CBT Advisors is an international strategic consultancy supporting the US and European biotech industries, the life science venture capital industry and the technology transfer field. We provide specialized services in investor pitches, communications strategy and business strategy based on our deep understanding of the life science financing market. CBT Advisors has delivered market and competitive analyses as well as positioning and exit strategies to clients in both large and small biotech as well as the pharmaceutical industry in areas ranging from biopharmaceuticals to tools to small molecule therapeutics and medical devices. Here are some ways in which CBT (www.cbtadvisors.com) has recently assisted both companies and investors:

Strategic marketing plans, corporate communications and marketing pitches to investors.
Recent cases:
• Provided Avontec, a Munich-based therapeutics company, with a comprehensive review and rewriting of company presentation materials. Site launched at www.avontec.com
• Assisted Immatics GmbH, a Germany-based therapeutics company, with investor meetings that helped lead to a Series B financing of $52 million in under 5 months
• Wrote or co-wrote articles for publication in top journals including Nature Reviews Drug Discovery
• Provided positioning strategies, exit strategies, marketing materials and business plans for more than ten US, European and Asian companies
• Assisted several existing and new VC funds in telling their stories to potential investors. One fund closed on over $250 million in 2005, another announced a closing of $260 million in 2007.

Corporate strategy, market analysis and communications strategy.
Recent cases:
• Assessed strategic options and made recommendations for $500 million public science-driven biotech company regarding an exciting new technology
• Prepared term sheet and planned negotiation strategy with VC-backed Boston-area biotech company for in-licensing and out-licensing of therapeutic products
• Performed market analysis and physician interviews regarding novel vasopressin antagonist and its potential for treating congestive heart failure
• Performed market analysis and physician interviews regarding novel therapies for autoimmune disease for private US biotech company and neurological disease for public US biotech company
• Assessed communications strategy for top-tier VC-backed DNA tools startup including formulating and rehearsing management responses to issues of potential public concern

CBT has been able to exceed client expectations in many ways after serving more than 15 clients a year in the United States and Europe since 2004. Selected CBT clients, past and present:

Contact sdickman@cbtadvisors.com, Tel: +1-617 758 4181.

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Global Life Science Ventures (GLSV) is a leading, independent venture capital fund focusing exclusively on the life sciences. GLSV is dedicated to supporting early-stage groups, originating from universities, scientific institutions or industry. The fund may also invest in selected later stage companies, including buy-outs. For this purpose, GLSV provides finance, advice and access to expertise and networks. The group currently advises and manages funds totalling more than € 200 million. With offices in Germany and Switzerland, GLSV acts as one team with a global perspective.

For more information, please see our website: www.glsv-vc.com

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HBM Partners is a provider of investment advisory services specialized in the global human medicine, biotechnology, medical technology and related sectors. HBM Partners is one Europe’s largest investment advisory groups in this field. Its spectrum of investments covers private and public companies. HBM Partners can rely on the extensive scientific, operational, and financial experience of over 20 investment professionals. HBM Partners has offices in Switzerland, Cayman Islands and Shanghai (HBM BioMedChina).

HBM Partners advises HBM BioVentures (www.hbmbioventures.com) and other investment vehicles such as HBM BioCapital, HBM BioMedChina and HBM BioPharma India with total assets amounting to $1.4 billion.

Contact:
HBM Partners AG
Bundesplatz 1
CH-6300 Zug, Switzerland
Phone: +41 43 888 71 71
Email: info@hbmpartners.com

www.hbmpartners.com

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Your Global Capitalization Partner
Katan Associates is a global advisory organization that provides capitalization strategies and a broad range of services to high growth, highly innovative life sciences companies, biotechnology firms and biomedical enterprises.

Based in the world’s leading centers for biotechnology and biomedicare, Katan Associates brings together specialists from a diverse range of corporate and commercial backgrounds to advise firms on long term growth and capitalization solutions.

Katan Associates focuses on five core areas of specialization in helping firms achieve their business growth.

