PRIOR INVESTMENTS
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Corthera, Inc. (Private), where Mr. Sears was a founding investor, developed serelaxin (Reasanz) a recombinant human protein to treat acute decompensated heart failure. Novartis acquired Corthera in February 2010 for $120MM upfront and $500MM in performance based milestones for a total consideration of $620MM. Acquired Preferred Shares 2003 through 2008.
7.6 times cash on cash return.
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Peninsula Pharmaceuticals, Inc. (Private), where Mr. Sears was a founding investor, in-licensed late stage antibiotic compounds for serious hosptial infections, including doripenem (Doribax). Acquired Preferred and Common Shares in 2002 and 2003. Company sold to Johnson & Johnson for $245MM in cash in April 2005.
6.5 times cash on cash return.
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Cerexa, Inc. (Private) which was spun-out from Peninsula Pharmaceuticals upon its acquisition by Johnson & Johnson, developed a broad spectrum cephalosphorin (ceftaroline, Telfaro) active against resistant bacteria. In January 2007 it was purchased by Forest Laboratories for $480 million in cash, plus $100 million in a sales based milestone. Acquired Preferred Series B Shares August 2005.
6.5 times cash on cash return.
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Anthera Pharmaceuticals, Inc. (NASDAQ: ANTH) , where Mr. Sears was a founder, lead investor and Chairman of the Board in-licensed clinical stage cardiovascular and immune modulator therapeutics. Acquired Preferred Shares in 2004 and 2006. Liquidated in open market sales in 2010 and 2011.
4.3 times cash on cash return.
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Integrated Biosystems, Inc. (Private), where Mr. Sears was a founding investor, developed proprietary cryogenic preservation technologies which it is applying to the production and storage of biologicals (proteins, antibodies, etc.) and blood products. After achieving profitability with projected sales of $40MM in 2004, the Company was sold in July 2004 to Stedim SA for upfront cash and contingent payments from 2005 through 2007 dependent on product sales and gross profits. Acquired Preferred Shares in 1997 and 2000.
4.0 times cash on cash return.
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Elitra Pharmaceuticals, Inc. (Private) Identified essential genes in pathogenic bacteria and fungi and developed compounds against those targets. Company attempted to forward integrate by in-licensing late clinical stage anti-bacterials, but was unsuccessful. Liquidated 12/04.
No return.
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Dendreon (NASDAQ: DNDN): Developed therapeutic cancer vaccines for prostate (Sipuleucel-T, Provenge), breast and other malignancies. Acquired Common and Preferred Stock 12/95. Liquidation after conversion in open market sales 1/04 and 3/07.
8.2 times cash on cash return.
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Acorda Therapeutics, Inc. (NASDAQ: ACOR) Focused on developing therapies for spinal cord injury therapies and multiple sclerosis using both small molecule and monoclonal antibodies. Acquired common and preferred stock in 1995 and 1998. Liquidated after conversion in open market sale 4/07.
2.5 times cash on cash return.
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Adiana, Inc. (Private) developed a unique device for minimally invasive female sterilization, which offers the potential for substantially reducing payor cost while improving the patient's quality of life post procedure. Adiana acquired by Cytyc Corporation (subequently acquired by Hologic) in February 2007 for up to $215MM in upfront and milestone payments. Preferred shares acquired in 1999, 2002 and 2005.
3.0 times cash on cash return.
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EndoNav, Inc. (Private): Where Mr. Sears was a founding investor developed an improved technology for performing endoscopic procedures. Acquired convertible debt 4/05. Company sold to Intuitive Surgical 10/07.
1.8 times cash on cash return.
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Asilomar Pharmaceuticals, Inc. (Private) developed a novel, proprietary method of delivering therapeutics to the peripheral and central nervous systems. Although technically promising, programs did not move into clinical development. Company liquidated.
No return.
