Sebacia Inc.- Startup Company Venture Capital Financing Deal Terms & Valuations

Sebacia, Inc.The “Private Company Valuation Report” by VC Experts is aimed at providing speciﬁc deal terms and estimated post-money valuations for the venture-backed company Included in the report are national, regional, and industry averages, company comparisons, investment rounds with deal terms, price .per share, estimated fully diluted shares, and valuation trends. VC Experts has compiled this intense level of data from Federal and State regulatoryﬁlings as well as strategic partners to aid in better transparency of private company information.Table of Contents Sebacia, Inc. Key Management Investors (current and historic) Comparable Private Companies Investment Rounds Valuation Trends Methodology for Cost of Capital Benchmark Methodology for Valuation Ticker FilingsSebacia, Inc. C reated on 2012-07-10 and authorized by VC Experts.com. C opyright © 2012 VC Experts.com, Inc.

Sebacia, Inc.Sebacia, Inc. develops medical technology products to address a large unmet need in dermatology. Address: 2905 Premiere Parkway, Duluth GA 30097 Geographic Region: Southeast Industry: Medical Devices and Equipment SIC Codes: 3845 - Electromedical and Electrotherapeutic Apparatus (other electromedical and electrotherapeutic apparatus) NAICS Codes: 334517 - Irradiation Apparatus Manufacturing Legal Counsel: Gunderson DettmerKey Management Investors (current and Comparable Private historic) Companies Gordon T. Wyatt, Chief Financial Oﬃcer Anthony Lando, Executive Oﬃcer, Board Accuitive Medical Ventures (AKA: AMV Partners) Acorn Cardiovascular, Inc. Member Domain Associates LLC Aurora Imaging Technology, Inc. Rebecca Robertson, Director Partners Innovation Fund LLC Crux Biomedical, Inc. Gerard van Hamel Platernik, Director Undisclosed Firm Gynesonics, Inc. Todd Brady, Director Versant Ventures Neuroptix CorporationInvestment Data - PreferredInvestment Date Investment Amount Round Number Valuation Est. Fully Diluted Shares Preferred Price Per Share2012-03-29 6.5 2 $17,400,100 20,901,022 $0.83 Round: Series B National: 25%, Regional: 22%, Industry: 27% Direction: Up Round National: 56%, Regional: 56%, Industry: 35% Liquidation Pref.: Pari Passu National: 45%, Regional: 28%, Industry: 33% Liq. Multiple: 0 - 1x National: 91%, Regional: 89%, Industry: 82% Stock Type: Participating Preferred National: 45%, Regional: 83%, Industry: 55% Capped Participation: Yes National: 42%, Regional: 40%, Industry: 30% Anti-Dilution: Weighted Average National: 96%, Regional: 89%, Industry: 94% Redemption: Yes National: 31%, Regional: 56%, Industry: 41% Cumulative Dividends: No National: 83%, Regional: 50%, Industry: 73% Pay-to-Play Penalties: Conversion of National: 77%, Regional: 100%, Industry: 78% Preferred Stock into Common Stock2011-05-20 5.6 1 $8,556,223 11,551,536 $0.74 Round: Series A National: 21%, Regional: 22%, Industry: 20% Direction: Not Applicable National: 21%, Regional: 24%, Industry: 19% Liquidation Pref.: Not Applicable National: 21%, Regional: 24%, Industry: 18% Liq. Multiple: 0 - 1x National: 90%, Regional: 93%, Industry: 82% Stock Type: Participating Preferred National: 50%, Regional: 71%, Industry: 61% Capped Participation: Yes National: 40%, Regional: 31%, Industry: 27% Anti-Dilution: Weighted Average National: 93%, Regional: 84%, Industry: 85% Redemption: Yes National: 38%, Regional: 60%, Industry: 43% Cumulative Dividends: No National: 77%, Regional: 40%, Industry: 69%Valuation Trend C reated on 2012-07-10 and authorized by VC Experts.com. C opyright © 2012 VC Experts.com, Inc.

Valuation Trend Valuation Trend 25M 1 20M 0.8 Post-Money Valuation Price Per Share 15M 0.6 10M 0.4 5M 0.2 0M 0 2011-05-20 2012-03-29 Post-Money Valuation Price Per Share Highcharts.comMethodology for Cost of Capital Benchmark C reated on 2012-07-10 and authorized by VC Experts.com. C opyright © 2012 VC Experts.com, Inc.

Methodology for Cost of Capital BenchmarkThe Cost of Capital Benchmark Chart presents a metric of the companys cost of capital based on whether the deal terms included in its recentﬁnancing rounds were "company friendly" or "investor friendly", with comparisons to East Coast and West Coast averages. For example, if the companyissues a security with a liquidation multiple of two, a cumulative dividend, and full ratchet anti-dilution protection, while the average security issued byother companies in its region at that time had a liquidation multiple of one, no dividend, and weighted average anti-dilution protection, the Cost ofCapital Chart would likely show a higher cost of capital for that ﬁnancing round in relation to regional averages. Relative Cost of Capital Cost of Capital Benchmark 2007 2008 2009 2010 2011 2012 East Coast West Coast Sebacia, Inc. Highcharts.comMethodology for Valuation Ticker C reated on 2012-07-10 and authorized by VC Experts.com. C opyright © 2012 VC Experts.com, Inc.

Methodology for Valuation TickerThe Valuation Ticker Chart presents the estimated movement of the companys valuation over a year-long period since its last financing round, basedon a basket of publicly traded stocks in its industry sector. For example, if the companys valuation at the time of its last financing round was $100million, and within a year the value of publicly traded stocks in its industry sector have increased 30 percent, the chart will show the value of thecompany increasing to $130 million. Thus, the Valuation Ticker Chart provides you a more up-to-date estimate of the companys valuation than youwould get by looking at the valuation of its last financing round alone. Valuation Ticker 19000k 18500k 18000k Est. Post-Money Valuation: $18,640,122 17500k 17000k 16500k From 03/29/2012 to 07/02/2012 Sebacia, Inc. Highcharts.comTotal Estimated Fully Diluted Shares as of 03/29/2012: 20,901,022Filings C reated on 2012-07-10 and authorized by VC Experts.com. C opyright © 2012 VC Experts.com, Inc.

VC Experts.com, Inc. Disclaimer: The information contained herein is from sources deemed reliable; it does not, however, purport to constituteinvestment advice nor does VC Experts represent that it contains all information concerning the identified Company deemed necessary or appropriatefor investment decisions. VC Experts is neither a broker/dealer nor investment adviser and has no financial interest in the Company analyzed nor in thesale or purchase of any of its securities. The information and data are for reference purposes only and no implied or expressed warranties orassurances as to its accuracy or completeness are furnished by VC Experts. Estimates of valuation are, as indicated, estimates based on suchinformation as we found available, the completeness of which is neither represented or guaranteed; users for any purpose are cautioned and requiredto undertake and perform their own investigations and due diligence. To the extent that the information incorporates content from specified sourcesof financial information, VC Experts disclaims any responsibility for the accuracy or completeness of such content.About VC Experts.com, Inc.: VC Experts.com provides specialized content, valuation & term sheet data on thousands of venture capital financingevents, and analytics for managing & modeling private company capital structures. Visit VCExperts.com for more information. C reated on 2012-07-10 and authorized by VC Experts.com. C opyright © 2012 VC Experts.com, Inc.

Sebacia Inc.- Startup Company Venture Capital Financing Deal Terms & Valuations

by VC Experts, Inc. on Jul 10, 2012

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