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1 2 Post-Recession Life Sciences: Post-Recession Life Sciences: Achieving Success in the Current Achieving Success in the Current Economic Environment Economic Environment Panelists Panelists Moderated by : Jam James C. Chapm s C.

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  2. 2 Post-Recession Life Sciences: Post-Recession Life Sciences: Achieving Success in the Current Achieving Success in the Current Economic Environment Economic Environment

  3. Panelists Panelists Moderated by : Jam James C. Chapm s C. Chapman, Partner, Foley & Lardner LLP Speakers: Ca Cami mille D. lle D. Sa Samu muels, Managing Director, Versant Ventures Ri Rich Ra ch Ramko mko, Partner, Ernst & Young Da David M. vid M. Sa Sabow, Vice President, Investment Banking, Canaccord Genuity Inc.

  4. General Market Overview General Market Overview Healthca thcare P re Price Pe ice Perfo rformance mance NASDAQ H Healt althcare re I Index P Perf rformance Grap aph 1 3 5 % 1 3 0 % 1 2 5 % 1 2 0 % 1 1 5 % 10 10.1% 5.9% 5. 1 1 0 % 5.5% 5. 1 0 5 % 1 0 0 % 9 5 % (6.3%) (6 9 0 % 8 5 % S e p -1 0 N ov -1 0 D e c -10 Ja n -1 1 F eb -1 1 M ar-1 1 M ay -1 1 A ug- 11 O c t-10 A pr-1 1 Ju n -1 1 J u l-1 1 ^COMP - Share Pricing Healthcare Large Cap Index Healthcare Mid Cap Index Healthcare Small Cap Index Source: Nasdaq website and Capital IQ as of 9/9/11. Small Cap: >$100M and <$500M Mid Cap: >$500M and <$2B Large Cap: >$2B

  5. Diagnostics Capital Markets Overview Diagnostics Capital Markets Overview U.S U.S. Med-Tech Med-Tech IPOs vs Os vs. Bi . Biotech otech IPOs: IPOs: 1995 – 1995 – 2011YTD 011YTD Total IP IPOs b by Q Quarter 30 25 of IPOs IPOs 20 Number o 15 Total N 10 To 5 0 Q1 1995 Q3 1995 Q1 1996 Q3 1996 Q1 1997 Q3 1997 Q1 1998 Q3 1998 Q1 1999 Q3 1999 Q1 2000 Q3 2000 Q1 2001 Q3 2001 Q1 2002 Q3 2002 Q1 2003 Q3 2003 Q1 2004 Q3 2004 Q1 2005 Q3 2005 Q1 2006 Q3 2006 Q1 2007 Q3 2007 Q1 2008 Q3 2008 Q1 2009 Q3 2009 Q1 2010 Q3 2010 Q1 2011 Med Tech IPOs Biotech IPOs Source: Dealogic. Note: Life Sciences refers to Biotechnology, Medical Technology, and Diagnostics transactions. For this analysis, Diagnostics transactions were included within the Medical Technology sector. Data through Q2 ’11.

  6. Diagnostics Capital Markets Overview Diagnostics Capital Markets Overview Li Life S fe Sciences es IPOs i IPOs in Regi Registr strati tion on Number o of Li Life fe Sciences IP IPOs i in R Regis istrat ation 25 20 15 10 5 0 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Med-Tech IPOs in Registration Biotech IPOs in Registration Source: Dealogic. Note: Life Sciences refers to Biotechnology, Medical Technology, and Diagnostics transactions. For this analysis, Diagnostics transactions were included within the Medical Technology sector. Data through 9/1/11. Excludes companies in registration beyond 300 days.