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Novalar Pharmaceuticals, Inc. (Private), where Mr. Sears was a founding investor developed Oraverse a proprietary pharmaceutical which rapidly reverses local dental anesthesia. Oraverse was launched in February 2009. Oraverse was sold to Septodont in March 2011 for cash and future payments. Acquired Prefered Shares in 2000 through 2007.
1.3 times cash on cash return.
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Intrabiotics, Inc. (NASDAQ:IBPI): Anti-biotics from natural sources. Acquired Preferred Shares 1/99. Liquidated after conversion in open market sale 9/00.
2.1 times cash on cash return.
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Encore Pharmaceuticals, Inc. (Private): Encore's lead compound is Flurizan (R-Flurbiprofen), which was licensed to Myriad Pharmaceuticals failed to demonstrate efficacy in Phase III testing for the treatment of alzheimers disease. Company liquidated.
1.5 times cash on cash return.
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Cytovia, Inc
Cytovia, Inc. (Private): Apoptosis inducing compounds for the treatment of cancer and autoimmune disorders. Acquired Preferred Stock 3/98. Purchased by Maxim Pharmaceuticals (NASDAQ:MAXM) 7/00.
3.2 times cash on cash return based on merger value.
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CoCensys Inc. (NASDAQ: COCN): Therapies for neurological disorders. Mr. Sears was Chairman and a Board member from 1994 through 1998. Acquired Preferred and Common Stock from 96 through 98. COCN purchased by Purdue Pharma 9/99.
Partial capital returned.
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Techne Corporation (NASDAQ: TECH): Research reagent and analytical research product company. Common Stock acquired 10/94. Liquidated in open market sales 6/00, 2/02 and 6/03.
15.3 times cash on cash return.
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Synageva BioPharma, Inc. (NASDAQ: GEVA): Develops medicines for patients with rare diseases. SBC-102, is a recombinant human lysosomal acid lipase currently under clinical investigation for the treatment of patients with early onset and late onset Lysosomal Acid Lipase (LAL) Deficiency. Common stock acquiired on merger for Preferred 11/11 and sold 7/12.
5.5 times cash on cash.
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Neose Technologies. (NASDAQ:NTEC): Liquidation of Common Stock. Neose developed proprietary technologies for generating improved protein therapeutics.. Acquired Preferred and Common Stock 9/94. Liquidated in open market sales 1/02 and 7/08.
4.5 times cash on cash return.
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Novacea Pharmaceuticals, Inc. (NASDAQ: NOVC), developed two molecules as cancer therapies. Company merged into Transcept Pharmaceuticals 2/09. Acquired Preferred and Common Stock 12/05. Partial liquidation in open market sale 9/08.
1.1 times cash on cash based on liqudation and merger value.
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CV Therapeutics (NASDAQ: CVTX): Cardiovascular therapeutics for hypertension and various arrhythmias. Partial liquidation. Acquired Preferred Stock 5/96. Liquidated after conversion in open market sale 8/98.
1.2 times cash on cash return.
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Coapt Systems, Inc. (Private), where Mr. Sears was the founding investor and served as Chairman of the Board from 2000 to 2003, developed a soft tissue fixation system, replacing sutures and staples. The Company also developed a product line of dermal fillers. Aesthetic market conditions and development challenges required dissolution of the Company in 2010.
No return.
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CoAlign Innovations, Inc. (Private): CoAligns' AccuLIF system utilizes a unique hydraulic expansion technology and locking mechanism that enables the delivery of a low-profile interbody spinal implant that expands to achieve an accurate fit and placement for a range of lumber fusion procedures. Acquired by Stryker 3/14.
1.1 times cash on cash return.
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TherOx, Inc. (Private), TherOx developed a novel therapy that complements percutaneous coronary intervention (PCI). It is designed to ameliorate progressive myocardial necrosis by minimizing microvascular damage in heart attack patients and reducing the damage to heart muscle. TherOx was acquired by Zoll Medical 7/19
1.2 times cash on cash return
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EndoVx, Inc. (Private): EndoVx developed a novel medical device system for non-invasively treating obesity. EndoVx approach demonstrated significant long term weight loss in human surgical studies. Unable to attract follow on investment. Company in dissolution.