• Strategy Formulation
• International Business Development
• Investment Banking / Venture Capital
• Government and Industry Advisory
• Mergers and Acquisitions

Katan provides businesses and management teams with the tools and the infrastructure to grow and expand their business.

To find out more, please visit our website at www.katanassociates.com

Or contact Seth Yakatan, Partner, at 323.356.6321 or seth@katanassociates.com

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Investing in innovative life sciences concepts for patient benefit creating attractive returns for entrepreneurs and investors

The Novartis Venture Fund invests in enterprises characterized by outstanding entrepreneurs and management teams developing innovative technologies with the potential of disrupting an existing or creating a new market and delivering significant patient benefits.

Our investments range from early start-up companies and Series A investment, which we intend to support through follow-on rounds, to more advanced private companies active in Life Sciences. Our key interest is in new therapeutics and platform technologies which we complement with investments in medical devices, diagnostics/ bio-markers and drug delivery technologies.

Over the existence of the Fund since 1997, it has made a total of 98 equity investments. 18 profitable exists have been realized, and 60 companies are still within the portfolio. The Novartis Venture Fund is an evergreen fund and has more than USD 500m under management.

For more information, please refer to www.venturefund.novartis.com

Contact:
Basel -Switzerland Office:
Novartis Venture Fund
Novartis International AG
WSJ 200.373
CH 4002 Basel
Switzerland
Phone: +41 61 324 32 67
Fax: +41 61 324 86 79

Cambridge -US Office:
Novartis BioVenture Fund
One Cambridge Center
Cambridge, MA 02142
USA
Phone: +1 617 871 77 80
Fax: +1 617 225 09 34

www.venturefund.novartis.com

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Europe’s leading exchange for life sciences companies
Swiss financial institutions manage more than one-quarter of the world’s offshore assets and represent the backbone of Switzerland’s strong financial marketplace. As a result, companies listed on the SWX Swiss Exchange achieve a high level of visibility within this financially potent investor community.

In Switzerland, the life sciences industry in particular has developed over the past years into an internationally recognised and strongly emphasized sectoral focal point:

1. In Europe, the SWX has grown to become the most important securities exchange in terms of the total market capitalisation of listed life sciences companies.
2. Collectively, these representatives of the industry account for roughly one-third of the overall market capitalisation of the Swiss equity market.
3. Listed companies in the life sciences field such as Novartis, Roche, Merck Serono and Actelion engender an environment that exudes global charisma.
4. Differentiated sector-specific indicators such as the SXI LIFE SCIENCES® and SXI Bio+Medtech® indices, as well as the unusually broad analyst coverage of this particular sector, ensure transparency and outstanding visibility.

With a public offering of securities in Switzerland, and thanks to the tremendous placing power afforded by the Swiss-based investment banks, life sciences companies gain access to a sectorally experienced, highly competent and broadly international circle of investors.

Moreover, the location-specific advantages of Switzerland and favourable general conditions contribute to the attractiveness of an initial public offering on the SWX:

1. The Continental European marketplace with the most pronounced international orientation
2. A leading financial centre for equity-focused institutional investors
3. A strong private banking industry with a broad investor base
4. Multilingual and multicultural investors
5. Focus on Life Science and small- and mid-caps
6. Numerous banks with established in-house research departments
7. Active bond and derivatives markets
8. An attractive, market-oriented regulatory environment thanks to self-regulation
9. Acceptance of various accounting standards (US-GAAP, IFRS, Swiss GAAP ARR and additional internationally recognised standards)
10. Low foreign exchange risk (listing in various currencies is possible)

Further information on the topic of IPOs on the SWX can be accessed at: http://www.swx.com/download/about/div_pub/swx_ipoguide_en.pdf
Should you have further questions with regard to a public offering of securities, the various stock market segments or any other exchange-related topic, please feel free to contact our Issuer & Investor Relations team.

SWX Swiss Exchange
Issuer & Investor Relations
Selnaustrasse 30, Postfach, CH-8021 Zürich
T +41(0)58 854 22 45   F +41(0)58 854 22 40
www.swx.com
E-mail: ipo@swx.com

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