Overview presentation for Aqua Partners LLC.

1. Aqua Partners LLC
Global Specialists in the Life Science Industry
Overview
March 2010

2. AQUA PARTNERS LLC
Mission
Since 1983, our mission has been to advance life science
innovation and commercialization by leveraging Aqua’s
global network and collective experience to enhance
value creation for our clients and their investors.

3. Who We Are
AQUA Partners includes a team of outstanding professionals
who contribute the specific skill sets needed to identify and
build successful partnership and investment opportunities.
Our team brings an extensive network of industry contacts
and exceptional breadth of expertise spanning:
 M&A  Scientific research
 Strategic partnerships  Medical practice
 Licensing in and out  Clinical development
 Spin-offs  Portfolio management
 Restructuring  Venture investing

4. What We Do
 We help companies access and value technology, products,
partnerships and capital worldwide.
 We create, identify, support and enhance premium investment
and partnership opportunities.
 We offer senior level experience in an out-sourced business
development team to develop and implement value-
enhancing strategies for clients.
 We offer senior-level professional interaction, and continue to
build on long-standing relationships around the world.

5. Our Services
STRATEGIC ADVISORY
VALUATION APPRAISAL
LICENSING AND BUSINESS DEVELOPMENT
TECHNOLOGY SOURCING AND DUE DILIGENCE
MARKET RESEARCH AND OPPORTUNITY ASSESSMENT
M & A ADVISORY
SPIN-OFF AND NEW COMPANY FORMATION
RESTRUCTURING / REPOSITIONING / WORK-OUT
FUND MANAGEMENT

6. Leveraging Extensive Network to Access Opportunities
PROFESSIONAL
SERVICE
PROVIDERS
INDUSTRY
ENTREPRENEURS
MEDIA
Aqua
REGIONAL Partners GOVERNMENT
DEVELOPMENT RESEARCH
AGENCIES Deal INSTITUTIONS
Flow
CORPORATE INVESTORS
ACADEMIC

7. The Aqua Team
 Klaus-Ulrich Berding
 James E. Foley, PhD
 Vivian Lee
 Gerd-Albrecht Luckenbach, PhD
 Gary R. Pasternack, MD, PhD
 Terence Porter, PhD
 Timothy Tankosic, MD

8. Klaus-Ulrich Berding
European affiliate
12 years at Dresdner Bank in corporate finance and
investment research, focusing on life science and
technology, most recently co-head for Germany in the
Global Industry Group of Dresdner Kleinwort Wasserstein.
Advised on top life science transactions in Europe, including
the IPOs of SGL Carbon AG (EUR157 million) and Merck
KGaA (EUR1.1 billion), cross-border M&A and listing of FMC
AG (EUR320 million) and Neuer Markt listing of BB Biotech
(EUR124 million). Studied Economics and Business
Administration at Ruhr-University Bochum.

9. James E. Foley, PhD
Managing Director
Over 30 years pharma industry experience spanning R&D,
business/corporate development and licensing. Served as Head of
business development and licensing of pharmaceuticals for Japan
and Asia/Pacific regions at Bristol Myers Squibb, SmithKline
Beecham and GlaxoSmithKline. Extensive longstanding
relationships with Japanese pharma industry. Responsible for
identification and management of multiple worldwide in-licensing
and R&D collaboration deals in Japan and Korea in anti-infectives,
inflammation, respiratory, cardiovascular/metabolism, and cancer.
Former member Board of Directors of Sosei & Co. Currently serves
on the Board of SFJ Pharmaceuticals. Ph.D. (Physiology/
Pharmacology) from Thomas Jefferson University; BA
(Biology/Chemistry) from Rutgers University). Holds the Certified
Licensing Professional (CLP) designation from the Licensing
Executives Society (LES). Recipient of the LES Frank Barnes
Mentorship Award in 2004.

10. Vivian Lee
Managing Director
Over 25 years experience in life science advisory, investment
and portfolio management. Managed $100 million
BIOMEDICINE fund as a Venture Partner and named key
person of Global Biomedical Partners. Former member of
Board of Directors of Innodia, Inc. and Board observer of
Syntonix Pharmaceuticals. Advised hundreds of companies,
investment firms, universities and government agencies
worldwide, frequent speaker at biotechnology investment
conferences in US, Europe and Asia. Invited by the US
Congressional Office of Technology Assessment to serve as a
reviewer for its first report on commercial biotechnology in
1983. Business analyst in the corporate venture capital
office of WR Grace & Co. A.B., Biochemistry from Harvard
University, conducted research in tumor immunology at Dana
Farber Cancer Center and Yale University.