  7. Diagnostics Capital Markets Overview Diagnostics Capital Markets Overview Li Life S fe Sciences es IPOs i IPOs in Regi Registr strati tion on ($ in in millio illions ns) Filing Fi ng Days ys i in LT LTM R M Revenu nue Amount on (1) Da Date te Re Registra ration Issue suer Sector or Business ss Descri Descript ption at F Filing Filed Engages in developing immunotherapy treatments for cancer, infectious and autoimmune diseases, and 07/29/11 42 Argos Therapeutics Inc BT $8.4 $86.3 transplantation rejection. Focuses on developing and commercializing aesthetic products utilizing the proprietary controlled-cooling 07/13/11 58 ZELTIQ Aesthetics Inc MT 37.7 115.0 technology platform. 07/11/11 60 Emmaus Holdings Inc BT Engages in the discovery, development and commercialization of treatments and therapies for rare diseases. 0.2 28.8 Focuses on the discovery and development of drugs for the treatment of immunological and autoimmune 07/08/11 63 Merrimack Pharmaceuticals Inc BT 22.8 172.5 diseases. 06/23/11 78 Clovis Oncology Inc BT Focuses on acquiring, developing and commercializing anti-cancer agents. N/A 149.5 06/23/11 78 LipoScience Inc MT Develops and markets diagnostic tests. It develops NMR LipoProfile test based on Nuclear Magnetic Resonance. 40.5 86.3 Engages in the development and sale of noninvasive diagnostic confocal imagers for assessing skin lesions for 04/15/11 147 Lucid Inc MT 2.3 28.8 skin cancer. Develops pharmaceutical products that target the unmet needs of cancer patients, with a focus on cancer- 03/30/11 163 Insys Therapeutics Inc BT N/A 55.0 supportive care. 02/14/11 207 Targeted Medical Pharma Inc BT Develops and commercializes nutrient- and pharmaceutical-based therapeutic systems. 17.1 30.0 Develops, markets and sells consumer self-care products for preventing and ameliorating the symptoms of 02/10/11 211 Primus Therapeutics Inc BT N/A 18.0 common ailments. 12/23/10 260 Supernus Pharmaceuticals Inc BT Focuses on developing and commercializing products for the treatment of central nervous system diseases 12.2 100.0 Focuses on discovery and development of novel immunotherapeutic products to improve cancer treatment 12/21/10 262 NewLink Genetics Corp BT 1.8 86.3 options. Source: Dealogic. Note: Life Sciences refers to Biotechnology, Medical Technology, and Diagnostics transactions. For this analysis, Diagnostics transactions were included within the Medical Technology sector. Excludes companies in registration beyond 300 days. 1) Days in Registration as of 9/9/11.

  8. Economic Indicators Economic Indicators Vo Volatil latility, ty, Flow Flow of Funds of Funds U.S. M Mutu tual F Fund Equity ty Flows S s Since 2 2008 Volati tility ty I Index Since 2 2008 (i (in m millions) 90.0 $20,000 80.0 $10,000 70.0 $0 60.0 ($10,000) 50.0 ($20,000) 40.0 ($30,000) 30.0 ($40,000) 20.0 ($50,000) 10.0 8 8 9 0 0 1 8 8 8 8 9 9 9 9 9 0 0 0 0 1 1 8 8 8 9 9 9 9 9 0 0 0 0 1 1 0 0 0 0 1 1 1 1 8 8 8 9 0 0 1 1 0 0 0 0 0 0 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 - - - - - - - - 0 0 1 1 1 - - - - - - - - - - - - r - n r y l p v n r y l p v n r y l p v n y - - - - - - - - - - - - - - - - a a u a u a u a - r v - r l p - - r y l - - y a e o a e o a e o a n y l p n y u v n u p v n r l a a a a u a a a a a u M M J M M J M M J M M a o a a e o a o J S N J S N J S N J a J e J J e a J M M N M M N M M N M M J S J S J S J Domestic Equity Funds International Equity Funds Source: Capital IQ as of 8/26/2011. Source: ICI as of 6/30/11.

  9. Economic Indicators Economic Indicators 2005 – 05 – 201 011 YTD U 1 YTD U.S. Med S. Med Tech IPOs: Re Tech IPOs: Revenue Stage Effect venue Stage Effect No R No Revenue Reve Revenu nue < $20M < $20M Reven venue > $2 > $20M (72. 72.2%) 2%) (13. 3.7% 7%) 8.9 8.9% $250 300% 250% $200 200% Since IPO ($M) nce Sinc 150% Offer ( $150 rformanc Revenue at O 100% Perfo ice Pe $100 Re 50% Pric 0% $50 (50%) $0 (100%) HLCS ROS ETRM XTNT HNSN NSTR MELA DXCM KIPS CRYO MAKO CRDC BGM II GNM NSPH PACB GHDX GNO BMTI NXTM HEM PODD REST RGDX PMII TSON ELMD MEND ATRC SENO CMED KH FLDM LMAT GXDX THRM CYNO ATEC BFRM IMRS BEAT EVVV VOLC ARAY HDIX MR TTPY AGAM TRNX MASI Source: Capital IQ as of 9/9/2011.

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