Overview
We seek to partner with highly capable entrepreneurs whose talents and experience will translate into successful ventures. Potential portfolio companies should meet the following general investment criteria:

• Experienced management team with a record of demonstrable success
• Product or service offering with a sustainable competitive advantage
• An addressable market exceeding $500 million and growing rapidly

Stage of Investment
In order to take full advantage of our expertise in the healthcare and life sciences sector, we use a multi-stage investment approach, investing in growth stage and late stage companies. We seek companies that have existing customers, or a product or service for which there is a high degree of confidence as to the addressable market. Within the drug development sector, clinical stage companies must have multiple shots on goal, with Phase IIb opportunities.

Active Investment Partner
We typically serve as the lead investor in most transactions and are often the first institutional investor in the companies we finance. Board of Directors representation is important to us. This participation enables us to help develop growth strategies with our companies early in their development. We rarely become involved in the day-to-day management of our portfolio companies. Rather, we serve as advisors, assisting management with the development of business and financial strategies, preparations for private and public financing events, and the design of targeted merger and acquisition programs. The results of this approach have been highly rewarding.

Syndicated Investments
We typically look to invest with other professional investors that have similar resources and that are in a position to complement the array of resources that we bring to our portfolio companies. We prefer smaller sized syndicates with relatively few investors. We have also made commitments to some companies as the sole investor.

Preferred Investment Size
We seek to invest up to $15 million in any single portfolio company. Typical first round investments range from $3 million to $10 million, with follow-on financings often doubling the original capital commitment. In select cases, we have made initial investments of as little as $1 million with the expectation that we will significantly increase our investment through later commitments.

Geographic Focus
We invest throughout the United States and Canada but have a preference for companies located in the eastern United States.