11. Gerd-Albrecht Luckenbach, PhD
European Affiliate
Over 20 years pharmaceutical industry experience spanning
preclinical research and business development responsibilities.
Served in various capacities in research of Sandoz/Novartis
(Vienna) and Business Development, New Technologies at
Merck, KGaA (Darmstadt), where he focused primarily on
oncology products, instrumental in the company’s development
of therapeutic monoclonal antibody and vaccine program. Head
of New Technologies at EMD Lexigen Research Center
Corporation (Boston). Consultant to major Europe based and
Indian pharmaceutical companies in oncology and auto-immune
diseases as well as out-licensing offices of major German
universities. Diploma in Biology and Biochemistry from
Universities at Tubingen and Freiburg. Doctoral degree from
University of Freiburg, Max-Planck-Institute for Immunobioloby.
Honorary professor for Immunology at Vienna, Austria.

12. Gary R. Pasternack, MD, PhD
Director
Founded numerous life science ventures and advised
investment firms and multinational conglomerates.
Founded Intralytix, a Baltimore-based leader in applying
bacteriophages to control bacterial pathogens in
environmental, food processing and medical settings.
Founder of Culterra, providing automated solutions and
robotic systems for anatomic pathology and histology
analysis. Founder of ChekTek, backed by SR-One,
focusing on cancer diagnostics and therapeutics. Currently
serving as CEO of Aqua client Asklepion Pharmaceuticals
LLC. BA in Natural Sciences, PhD in Immunology and MD,
all from Johns Hopkins University, where he held faculty
positions including Director, Division of Molecular
Pathology.

13. Terence Porter, PhD
Managing Director
Over 23 years experience in pharmaceutical and biotechnology
industry; 13 years in global business development, 10 years in
R&D. As Vice President of External Science and Technology at
GSK, he co-led negotiations in GSK’s $450 million acquisition
of Domantis, the largest GSK technology M&A transaction to
date. Previously headed GSK Oncology Licensing worldwide.
Licensing experience covers protein-based agents and
conventional small molecules across therapeutic areas
including oncology, anti-infectives and inflammation, as well as
cutting edge science and technology platforms. Core member
of a number of senior management committees, including
GSK’s most senior R&D scientific review and governance
committee for technology platforms and compounds up to
clinical proof-of-concept. BSc (Hons) in Biochemistry. Ph.D. in
Chemistry from the University of Manchester, UK.

14. Timothy Tankosic, MD
Managing Director
25 years experience in pharmaceutical, biotechnology and
financial consulting. Founded and successfully sold
publishing/consulting company Drug & Market
Development. Served as scientific advisor for drug
development, financial industry, and publishing companies
and director of product development of a small oncology
therapeutics company. Author of hundreds of business
reports addressing scientific, technological, clinical, and
market issues. Scientific Advisor and reviewer for Science
Translational Medicine (AAAS publication), Associate Editor
of Future Oncology, and Advisor to Focus Bankers, Inc.
A.B. from Harvard University, M.D. from University of
Pittsburgh School of Medicine, conducted research at Cold
Spring Harbor Laboratory for Quantitative Biology and
Cornell University Medical College.

15. Strong Investor Relationships
Principals of AQUA have long-standing relationships with the
world’s leading private equity and venture capital firms

16. Selected Clients
Principals of AQUA have advised life science industry worldwide, including
 Abbott Laboratories (US)  Encysive Pharmaceuticals (US)  Prescient Neuroscience (Canada)
 Adria Laboratories (US)  Ferring Pharmaceuticals (US)  Protez Corporation (US)
 Advanced Viral Research (US)  Genetics Institute (US)  Restoragen (US)
 AmSwiss Pharmaceuticals (Canada)  Goodman Co., Ltd. (Japan)  Revotar Biopharmaceuticals (Germany)
 Arblast Co., Ltd. (Japan)  Groupe Lipha SA (France)  Samsung Fine Chemicals (Korea)
 Armstrong Pharmaceuticals (US)  Han Wha Corporation (Korea)  Sandoz (US)
 Asklepion Pharmaceuticals (US)  Hybridon (US)  Sanofi-Aventis (France)
 Bard Corporation (US)  Ikonisys US)  Schering-Plough (US)
 Bayer, AG (Germany)  Immunomedics (US)  Scigen Ltd. (Singapore/Australia)
 Biogen Idec (US)  Inoteb SA (France)  Shionogi & Co., Ltd. (Japan)
 Biomet (US)  Intergen (US)  Simbiosys-Biowares (India/US)
 Boehringer-Ingelheim (Germany)  Israel Chemicals Ltd. (Israel)  Systemix (US)
 BioTechnology General (Israel/US)  Janssen/ J&J (US)  Toyota Tsusho (Japan)
 Celltech (UK)  Medafor SA (France)  Triage Medical (US)
 Cell Works (Hong Kong/US)  Medmira, Inc (Canada)  UCB Pharma (Belgium)
 Cervelo Pharmaceuticals (Canada)  Merck KGaA (Germany)  Vysis (US)
 ChemPacific (China/US)  Molecular Oncology (US)  Welsh Development Agency (UK)
 Cita NeuroPharmaceuticals (Canada)  Myogen (US)  Wilkerson Group (US)
 Creatogen AG (Germany)  Nanosystems (US)  Xenova (UK)
 Cubist Pharmaceuticals (US)  Omniviral Therapeutics (US)  Zambon Group SpA (Italy)
 Devax (US)  Ortec International (US)  Zonagen (US)
 Dynamic Bioscience (Canada)  Pharming BV (Netherlands)
 Effik SA (France)  Polymer Technology Systems (US)

17. Accessing Emerging Product Opportunities
Principals of AQUA have managed a portfolio of venture investments including companies
developing the world‘s most promising new therapeutic technologies and products.

