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1. Millennia Partners Boston Invention to Venture Life Sciences Forum State of the Industry: New Opportunities in the Life Sciences Boston Millennia Partners 30 Rowes Wharf Boston, MA 02110 Tel. 617 428.5150 Fax. 617 428.5160 A. Dana Callow, Jr. Managing General Partner Boston Millennia Partners Harvard Medical School June 2, 2005 www.bmpvc.com - 1 - © 1999 Boston Millennia Partners

2. Boston Millennia Partners (BMP) • Boston Millennia Partners was founded by 7 former Boston Capital Ventures investment professionals in 1997 • $700M+ in assets under management • 16 investment professionals • BMP team has completed over 125 direct investments and 150 acquisitions • Invest in early stage companies in Healthcare, Life Sciences, and Information Technology industries • Active with early stage companies and “ideas” at various medical/technology centers in the US • Tufts • MIT • Harvard • MD Anderson • Cleveland Clinic • Johns Hopkins • UCLA • Arizona University • Review 2,000 to 3,000 opportunities annually • Highly active investment process, return potential of 10-20x on investments selected • Expect 5 to 7 year holding period for investments • Located at Rowes Wharf, downtown Boston

3. Millennia Partners’ (Sold to Incyte Genomics, 12/00) (IPO: 1/97) Healthcare Portfolio (Sold to Oxford Health Plans, 3/02) (Sold to Cedara Software, 10/04)

4. Identify sectors with the following characteristics Large, high-growth market opportunity Competition is made up of many small companies with no dominant market-share leader Undergoing a fundamental shift in the business as a result of economic or technological change Capital efficient business models Identify initial company upon which to grow the business Focus on companies that have meaningful revenues Identify the company best positioned to exploit the market opportunity Select a management team capable of carrying out an aggressive growth plan Accelerate the company’s internal growth through acquisition and consolidation of smaller-sized companies in similar or related market segments Core Company Investment Strategy Boston Millennia Partners’ Proprietary, Research-Driven Model With the goal of building a $500-750 million market capitalization company

5. Electronic Data Capture (EDC) / Patient Diary Sector (EPD) Relative Market Share, 2003-2004 DRAFT 70% PHT EPD 60% EDC Teamworks eTrials EPD+EDC NuModa Clinitrac 50% CRF Box Acquired by Clinical Care Data DATATRAK 40% Revenue Growth Rate Datalabs 30% eResearch Technologies invivodata Sector Growth = 21% 20% PhaseForward Versal 10% Oracle Clinical ViPS Acquired CB Technologies 0% 10x 1x .1x .01x = $10 million in 2004 revenues BOLD = BMP Portfolio Company Relative Market Share

6. Anti-Inflammatory Drugs Representative Market Share, 2003-2004 DRAFT 100% Bextra (Pfizer)* NSAID COX-2 inhibitor TNF blocker Celebrex (Pfizer) 80% Mobic (Abbott/Boehringer Ingelheim) 60% 40% Revenue Growth Rate Sector Growth = 24% Remicade (J&J/Schering Plough) 20% Voltaren (Novartis) Naprosyn (Roche)/Aleve 0% Relafen (GSK) OTC Motrin/Advil -20% Vioxx (Merck)* -40% 10x 1x 0.1x 0.01x *Due to safety concerns Vioxx was removed from production in September 2004 and Bextra sales were suspended in the U.S. in April 2005 Relative Market Share = $640 million in 2004 revenues

7. BMP Healthcare Focus BMP Industry Diversification • Characteristics of a BMP Healthcare Investment • Established safety profile • Demonstrated efficacy in man • Articulated mechanism of action or therapeutic pathway • Articulated pathway to regulatory approval • Articulated market and value proposition • Established reimbursement • Multiple shots on goals (no binary bets on single drugs) • Partnerships or M&A appear to be targeted exit strategy • Generally do not do make investments in pure “discovery” companies • Areas of Interest • Therapeutics and Medical Devices • Antibiotic resistance • Metabolic disorders • Cardiovascular disorders • Orthopedics • CNS disorders (including pain) • New uses of (old) drugs with established safety • Healthcare Services • Pharmacogenomics • Biomarkers (useful in establishing efficacy and/or proof of concept) • Technologies that reduce the cost of healthcare delivery • Personalized medicine • Opportunities at the Intersection of Drugs and Devices • Orthopedics • Cardiovascular • Ophthalmics • MEMS-based closed loop medication control Information Technology 25% Healthcare 50% Business Services 25% Healthcare Pharmaceuticals 30% Healthcare Services 50% Medical Devices 20%

