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PricewaterhouseCoopers / Venture Economics / National Venture Capital Association MoneyTree  Survey March 2002

Venture Capital Investment in the Biotechnology Industry. PricewaterhouseCoopers / Venture Economics / National Venture Capital Association MoneyTree  Survey March 2002. About The Quarterly MoneyTree Survey.

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PricewaterhouseCoopers / Venture Economics / National Venture Capital Association MoneyTree  Survey March 2002

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  1. Venture Capital Investment in the Biotechnology Industry PricewaterhouseCoopers / Venture Economics / National Venture Capital Association MoneyTree Survey March 2002

  2. About The Quarterly MoneyTree Survey • PricewaterhouseCoopers has joined forces with Venture Economics and the National Venture Capital Association to produce MoneyTree Survey • ‘Core’ measure of equity investments in venture-backed companies in the United States • Companies have received at least one round of financing involving a professional VC firm or equivalent • Captures: tranches, not term sheets, foreign VCs, qualified private placement • Excludes: debt, bridge loans, recaps, roll-ups, IPO's, Pipe's, leasing, etc. • MoneyTree™ Survey in its 8th year • Results online at www.pwcmoneytree.com, www.ventureeconomics.com, www.nvca.org

  3. Let’s put the role of venture capital in the biotechnology industry into perspective…

  4. Venture Financing Exceeds Federal Non-Defense R&D Budget Federal Non-Defense R&D Source: PwC/VE/NVCA MoneyTree™ Database & AAAS Report Citing 2002 Federal Budget. Note Federal R&D statistics are constant 2001 dollars

  5. MoneyTree: Total Investments in Biotechnology- 1995 - 2001 ($ in billions) # of Deals 138 264 243 177 227 238 265 % of all Investments 10% 11.4% 13.6% 6.9% 3.7% 3.5% 8.1%

  6. Biotechnology Investments by Region1995-2001 North Central $221 35 Deals ($ in millions) Midwest $571.1 100 Deals New England $2,584.3 276 Deals Northwest $611.6 60 Deals NY Metro $853.6 79 Deals Sacramento/N. CA $27.9 6 Deals Philadelphia Metro $802.4 122 Deals Silicon Valley $3,632.6 323 Deals LA/Orange County $375.2 69 Deals DC/Metroplex $463.8 69 Deals San Diego $1,501.9 175 Deals Texas $228.1 35 Deals Southwest $107.6 30 Deals Colorado $325.3 34 Deals Alaska/ Hawaii $0 0 Deals South Central $47.9 4 Deals Southeast $778.2 118 Deals

  7. Biotechnology Investments by RegionQ4 2001 North Central $13 5 Deals ($ in millions) Midwest $42 5 Deals New England $246 18 Deals Northwest $20 2 Deals NY Metro $174 3 Deals Sacramento/N. CA 0 Deals Philadelphia Metro $55 4 Deals Silicon Valley $174 10 Deals LA/Orange County $23 3 Deals DC/Metroplex $98 5 Deals San Diego $82 6 Deals Southwest $2 2 Deals Texas 0 Deals Colorado $65 1 Deal Alaska/ Hawaii $0 0 Deals South Central 0 Deals Southeast $9 3 Deals Total: $1,004 – 67 deals

  8. Investments by Industry Q4 2001 % Change in $ Amount from Q3 01 # of Deals ($ in millions) 211 36% 41.6% 67 (22.7%) 77 (3%) 102 (21.3%) 85 (9.9%) 34 (43.6%) 57 41 (23.7%) 52 7.2% (2.7%) 29 NM 9 24 (31.4%) 46.1% 18 16 55% NM 17 NM 7 86% 10 ( NM = Not Meaningful) Visit www.pwcmoneytree.com for Industry Definitions Q4 2001 Totals: $7,138 856 1.9%

  9. Investments by Industry - Percent of Total U.S. Investments (% of Total Dollars) Top 5 Industries – 1995 to 2001 ‘95 ‘96 ‘97 ‘99 ‘00 ‘01 ‘95 ‘96 ‘97 ‘98 ‘98 ‘99 ‘00 ‘01 ‘95 ‘96 ‘97 ‘98 ‘99 ‘00 ‘01 ‘95 ‘96 ‘97 ’98 ‘99 ‘00 ‘01 ‘95 ‘96 ‘97 ‘98 ‘99 ‘00 ‘01

  10. Life Science Investments - Percent of Total U.S. Investments (% of Total Dollars) Life Science Sectors – 1995 to 2001 ’95 ’96 ‘97 ‘98 ‘99 ‘00 ‘01 ‘96 ‘97 ‘98 ‘99 ‘00 ‘01 ‘95 ‘95 ‘96 ‘97 ‘98 ‘99 ‘00 ‘01

  11. Biotechnology Investments by Financing Sequence - Q4 2001 % Change in $ Amount from Q3 01 # of Deals ($ in millions) 60% 8 20 (22%) 14 (40%) 48% 15 10 636%* * Abnormally high change due to a $150 million investment and a $70 million investment

  12. Average Biotechnology Deal Size Compared to Average Deal Size for all Industries1995-2001 ($ in millions)

  13. Most Active Venture Investors in Biotechnology - 2001 Venture Capital Firm Location Total Deals J.P. Morgan Partners Menlo Park, CA 13 13 MPM Capital Cambridge, MA 11 InterWest Partners Menlo Park, CA 10 Oxford Bioscience Partners Boston, MA Alta Partners San Francisco, CA 10 9 Domain Associates Princeton, NJ Healthcare Ventures LLC 9 Princeton, NJ Sprout Group 8 New York, NY

  14. Our Core Biotechnology Service Team: Frank Feeman, audit partner 206/398-3562 Jon Kuchin, tax partner 206/398-3010 Dick Ottele, audit senior manager 206/398-3514

  15. pwc

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