1. 50 Monument Road
Bala Cynwyd, PA 19004
484.434.2255—T
484.434.2256—F
www.osagepartners.com
December 2011
Dear Colleagues and Friends,
Osage University Partners has had a busy and productive fall, closing on four new investments, with a
fifth in final diligence. In total, the Fund will have completed seven new investments in 2011, which
brings our portfolio to 16 companies. The pickup in investment pace is a welcomed surprise, and whether
this increased activity is a momentary blip or a sustainable pickup is unknown.
Over the past year, our sector diversification strategy has provided ballast for our Fund during a time
when both the life science and cleantech sectors faced significant headwinds. Life science venture firms
continue to shrink or disappear, leaving a reduced pool of capital available for early stage investments.
We have also seen sector rotation away from capital intense cleantech investments by some VC’s.
However, as noted in several recent blog posts, there have been positive trends in M&A and IPO activity,
and corporate investors across multiple sectors have become quite active.
Presently, we still expect 2012 to be a modest year in terms of financing activity, but we are encouraged
by the recent level of investment activity and remain cautiously optimistic.
New Investments
Our most recent investments are listed below and represent a wide breadth of industry sectors (healthcare
services, medical devices, diagnostics and therapeutics) and company development stages (Series A
through Series C).
• Clinipace Worldwide is a contract resource organization (CRO) that has developed a proprietary
on-demand software platform based on technology from the University of Florida to more
efficiently manage Phase I-IV clinical trials. Operating in seven countries, Clinipace serves small
and medium-sized biopharmaceutical and medical device companies, as well as academic
medical centers. The company’s Series C financing round was led by Morgan Stanley Venture
Partners, with participation from existing investor Hatteras Venture Partners. Osage participated
in this oversubscribed round through its partnership with the University of Florida.
• Tangent Medical is a development stage medical device company from the University of
Michigan that has designed a novel peripheral intravenous (PIV) access system to overcome
problems associated with conventional PIV fluid delivery systems. Through its partnership with
the University of Michigan, Osage invested in this highly sought-after Series A round alongside
lead investors Arboretum Ventures and Flagship Ventures.
• Sera Prognostics is developing a molecular diagnostic to assess the risk of preterm birth. The
company has licensed novel biomarkers from Brigham Young University and the University of
Utah. Sera Prognostics is led by the former President of Myriad Genetics, who during his tenure,
built Myriad’s revenues from $2 million to over $300 million. We invested in a heavily
oversubscribed Series A round alongside InterWest Partners, Domain Associates and Catalyst
Health Ventures.
• Cleave Biosciences is a Caltech spinoff that is developing novel oncology therapies by targeting
protein degradation pathways. The scientific founder is one of the world’s foremost experts on
protein degradation, and his last company was acquired in 2009 by Onyx Pharmaceuticals. Osage

2. invested in a tranched Series A financing round alongside US Venture Partners, 5AM, OrbiMed,
Clarus Ventures and Astellas Ventures.
Company Tracking
We continue to actively track the progress of your start-ups in order to identify potential financing
opportunities, and our internal database has grown accordingly over the past six months. We are now
actively following 1,088 start-ups, which we define as any company that has received third-party funding
or is likely to receive funding over the next 12 months (this number includes early, nascent technologies
as well).
Using these data, below is a sector distribution of the companies we are tracking in the Osage database.
The chart on the left shows the overall sector distribution of the companies in our database, while the
chart on the right shows a breakdown of bioscience companies into industry subsectors. Currently, 51%
of the Fund’s capital is invested in life science companies and 49% in physical science companies.
Sector
D
istribution
Bio
Subsectors
Osage Blog
We encourage you to continue reading and contributing to our blog at www.blogoup.com. The blog
provides commentary on investment and technology trends that are of interest to members of the
university innovation community. You might find several recent posts to be of interest, including
Pharma-Academic collaborations, a feature on rare diseases, and the academic drug discovery landscape.
2 Osage University Partners

3. Team
Recently, we have been focusing intensively on building out our team in order to provide deeper support
in the life sciences. In January, we will announce the hiring of a new Partner at Osage who will
spearhead our life science efforts. We think you will be pleased with the quality of our new partner on
many dimensions, including the quality of his investment experience, scientific pedigree and reputation in
the venture industry. We look forward to introducing you to our new Partner in early 2012.
We also strongly encourage communication, so please feel free to contact any of us with additional
company opportunities, questions, or suggestions.
Thank you for your continued support, and we wish you, and your offices, all the best in 2012.
Portfolio Companies
Company Description University Co-investors
Developing new molecular imaging agents Alta Partners, Eli Lilly
capable of identifying Alzheimer’s Disease Penn Ventures, Pfizer Ventures,
at its earliest stages Safeguard Scientifics
Cleave Biosciences is developing novel
5AM, USVP, OrbiMed, Clarus
therapeutics targeting the Ubiquitin- Caltech
Ventures, Astellas Ventures
Proteosome System (UPS)
A global digital clinical research organization Morgan Stanley Venture
U of Florida
(dCRO) Partners, Hatteras Ventures
Biopharmaceutical company dedicated to Quaker BioVentures, Domain
developing and commercializing novel Penn Associates, MedImmune
therapeutic Arginase inhibitors Ventures, NewSpring Capital
Developing and commercializing advanced Burrill & Company, Khosla
bio-fuels, the new generation of bio-based Caltech Ventures, Total Energy Fund,
fuels and chemicals Virgin Green Fund
The Column Group, Alta
Novel vaccine technologies for infectious and
Caltech Partners, Versant Ventures,
malignant diseases
ProQuest
Developing the next generation of receptor
Celtic Pharma, HBM
tyrosine kinase inhibitors for the treatment of Yale
BioCapital, Purdue Pharma
cancer
Unique technology platform to manufacture a
August Capital, Lux Capital,
new breed of monolithic opto-electronic Caltech
NEA, Sevin Rosen Funds
devices in a low cost CMOS process
Developing electronic circuits that can stretch Penn
up to 400% North Bridge Ventures
U of Illinois
Proprietary biomarkers that are predictive of BYU Domain Associates, InterWest,
preterm birth U of Utah Catalyst Ventures
Osage University Partners 3

4. DC to AC energy conversion devices for the Battery Ventures, Rho
U of Illinois
solar industry Ventures
NovaCath™ IV delivery system Michigan Arboretum Ventures, Flagship
Biogen IDEC, Clarus
Developing safer and more effective drugs for Ventures, MedImmune
Rockefeller
autoimmune and inflammatory diseases Ventures, Thomas McNerney
& Partners, Venrock
4 Osage University Partners