ outside top 25 investor list

3.   NexsRm (FI)– USD 17.9m 19th largest deal in Europe. Co-‐led by Lundbeckfon Ventures (3, Denmark) and Ilmarinen Pension Fund (2) both outside top 25 investor list

16%

10%

10%

3%

15%

0

50

100

150

200

250

300

350

2007 2008 2009 2010 2011

Amount Raised USDm

Conclusions -‐ I

•  Raising venture capital is never easy •  CompeQQon for investment is intense and it is

global

•  Investment frequently comes from non-‐obvious sources

•  There is a big difference between percepQon and reality among VCs

•  It is too easy for CEOs to waste Qme with the wrong investors, and overlook the right investors

www.vmindex.com 19

Conclusions -‐ II

20

•  When raising money need to differenQate between lead and follower investors

•  Non-‐domesQc investors are increasingly important

•  It isn’t just VCs who are acQve in Life Science invesQng – family offices, coporate funds, hedge funds, and insQtuQonal investors are all acQve in the sector

•  Very few investors do more than 1 new deal each year – it is a ‘numbers game’, i.e. you need to approach every relevant investor

STRATEGIES FOR RAISING VENTURE CAPITAL

SecQon 2

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Methodology – why should CEOs plan their fund raising process?

•  Fund raising is a Qme consuming, opaque, and commercially highly sensiQve process

•  Few management teams have extensive and up-‐to-‐date investor experience

•  Companies don’t run themselves •  Investors have only 1 focus: get the deal done on

the best terms for maximum financial return –  i.e. lowest valuaQon, best exit terms, least risk possible

•  CompeQng against hundreds of other companies for the same pool of capital

A fund raising strategy is essen&al to minimise disrup&on to the business, and maximise the chances of success on the best terms in the face of intense compe&&on and investors determined to squeeze valua&ons The team behind VM Index have developed a proven fund raising methodology based on decades of advising clients on raising capial

www.vmindex.com 22

PreparaQon – before you start

•  ExecuQve summary & business plan –  Short, readable, well presented with financials –  Investors are looking for experienced management teams, so remember to

include biographies –  These documents are used to obtain a meeQng; keep them brief or they won’t

be read

•  IdenQfy the right investors –  Who has the right experience of invesQng in Life Sciences in your locaQon? –  Investor websites oxen exaggerate investor interest and capability. Where did

they actually invest their money? –  Split investors by leads and followers –  Try to avoid cold calls: research and use co-‐investment relaQonships

•  Check your long list for pornolio conflicts –  Which investors are looking for compeQQve intelligence for their pornolio? –  Also idenQfy investors with previous successes in your sector

Taking &me to plan your fund raising process allows for a structured, methodical approach Iden&fying all the right investors early enables you to control and manage the process All investors should be assessed for suitability before you try to get a mee&ng with them

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MeeQng Investors

•  PracQce your pitch –  Clearly present your investment opportunity within the Qme available –  What does your audience want to hear? Know your numbers, market and

business opportunity. Keep the detailed science for the scienQsts, and adjust each pitch according to who is in the room

•  Leverage RelaQonships –  Do your shareholders and board have links to other relevant investors? –  Ask for a warm introducQon – this can reduce your workload by 30%

•  Focus on lead investors –  Every deal needs a lead investor, don’t waste Qme with followers at the start –  Have they led deals in your locaQon? Investors don’t always behave the same

way from region to region

•  Get feedback axer every pitch –  You may not agree with comments, but watch out for similar messages and

adjust your pitch if necessary

–  Focusing on investors who know your industry will make their feedback more relevant

–  A third-‐party adviser will always get more honest feedback on your behalf

What makes you & your company stand out, and how will investors make money? If there is interest from an investor, expect a series of mee&ngs: you don’t have to cover every minute detail in your first pitch Only lead investors will put forward a term sheet, don’t waste your efforts on followers at the early stages – can you tell the difference?

www.vmindex.com 24

CompeQQon – The Key to GeSng the Best Deal

•  Manage your deal –  Keep investor discussions on the same schedule, don’t allow single

investors to race ahead in the process

–  Having only 1 investor put forward a term sheet weakens your negoQaQng posiQon.

–  Investors may try to pressurise you to go exclusive early on – this only benefits them

•  Don’t stop at your first term sheet –  Keep approaching investors, otherwise your opQons and negoQaQng

posiQon will be compromised

–  The final deal may not resemble the term sheet axer months of due diligence. Expect the terms to get tougher

•  Build parallel syndicates –  Exploit co-‐investment relaQonships to have mulQple syndicates (that

won’t share notes about you) compeQng for your deal –  Use lead investor relaQonships to build syndicates faster

Exclusivity and &me-‐limited term sheets are just 2 tac&cs investors use to get beRer terms. CEOs need to have mul&ple op&ons to have the best nego&a&ng posi&on There is a danger of focusing on a single lead once a term sheet is agreed. If the deal falls apart this could set your funding process back months

www.vmindex.com 25

The most important step?

•  Prepare for your next funding as you soon as you close your last –  IdenQfy investors to approach for your next round –  Start building relaQonships early –  Introduce yourself and your company while you don’t

need money. This changes the nature of the discussion

–  Send regular updates about your successes. Develop a track record of achievements and hiSng targets

–  When it’s Qme to start your next round these potenQal new investors will already know you & your company well, de-‐risking the investment decision for them

The best &me to look for money is when you don’t need it Take the &me to reach out to investors well before you need them to invest Rela&onships are key to securing investment, but all rela&onships start with a first mee&ng. Meet early to give yourself &me to build a strong rela&onship

www.vmindex.com 26

VM INDEX – VENTURE CAPITAL MADE EASIER

SecQon 3

www.vmindex.com 27

Who Is Behind VM Index?

•  Venture Capital industry professionals with over 35 years experience in the VC markets

–  Developed VM Index since 1994 to a proven fund raising methodology as a proprietary in-‐house tool

–  Advising clients on raising capital, M&A

–  Use VM Index as an in-‐house tool

•  Dedicated team of analysts updaQng VM Index deal and investor coverage on a daily basis

Build by industry professionals to enhance produc&vity and achieve more successful outcomes

www.vmindex.com 28

What Is VM Index?

•  Online venture capital funding system built to assist companies seeking venture capital

•  Profiles companies in transatlanQc markets for easier deal benchmarking and originaQon

•  Tracks company funding deals across Europe & N. America and all acQve investors located globally

•  Tracks all investors: corporate funds, family offices, hedge funds, insQtuQonal investors as well as VCs

•  Focus is on where investors have put their money, not what it says on their website

VM Index has been used as an in-‐house tool to advise clients on raising venture capital Based on solid, up-‐to-‐date data and a proven methodology, VM Index has been developed over 10 years and is now available online with all the tools management teams need to get funded Knowing what really happens in the venture markets transforms a company’s ability to access capital

www.vmindex.com 29

VM Index empowers users to raise money faster

30

•  VM Index is built on a comprehensive database of expert data and is used: –  As a predicQve tool to idenQfy and prioriQse investors using investment criteria analysis based on acQvity

–  To separate lead and follower investors –  To idenQfy conflicts of interest –  To map all co-‐investment relaQonships

–  To manage funding rounds with investor contact details integrated into a powerful CRM/call sheet funcQonality

Designed by users and industry professionals, with expert data updated daily by experienced analysts, VM Index is the launch pad to raise money faster and with less drain on management &me and resources

www.vmindex.com

VM Index simplifies deal originaQon and benchmarking

31

•  IdenQfy all relevant investment/M&A/licensing candidates by sub-‐sector and/or region

•  IdenQfy the total populaQon of growth companies needing to refinance in the next 12 months

•  Monitor target companies for longer before invesQng

•  Undertake more comprehensive transatlanQc benchmarking

Comprehensive expert data allows for straight-‐forward iden&fica&on and benchmarking of transac&on opportuni&es

www.vmindex.com

Benefits of VM Index System

•  Save Qme & money –  Target “qualified" investors with a proven investment track record

–  Reduce the drain on management Qme going to wasted meeQngs with the wrong investors, and reduce money wasted on travel

–  More Qme to get on with running your business

•  Improve deal terms –  Approach more investors & develop compeQQon for your deal