18. Industry Depth
Expertise across broad range of therapeutic categories, including
 Anti-infectives
 Oncology
 Cardiovascular
 CNS
 Diabetes/Metabolic
 Women’s health
 Drug Delivery

19. Anti-infectives
Selected Assignments / Investments
 Assessment and due diligence in support of first venture capital investment in Liposome
Technology Inc. (later Alza/J&J)
 In-licensing novel hospital-based antibiotic compounds from Asia/Pacific Rim to US
venture-backed anti-infectives company
 Strategy for novel antiviral therapeutic platform based on viral entry inhibition
 Valuation assessment and positioning for branded generic recombinant Hepatitis B vaccine
 Opportunity assessment and due diligence for potential investment by Asian conglomerate
in US HIV therapeutic company
 Investor in
• Anadys (antivirals and Bacterial Translation Inhibitors for drug-resistant pathogens)
• Enanta (macrolide antibiotics)

20. Oncology
Selected Assignments / Investments
 Strategy for accessing emerging biotechnology products for Adria in anticipation of
doxorubicin patent expiration
 Restructuring investment in liver cancer targeted therapy
 Financial and strategic advice in positioning robotic digital microscopy platform for cancer
diagnosis and management
 Accessing global licensing opportunities in tyrosine kinase receptor targets
 Editorial leadership of Future Oncology publication
 Investor in
• TransMolecular Inc. (brain cancer therapeutics)
• Cytokinetics (small molecule oncology therapeutics)
• Sunesis (small molecule oncology therapeutics)
• Exelixis (genomics-based oncology drug development)

21. Cardiovascular
Selected Assignments / Investments
 Strategy for European market positioning of drug treating acute
decompensated heart failure
 Advised on acquisition of private US vascular stent company
 Advised on acquisition of private US cardiovascular imaging company
 Restructuring advice on sale of clinical stage GLP-1 drug for treatment of
congestive heart failure
 Investor in
• Devax (bifurcated stent)
• Lexigen Pharmaceuticals (small molecule hypertension drugs)
• Cytokinetics (small molecule activator of cardiac myosin)

22. CNS
Selected Assignments / Investments
 Partnering strategy for preclinical stage neuroprotective compounds
 Strategy for developing small molecule compounds for neuropathic and
inflammatory pain
 Positioning small molecule drugs in development for treatment of Parkinson’s
disease
 Investor in
• Renovis (stroke neuroprotection)
• Memory Pharmaceuticals (cognitive impairment)
• Micrus (cerebral aneurysms)
• Adolor (pain management)

23. Other Selected Assignments / Investments
Diabetes/Metabolic
 Accessing innovative products for treatment of diabetes and related complications
 Investor in Innodia (obesity and Type 2 diabetes)
 Investor in Arena Pharmaceuticals (obesity)
Women’s health
 Advised on launch of recombinant human gonadotropin products for infertility treatment
Drug Delivery
 Commercialization and partnering for several liposomal formulation technologies
 Nanoparticle delivery of inhaled steroids
 Metered dose inhaler formulation markets
 Investor in Syntonix (pulmonary delivery of protein drugs)
 Divestiture of sustained release delivery polymer system for treatment of periodontal
disease

24. Global Arbitrage
Emphasizing cross-border opportunities to build global presence
 Ortec International
• Equity investment by European venture firm in US tissue engineering company
 ChemPacific
• Outsourcing strategy for chemistry/API manufacture in China
 Micrus
• Migration from US to Switzerland to access EU markets, later facilitating US IPO
 BioTechnology General
• Migration of corporate presence from Israel to US to access venture financing and IPO
 Innodia
• Migration from France to Canada facilitating venture financing
 Scigen
• Migration from US to Singapore to public offering in Australia
 Revotar Biopharmaceuticals
• Spin-off from US public biotechnology company (Encysive Pharmaceuticals) migrated
to Germany to facilitate 3X non-dilutive financing

25. Contact us: AQUA PARTNERS LLC
PO Box 1247
Los Altos, CA 94022
Telephone: 650-949-1771
Fax: 650-949-2117
James Foley, PhD
JFoley@AquaPartners.net
Vivian Lee
VLee@AquaPartners.net
Terence Porter, PhD
TPorter@AquaPartners.net
Timothy Tankosic, MD
TTankosic@AquaPartners.net