1. East Coast Investment Overview: MAA, NE, NYMA, SE
Venture Capital Advisory Group
East Coast Investment Overview: MAA, NE, NYMA, SE
January 17, 2003
April 8, 2019

2. Our Outlook from Last Year – What We Said
Larger funds, big deals
Increased valuation pressures – down rounds
No near-term IPO liquidity
Big ideas, serial entrepreneurs raise big bucks
Increased global competition for key deals
Seed funding “gap” for modest deals
“Healthcare only” funds increase
Cash conservation for later rounds

3. East Coast Life Science VC Investment: MAA, MNYA, NE, SE
Assurance and Advisory Business Services
April 8, 2019
East Coast Life Science VC Investment: MAA, MNYA, NE, SE
*Includes preliminary figures for 4Q 2002

4. East Coast LS Investment 2002 Deals & Dollars By Segment
Medical IS
12%
$199 M
Medical IS
23%
37 Deals
Medical Devices
18%
$292 M
Biopharma
Biopharma
52%
84 Deals
Medical Devices
65%
$1090 M
19%
31 Deals
Healthcare Services 5%
$78 M
Healthcare Services 6%
10 Deals
*Includes preliminary figures for 4Q 2002

5. 2002 East Coast LS Deals By Round Class
Dollars:
Other
Corporate
Corporate
Other 9%
13 Deals 5%
8 Deals 2%
$34 M
15%
$236 M
Seed/First
21%
$335 M
Later
26%
39 Deals
Seed/First
32%
50 Deals
Later
30%
$483 M
Second
Second
32%
$500 M
28%
42 Deals

6. East Coast Areas Investment Breakout
Mid-Atlantic
New York Metro
New England
Southeast

7. Most Active Investors With East Coast Site

8. Most Active Investors: No East Coast Site

9. MAA - Most Active Investors In 2002
Ben Franklin Technology Partners
JPMorgan Partners
NEA
InterWest
Perseus-Soros BioPharmaceutical Fund
Prism

10. Outlook for 2003 FDA will lead the way Activity is up already in 2003
Aldulazyme, Fabrazyme, Aralast
Still too many companies in the industry
Contraction
Consolidation
Other 2002 outlooks are on track