1

2

A Message from the Chairman, & President & CEO Page 3

2007-2011 Successes

Grow Technology Companies in Pennsylvania Page 6

Money & Smarts at the Right Moment Page 8

Get Ideas to Market Page 10

Mobilize Region to Get in Front of the Next Big Idea Page 14

2011 Partnerships & Events Page 16

2011 Company Investments Page 17

Board of Directors Page 18

Staff Page 19

Advisory Committees Page 20

Contents

A Message from the Chairman, & President & CEO Page 3

2007-2011 Successes

P 6

Mobilize Region to Get in Front of the Next Big Idea Page 14

2011 Partnerships & Events Page 16

2011 Company Investments Page 17

Board of Directors Page 18

Advisory Committees Page 20

Staff Page 19

3

A Message from the Chairman, & President & CEO

Five years ago, the Board of Directors of Ben Franklin Technology Partners

of Southeastern Pennsylvania adopted a new fi ve year plan to inform the course of our work.

The years 2007-2011 brought many opportunities and signifi cant challenges . . . ushering in a

reordered economic reality for our region and our nation. Amidst economic uncertainty and

severe budget reductions, we remained focused on our core mission . . . growing Pennsylvania’s

economy by investing in and providing support to emerging and growing technology

enterprises, and partnering across our region to leverage its many assets for growth.

The numbers speak for themselves. PWC’s MoneyTree Report for the period 2007 to 2011-Q3

indicates that Ben Franklin invested in 38% of all Seed/Start-Up or Early Stage companies that

received venture funding in the Greater Philadelphia 5-county region.

Now more than ever, investments in dynamic entrepreneurs, in methods to accelerate new

discoveries to market, and in partnerships that foster and strengthen a culture of innovation, are

critical to our future. We are proud to celebrate the wins . . . of our clients, our partners, and our

team . . . and to share some of them with you.

Thank you for your support and engagement!

3

RoseAnn B. Rosenthal

President & Chief Executive Offi cer

Robert E. Keith, Jr.

Chairman of the Board

4

2007-2011 Awards & Recognitions

Ben Franklin Technology Partners

Ben Franklin Technology Partners of

Southeastern PA

RoseAnn B. Rosenthal, Founders Award

RoseAnn B. Rosenthal, Champion of Small Business Award

RoseAnn B. Rosenthal, Blair Thompson Lifetime Venture Award

RoseAnn B. Rosenthal Appointed to National Advisory Council on Innovation & Entrepreneurship

16th Nationally Ranked Venture Firm

MoneyTree

Award of Recognition

Technology Commercialization Group,

Excellence in Economic Development Award Finalist

Local Venture Impact Award, Life Sciences Awards

Excellence in Economic Development Award

Technology-Led Economic Development Award

PA Senate Resolution

Gubernatorial Commendation

Presidential Commendation

The Nanotechnology Institute, Honorable Mention for Excellence in Economic Development Award

5

2007-2011 Success Highlights

1,400 high-tech jobs created or retained by client companies

338 regional companies funded & assisted

$30M committed to more than 200 early-stage companies

$850M in follow-on funding raised by client companies

$13.5M closed for Emerald Stage2 Ventures, an early-stage IT fund

Selected for U.S. Small Business Administration Intermediary Lender Pilot Program& U.S. Treasury State Small Business Credit Initiative (SSBCI)

$550M leveraged from state, federal & private sources for commercialization partnerships including The Nanotechnology Institute™, Energy Commercialization Institute, Pennsylvania Advanced Textile Research & Innovation Center, & Pennsylvania Environmental Technologies for the Pharmaceutical Industry

Building 100 Innovation Center created at the Philadelphia Navy Yard, our regional headquarters & a hub for innovative companies & partnerships

Regional Energy Strategy implemented, driven by Pennsylvania’s $40M Alternative Energy Development Program (AEDP)

$129M competitively secured by regional partners for Greater Philadelphia Innovation Cluster (GPIC) for Energy Effi cient Buildings, a national energy cluster

Pennsylvania Biotechnology Center of Bucks County launched, with a focus on research and entrepreneurship

Dreamit Ventures launched, an entrepreneurial boot camp for IT enterprises. Dreamit has worked with over 50 companies since its formation, & recently announced the Minority Entrepreneur Accelerator Program, partnering with our Minority Angel Investor Network

Project Liberty Digital Incubator launched, an incubator for digital media start-up companies, initiated by Philadelphia Media Network (PMN) with funding from the Knight Foundation, partnering with Ben Franklin, Dreamit Ventures & Drexel University

Brought national attention to the Commonwealth & contributed to the national discussion of innovation & entrepreneurship through the National Council for Innovation & Entrepreneurship (NACIE)

