Partnering Criteria

In picking the businesses with which we partner, we have two straightforward criteria that quantify the level of technology risk and commercial opportunity. Passing the following screens is critical to our potential interest. The business must have the potential to:

· Achieve scientific and business milestones that will allow a flotation on a stock exchange (Aim, Euronext, etc.) within three years at a £50 million pre-money value following an investment of about £10 million.

· Have an exit value of over £250 million at a trade sale within 3-4 years of the IPO.

Companies meeting our criteria are likely to have a number of characteristics that cause them to qualify, including:

· The technology addresses a significant unmet medical need

· The technology is protected by a strong, verifiable patent portfolio

· An identifiable major medical company is highly likely to regard the product as "must have" and is likely to pay a very high price to acquire it when appropriately developed

· The technology for the lead product can form the basis of a platform for other products

· Substantial capital has already been invested in the technology

· A well-rounded scientific team supports the technology

· Proof of principle has been or can quickly be established