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Millennia. Partners. Boston. Invention to Venture Life Sciences Forum. State of the Industry: New Opportunities in the Life Sciences. Boston Millennia Partners 30 Rowes Wharf Boston, MA 02110 Tel. 617 428.5150 Fax. 617 428.5160. A. Dana Callow, Jr. Managing General Partner

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Millennia

Partners

Boston

Invention to Venture Life Sciences Forum

State of the Industry: New Opportunities in the Life Sciences

Boston Millennia Partners

30 Rowes Wharf

Boston, MA 02110

Tel. 617 428.5150

Fax. 617 428.5160

A. Dana Callow, Jr.

Managing General Partner

Boston Millennia Partners

Harvard Medical School

June 2, 2005

www.bmpvc.com

- 1 -

© 1999 Boston Millennia Partners


Boston Millennia Partners (BMP)

  • Boston Millennia Partners was founded by 7 former Boston Capital Ventures investment professionals in 1997

  • $700M+ in assets under management

  • 16 investment professionals

  • BMP team has completed over 125 direct investments and 150 acquisitions

  • Invest in early stage companies in Healthcare, Life Sciences, and Information Technology industries

  • Active with early stage companies and “ideas” at various medical/technology centers in the US

    • Tufts

    • MIT

    • Harvard

    • MD Anderson

    • Cleveland Clinic

    • Johns Hopkins

    • UCLA

    • Arizona University

  • Review 2,000 to 3,000 opportunities annually

  • Highly active investment process, return potential of 10-20x on investments selected

  • Expect 5 to 7 year holding period for investments

  • Located at Rowes Wharf, downtown Boston


Millennia

Partners’

(Sold to Incyte Genomics, 12/00)

(IPO: 1/97)

Healthcare Portfolio

(Sold to Oxford Health Plans, 3/02)

(Sold to Cedara Software, 10/04)


Core company investment strategy

Identify sectors with the following characteristics

Large, high-growth market opportunity

Competition is made up of many small companies with no dominant market-share leader

Undergoing a fundamental shift in the business as a result of economic or technological change

Capital efficient business models

Identify initial company upon which to grow the business

Focus on companies that have meaningful revenues

Identify the company best positioned to exploit the market opportunity

Select a management team capable of carrying out an aggressive growth plan

Accelerate the company’s internal growth through acquisition and consolidation of smaller-sized companies in similar or related market segments

Core Company Investment Strategy

Boston Millennia Partners’ Proprietary, Research-Driven Model

With the goal of building a $500-750 million market capitalization company


Electronic Data Capture (EDC) / Patient Diary Sector (EPD)

Relative Market Share, 2003-2004

DRAFT

70%

PHT

EPD

60%

EDC

Teamworks

eTrials

EPD+EDC

NuModa

Clinitrac

50%

CRF Box

Acquired by Clinical Care Data

DATATRAK

40%

Revenue Growth Rate

Datalabs

30%

eResearch Technologies

invivodata

Sector Growth = 21%

20%

PhaseForward

Versal

10%

Oracle Clinical

ViPS

Acquired CB Technologies

0%

10x

1x

.1x

.01x

= $10 million in 2004 revenues

BOLD = BMP Portfolio Company

Relative Market Share


Anti-Inflammatory Drugs

Representative Market Share, 2003-2004

DRAFT

100%

Bextra (Pfizer)*

NSAID

COX-2 inhibitor

TNF blocker

Celebrex (Pfizer)

80%

Mobic (Abbott/Boehringer Ingelheim)

60%

40%

Revenue Growth Rate

Sector Growth = 24%

Remicade (J&J/Schering Plough)

20%

Voltaren (Novartis)

Naprosyn (Roche)/Aleve

0%

Relafen (GSK)

OTC Motrin/Advil

-20%

Vioxx (Merck)*

-40%

10x

1x

0.1x

0.01x

*Due to safety concerns Vioxx was removed from production in September 2004 and Bextra sales were suspended in the U.S. in April 2005

Relative Market Share

= $640 million in 2004 revenues


BMP Healthcare Focus

BMP Industry Diversification

  • Characteristics of a BMP Healthcare Investment

  • Established safety profile

  • Demonstrated efficacy in man

  • Articulated mechanism of action or therapeutic pathway

  • Articulated pathway to regulatory approval

  • Articulated market and value proposition

  • Established reimbursement

  • Multiple shots on goals (no binary bets on single drugs)

  • Partnerships or M&A appear to be targeted exit strategy

  • Generally do not do make investments in pure “discovery” companies

  • Areas of Interest

  • Therapeutics and Medical Devices

    • Antibiotic resistance

    • Metabolic disorders

    • Cardiovascular disorders

    • Orthopedics

    • CNS disorders (including pain)

    • New uses of (old) drugs with established safety

  • Healthcare Services

    • Pharmacogenomics

    • Biomarkers (useful in establishing efficacy and/or proof of concept)

