Deal Terms, Pricing, and Valuations of the latest financing rounds for medical startup company Sebacia, Inc. Similar data on thousands of private companies is available in the Valuation & Deal Term Database at http://vcexperts.com.

1. 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 regulatory
filings 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
Filings
Sebacia, Inc.
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2. 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 Dettmer
Key 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 Corporation
Investment Data - Preferred
Investment Date Investment Amount Round Number Valuation Est. Fully Diluted Shares Preferred Price Per Share
2012-03-29 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 Stock
2011-05-20 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
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3. 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.com
Methodology for Cost of Capital Benchmark
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4. Methodology for Cost of Capital Benchmark
The Cost of Capital Benchmark Chart presents a metric of the company's cost of capital based on whether the deal terms included in its recent
financing rounds were "company friendly" or "investor friendly", with comparisons to East Coast and West Coast averages. For example, if the company
issues a security with a liquidation multiple of two, a cumulative dividend, and full ratchet anti-dilution protection, while the average security issued by
other companies in its region at that time had a liquidation multiple of one, no dividend, and weighted average anti-dilution protection, the Cost of
Capital 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.com
Methodology for Valuation Ticker
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5. Methodology for Valuation Ticker
The Valuation Ticker Chart presents the estimated movement of the company's valuation over a year-long period since its last financing round, based
on a basket of publicly traded stocks in its industry sector. For example, if the company's valuation at the time of its last financing round was $100
million, 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 the
company increasing to $130 million. Thus, the Valuation Ticker Chart provides you a more up-to-date estimate of the company''s valuation than you
would 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.com
Total Estimated Fully Diluted Shares as of 03/29/2012: 20,901,022
Filings
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6. VC Experts.com, Inc. Disclaimer: The information contained herein is from sources deemed reliable; it does not, however, purport to constitute
investment advice nor does VC Experts represent that it contains all information concerning the identified Company deemed necessary or appropriate
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C reated on 2012-07-10 and authorized by VC Experts.com.
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