–  Build parallel syndicates to secure mulQple term sheets

•  Leverage exisQng relaQonships –  Make it a team effort: share the workload with your board & exisQng investors

–  Find the right investors faster

•  Protect your business –  Reduced risk of disclosing sensiQve commercial informaQon to investors with

pornolio conflicts

–  Maximise your chances of success on the best terms before your funds run out

Raise more money, faster and at a beRer valua&on

www.vmindex.com 32

Testimonials

CoDa Therapeutics, Inc., San Diego, CA (CFO) “I have been a serial subscriber to the VM Index venture financing tool at 2 companies as COO / CFO and have seen the power of the system at first hand.”

Elixir Securities, London (Founder) “Elixir Securities used the VM Index venture financing platform extensively, for identifying potential investors in both the US and Europe. We compared VM Index to a number of other products on the market and found the product to be most useful for our purposes.”

Pharminox Ltd, Nottingham, UK (CEO) “I found VM Index extremely helpful both in supporting our fundraising activities and in subsequent business development.”

BioVex Inc, Woburn, MA (CFO) “BioVex successfully closed a $70m round in November; the second largest biotech funding of 2009. The VM Index system was particularly helpful in not only providing a prioritised list of all potential investors, but as importantly, in being able to map all co-investment relationships. This enabled us to accelerate syndicate build by knowing exactly who invests with who. “I would certainly recommend VM Index to other CEOs given the cost of the product in relation to providing potentially invaluable data in pulling together a round in a targeted and time efficient manner. I would also consider using it for benchmarking business development opportunities.”

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VM Index Services

•  Online venture capital informaQon & funding system

•  Great value online subscripQon •  ConsulQng services also available

–  “Light touch” advisory reduces costs –  Investor idenQficaQon –  Funding reports –  Deal support (investor feedback)

www.vmindex.com 34

CASE STUDY – ARGEN-‐X, NETHERLANDS

SecQon 4

www.vmindex.com 35

Company Profile – arGEN-‐X

arGEN-‐X completed the 6th largest deal in Europe in 2011 This case study shows how VM Index iden&fied arGEN-‐X’s investors based on tracking investor ac&vity and rela&onships with exis&ng investors (LSP and Forbion) Note that the co-‐leads in the last round were Orbimed and Seventure

Screen shot: arGEN-‐X company profile showing investment history

36

Investor Search

Iden&fica&on of investors by investment track record: loca&on, sector, stage

Screen shot: Investor search results

37

Investor Search – Leads & Co-‐Leads Screen shot: Filtered investor search results showing leads & co-‐leads in region

Ini&al long-‐list showing proven lead/co-‐lead investors with track record of investment ac&vity matching criteria (sector, stage of development, loca&on)

38

Investor Search – RelaQonship Map

Iden&fying lead & co-‐lead investors with prior rela&onships with the company’s exis&ng investors (or prospec&ve lead investors) No&ce that Orbimed and Seventure are ranked 3rd and 6th respec&vely by our analysis system The centre and right-‐hand columns iden&fy addi&onal leads with cross-‐border experience to approach

Screen shot: lead & co-‐lead investors ranked by rela&onship analysis

39

Investor Search – Conflict Highlight

Easily highlight investors with prior investments by therapeu&c category for further inves&ga&on

Screen shot: investors with overlapping pornolio companies highlighted

40

Investor Profile – AcQvity Analysis

Review investor profile for pornolio companies Contact details of offices and senior investment personnel are included in the profile where available Analy&cs tools to understand investment ac&vity and history

Screen shot: example investor profile with contact informa&on and pornolio

41

Deal Management System

Investor contact details, contact journal, progress tracker, and reminder system A suite of tools to simplify the investor management process Easily share informa&on with colleagues All informa&on stored online and available even when you’re away from the office

Screen shot: built-‐in CMS to track all investor discussions and deal progress

42

Thank You

Please visit www.vmindex.com

or contact us for more informaRon:

Burak Alpar CEO Venture Market Intelligence

[email protected] +44 20 3514 0710

43

Economy & Finance

Life Science Venture Capital 2012 Update