No return.
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InteKrin Therapeutics, Inc. (Private): InteKrin acquired from Amgen, Inc. a SPARM (INT-131) for the treatment of Type 2 diabetes. Clinical development halted in 2010 due to lack of funding. Declined participation in recapitalization to pursue other indications, resulting in negligible ownership interest. Company subsequently merged into Coherus Therapeutics, Inc. further diluting interest.
No return .
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ANPA Medical, Inc
Anpa Medical, Inc. (Private): Anpa Medical developed a replacement for knots in endoscopic suturing, targeting improvement in patency and reduced surgical procedure time. Company pursued outlicense of developed patents and product prototypes. Outlicense unsuccessful Company dissolved.
No return
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Vital Therapies, Inc. (NASDAQ: VTL), created the first human allogeneic extracorporeal cellular therapy for patients with life threatening acute liver failure. The ELAD system failed to achieve statistical significance in either of two Ph III trials. In April 2019 VTL reversed merged with Immunic AG and now trades as IMUX on the NASDAQ.
Partial capital returned .
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Geom Therapeutics, Inc (Private), In-licensed for development a novel beta-lactamase antibiotic. Unexpected allergic reactions in patients during a Ph I trial resulted in termination of development. Company liquidated
Partial capital returned.
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Sonoma Orthopedic Products, Inc. (Private): Sonoma Orthopedic Products has developed and markets a unique minimially invasive long bone fixation system that reduces fixation time and patient discomfort, while improving outcomes. Declined to participate in recapitalization of the Company substantially diluting interest. Preferred Shares sold 12/15.
Partial capital returned.
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Catheter Connections, Inc. (Private): Addressed the common and serious problem of Catheter Related Blood Stream Infections (CRBSIs) through its unique proprietary antiseptic connection system. Preferred Shares aquired 2007 and 2011. The Company failed to achieve sufficent market traction to become cash flow positive, resutling in forced asset sale to satisfy creditors 2/2017..
Partial capital returned.
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Angiogenix, Inc. (Private) developed ANGX-1039 to treat peripheral arterial disease (PAD). After two well controlled Ph IIb trials failed to demonstrate efficacy, the Company was placed into liquidation in 2007.
No return.
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1747, Inc. (Private) developed a web enabled solution for the enrollment, management, and reporting of large scale clinical trials. Company failed to raise sufficient funds to continue operation. Liquidated in 2005.
No return.
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Saronyx, Inc. (Private) provided pre-clinical service solutions to pharmaceutical companies through its suite of software which enhances sponsor and contractor efficiencies. Despite a solid customer base, the company was unable to raise sufficient capital to remain independent. Liquidated in 2005.
No return.
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OverRead, Inc
Overread.com. (Private): Internet enabled medical imaging services for the physician's office setting. Despite successful development of software/interconnect platform and customer enthusiasm in U.S. and international markets, the Company was unable to attract sufficient follow on investment to reach positive cash flow. Company dissolved in 2002.
No return.
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CharlestonPharma, LLC (Private): Developed proprietary monoclonal antibodies against a tumor marker on the surface of solid tumor cells. Promising pre-clinical results did not result in follow-on investment or a corporate partnership. Interests acquired in 2012. Company in liquidation.
Partial capital returned.
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HALCYON
Halcyon Medical, Inc (Private): Developed a novel interventional approach for the treatment of a signficant refractory cardiovascular condition. While promising pre-clinical results were achieved, follow-on investment or a corporate partnership did not occur. Preferred stock aquired 2016 and sold 2020.
Minimal return.
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Symphonic Audio Technologies, Inc. (Private): Doing business as Soundfocus, developed audio processing technologies for hearing impairment and consumer applications.. Delay in product release and inability to raise bridge funding resulted in liquidation in 2016.
No return.
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CUMULATIVE CASH ON CASH RETURN FOR LIQUIDATED INVESTMENTS: 4.2 TO 1