    • Technologies that reduce the cost of healthcare delivery

    • Personalized medicine

  • Opportunities at the Intersection of Drugs and Devices

    • Orthopedics

    • Cardiovascular

    • Ophthalmics

    • MEMS-based closed loop medication control

Information Technology

25%

Healthcare

50%

Business Services

25%

Healthcare

Pharmaceuticals

30%

Healthcare

Services

50%

Medical Devices

20%


Growth of angel investors
Growth of Angel Investors

  • Angel Organizations grow as VCs invest less in Start-Ups:

% of

VC Dollars

Invested

In Start-Ups

# of US

Angel

Investors

(Thousands)

  • Cumulatively, Angel Organizations invest large amounts of capital:

Source: NVCA, UNH Center for Venture Research, NASVF, and PWC-MoneyTree


Niche of angel investors

Stage

Pre-Seed

Seed/

Start-Up

Funding Gap between $500,000 and $2,000,000/$5,000,000

(depending on region)

Early

Later

Source

Founders, Friends and Family

Individual Angels

Venture Funds

Investment

$25,000 to $100,000

$100,000 to $500,000

$2,000,000/$5,000,000 and up

Niche of Angel Investors

  • Angel Organizations find investment niche pre-venture market:

  • Angel Organizations prefer industries similar to those generating VC interest:

SectorDeals (2003)

  • Software 39.8%

  • Life Sciences 14.0%

  • Manufacturing 8.1%

  • Biotechnology 5.5%

  • Retail 5.4%

  • Electronics/Hardware 4.8%

  • Telecommunications 2.6%

  • Other High-Tech 15.8%

  • Other 3.9%

Source: Kauffman Foundation, UNH Center for Venture Research


The Portfolio Company Network

Multiple Points of Contact

Auditors

Attorneys

Search Firms

Employees

Portfolio

Company

Customers

Investors

Directors



Millennia Team Experience

Robert S. Sherman, Partner

A. Dana Callow, Jr., Managing Partner

  • Founding Partner, Boston Millennia Partners

  • Partner, Boston Capital Ventures

  • General Partner, Hambro International Venture Fund

  • Assistant Vice President, Bank of Boston

  • Harvard Business School, MBA

  • Amherst College, AB in Economics

  • Founding Partner, Boston Millennia Partners

  • Founding Partner, Boston Capital Ventures

  • Consultant, Braxton Associates (Bain/BCG

  • heritage)

  • Software Engineer, Tymshare/McDonnell Douglas

  • Dartmouth College (Tuck School), MBA

  • Tufts University, AB in Economics

  • Board of Trustees and Investment Committee, Tufts

  • University

  • Advisory Board, Private Equity Center at Dartmouth

  • College

  • Board of Overseers, Tufts University Medical School

Patrick J. Fortune, Ph.D., Partner

Martin J. Hernon, Partner

  • President & COO, New Era for Networks

  • (Nasdaq: NEON)

  • CIO, Monsanto Corporation

  • CIO, Bristol-Myers Squibb

  • President & COO, Coram Healthcare

  • Northwestern University, MBA

  • University of Wisconsin, Ph.D. in

  • Physical Chemistry

  • University of Wisconsin, BA in Chemistry

  • Founding Partner, Boston Millennia Partners

  • Principal, Boston Capital Ventures

  • Assistant General Counsel, Lifetime Corporation

  • Attorney, Warner & Stackpole/Kirkpatrick & Lockhart

  • Georgetown University, JD

  • University of Maryland, MA in Economics

  • Boston College, BA in Economics


Millennia Team Experience

Robert W. Jevon, Jr., Partner

Jean-Yves Lagarde, Partner

  • Principal, Boston Capital Ventures

  • Managing Director, Watch Hill Corporation

  • Finance Director, BBN Communications As

  • (Copenhagen)

  • Controller, Bolt Beranek & Newman, Inc.

  • Financial Analyst, General Electric Corporation

  • Dartmouth College (Tuck School), MBA

  • Haverford College, AB in Economics

  • Regional Market Manager, Corning, Inc.

  • Senior Analyst, Corning Communications

  • Project Leader, TotalElfFina

  • Engineer, Saint Gobain

  • Dartmouth College (Tuck School), MBA

  • Institut National Polytechnique, MS in Engineering

  • Lycée Pierre de Fermat, BS in Math & Physics

Paul McManus

Bruce R. Tiedemann, CFO

  • President, The McManus Group

  • Vice President, Aubin International

  • Managing Director and Co-Founder, The Bell

  • Mason Group

  • Manager, Digital Equipment Corporation

  • Boston University, MBA

  • Wentworth Institute of Technology, BS in

  • Mechanical Engineering

  • President, Tiedemann & Company

  • CFO positions at early stage companies (e.g.

  • PAREXEL, HPR)

  • Certified Public Accountant

  • Bentley College, BS in Accountancy


Www bmpvc com
www.bmpvc.com

Boston Millennia Partners Healthcare Portfolio, Additional Information Available on the Internet:

Other resources on Angel Investors and Venture Capital:


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