8. Growth of Angel Investors • Angel Organizations grow as VCs invest less in Start-Ups: % of VC Dollars Invested In Start-Ups # of US Angel Investors (Thousands) • Cumulatively, Angel Organizations invest large amounts of capital: Source: NVCA, UNH Center for Venture Research, NASVF, and PWC-MoneyTree

9. Stage Pre-Seed Seed/ Start-Up Funding Gap between $500,000 and $2,000,000/$5,000,000 (depending on region) Early Later Source Founders, Friends and Family Individual Angels Venture Funds Investment $25,000 to $100,000 $100,000 to $500,000 $2,000,000/$5,000,000 and up Niche of Angel Investors • Angel Organizations find investment niche pre-venture market: • Angel Organizations prefer industries similar to those generating VC interest: SectorDeals (2003) • Software 39.8% • Life Sciences 14.0% • Manufacturing 8.1% • Biotechnology 5.5% • Retail 5.4% • Electronics/Hardware 4.8% • Telecommunications 2.6% • Other High-Tech 15.8% • Other 3.9% Source: Kauffman Foundation, UNH Center for Venture Research

10. The Portfolio Company Network Multiple Points of Contact Auditors Attorneys Search Firms Employees Portfolio Company Customers Investors Directors

11. Appendix

12. Millennia Team Experience Robert S. Sherman, Partner A. Dana Callow, Jr., Managing Partner • Founding Partner, Boston Millennia Partners • Partner, Boston Capital Ventures • General Partner, Hambro International Venture Fund • Assistant Vice President, Bank of Boston • Harvard Business School, MBA • Amherst College, AB in Economics • Founding Partner, Boston Millennia Partners • Founding Partner, Boston Capital Ventures • Consultant, Braxton Associates (Bain/BCG • heritage) • Software Engineer, Tymshare/McDonnell Douglas • Dartmouth College (Tuck School), MBA • Tufts University, AB in Economics • Board of Trustees and Investment Committee, Tufts • University • Advisory Board, Private Equity Center at Dartmouth • College • Board of Overseers, Tufts University Medical School Patrick J. Fortune, Ph.D., Partner Martin J. Hernon, Partner • President & COO, New Era for Networks • (Nasdaq: NEON) • CIO, Monsanto Corporation • CIO, Bristol-Myers Squibb • President & COO, Coram Healthcare • Northwestern University, MBA • University of Wisconsin, Ph.D. in • Physical Chemistry • University of Wisconsin, BA in Chemistry • Founding Partner, Boston Millennia Partners • Principal, Boston Capital Ventures • Assistant General Counsel, Lifetime Corporation • Attorney, Warner & Stackpole/Kirkpatrick & Lockhart • Georgetown University, JD • University of Maryland, MA in Economics • Boston College, BA in Economics

13. Millennia Team Experience Robert W. Jevon, Jr., Partner Jean-Yves Lagarde, Partner • Principal, Boston Capital Ventures • Managing Director, Watch Hill Corporation • Finance Director, BBN Communications As • (Copenhagen) • Controller, Bolt Beranek & Newman, Inc. • Financial Analyst, General Electric Corporation • Dartmouth College (Tuck School), MBA • Haverford College, AB in Economics • Regional Market Manager, Corning, Inc. • Senior Analyst, Corning Communications • Project Leader, TotalElfFina • Engineer, Saint Gobain • Dartmouth College (Tuck School), MBA • Institut National Polytechnique, MS in Engineering • Lycée Pierre de Fermat, BS in Math & Physics Paul McManus Bruce R. Tiedemann, CFO • President, The McManus Group • Vice President, Aubin International • Managing Director and Co-Founder, The Bell • Mason Group • Manager, Digital Equipment Corporation • Boston University, MBA • Wentworth Institute of Technology, BS in • Mechanical Engineering • President, Tiedemann & Company • CFO positions at early stage companies (e.g. • PAREXEL, HPR) • Certified Public Accountant • Bentley College, BS in Accountancy

14. www.bmpvc.com Boston Millennia Partners Healthcare Portfolio, Additional Information Available on the Internet: Other resources on Angel Investors and Venture Capital: