1. Lessons Learned Jeffrey ODonnell Management & MVP Meeting Las Vegas, NV April 8 – 10, 2011

2. 2 Overview 1.Past Experience 2.A New Approach 3.Actionable Milestones 4.What are the Goals? 5.Must – Have Tactics

3. 3 1. Past Experience Raise 5 to 10 Million Dollars to Start Up Hire Full Time Staff Build Product In House Design Freeze Animals Human Clinical Trial Regulatory Approval Commercialization

4. 4 2. A New Approach Credible KOL NewCo Potential Strategic Partners Gain Agreement with Potential Strategic Partners, First Partner With Their Credible KOL Up Front Understand Their Value Drivers First Use of Proceeds Focuses on the Product, Not the People Outsource the Best to Control the Burn Report the Success and Monitor the Need Control the Podium

5. 5 3. Actionable Milestones Patent Clearance Opinion or FTO Design Freeze Post-Human Testing Clinical Efficacy / Small Trial CE Mark or OUS Approval

6. 6 4. What are the Goals? Set uniform, realistic time and financial expectations from day one ! Focus in a sector where you can accelerate the technology or fix the problem Fail as fast as you can! Reduce the risk by reducing the time you exist

7. 7 5. Must – Have Tactics 1 In House Product Champion on Both Sides – KOL / Management 2 LOI is Useless. Go to Definitive ASAP 3 Breakup Fee is a MUST 4 Mock Trial on Major Disagreements 5 A VC Partner is also a Competitive Appraisal 6 Your Consultants Need To Be Respected and First Class 7 All Vendors Need to Be Known and Approved By All Multinationals 8 Understand the Time Value of Money and How the Waterfall Affects You