6

338 regional companies funded & assisted

1,400 high-tech jobs created or retained by client companies

Grow Technology Companies in Pennsylvania2007-2011 Successes:

NuPathe Pharmaceuticals, Inc.In 2006, Ben Franklin began seeding NuPathe with the company’s

earliest institutional capital. NuPathe develops and commercializes

therapeutics for diseases of the central nervous system, including

neurological and psychiatric disorders. Ben Franklin invested $750K

in CEO Jane Hollingsworth’s vision and plan. In 2010, NuPathe

completed one of the nation’s few IPOs, raising more than $50M

to develop a revolutionary transdermal migraine patch. NuPathe

has expanded from three to more than 20 employees since

Ben Franklin’s fi rst investment, and is poised for strong growth.

www.nupathe.com

Boomi, Inc.In 2002, Ben Franklin invested $250K in Boomi to develop its

advanced cloud computing system. The company raised its

only venture fi nancing in 2008, with $4M from FirstMark Capital.

In 2010, Boomi was acquired by Dell Computer to enhance its

software networking suite. The company has grown from three

to more than 40 employees since Ben Franklin fi rst invested,

and plans to grow to 100.

www.boomi.com

Success Stories

Dell-Boomi Almanack Series Event

Nupathe Migraine Patch

7

Neat CompanyNeat Company, which develops hardware

and software scanning solutions to organize

information, raised more than $10M in follow-

on capital from the Edison Venture Fund,

MentorTech Ventures, angel investors and

MMV Financial. Ben Franklin invested $747,500

in the company from 2003 to 2010, and assisted

with product manufacturing and additional

investment acquisition. Located in Philadelphia,

Neat has grown from three to more than 40

employees since 2003.

www.neatco.com

Morphotek Groundbreaking

Morphotek, Inc. In 2000 and 2001, Ben Franklin invested $200K of seed capital in Morphotek,

and provided extensive business and technical assistance to the new

company. In 2007, Morphotek was acquired by Eisai Co. for $325M.

In 2010, the region celebrated when Morphotek broke ground on a new

$80M, 60,000 sq. ft. pilot manufacturing plant in Chester County to develop

drugs for clinical trials. Today, the biopharmaceutical company is focused

on the discovery and development of therapeutic antibodies for the

treatment of cancer, infl ammatory and infectious diseases. Morphotek

has grown from four to more than 100 employees since Ben Franklin fi rst

invested, and is growing rapidly.

www.morphotek.com

Viridity Energy, Inc.Viridity Energy provides large energy companies with software and

services to manage energy consumption. In 2010, Ben Franklin

approved an investment of $350K in the company. In 2011, Ben

Franklin awarded Viridity $50K through its Alternative and Clean

Energy Technology Development and Commercialization Initiative

(ACED), funded by the U.S. Department of Energy. This investment

supported the development of a SEPTA system to capture and

reuse energy from train braking systems. In January 2011, Viridity

raised $15M from Braemar Energy Ventures to accelerate growth.

Viridity currently has about 30 employees.

www.viridityenergy.com

BioNano GenomicsFounded in 2003, BioNano Genomics, formerly BioNanomatrix, designs and manufactures nanostructured chips, devices

and systems for fast and low-cost analysis of genetic material. Ben Franklin has invested a total of $750,000 in the company

since 2006, and provided extensive management and fi nancial guidance. In 2011, the company raised $23M.

The Philadelphia-based company has grown from one to about 50 employees since Ben Franklin fi rst invested.

www.bionanogenomics.com

8

$30M committed to more than 200 early-stage companies

$850M in follow-on funding raised by client companies

Ben Franklin’s Investment Group provides critical risk capital, validating the entrepreneur’s

vision and attracting other investment sources. Along with the investment, our staff and

network of advisors provide practical advice on all aspects of managing and growing both

emerging and established businesses as they pursue new avenues for growth in an

ever-changing, global marketplace.

Ben Franklin’s Almanack Series programs address the specifi c business concerns of our

clients, such as intellectual property, sales strategies and regulatory issues. Our Almanack Early

Stage Venture Showcase creates a private forum where portfolio companies present to a

select group of venture capital and angel investors.

Almanack Success Teams enable clients

to gain self-directed, team-based

growth skills and learn through

the experience of industry peers.

Money & Smarts at the Right Moment

Investment Group

2007-2011 Successes:

re capital and angel investors.

Teams enable clients

team-based

n through

ustry peers.

Almanack Series Venture Showcase

9

Emerald Stage2 Ventures Emerald Stage2 is a venture fund formed under the leadership of Ben Franklin

to address the need for early-stage venture capital in information technology

companies across PA and the Mid-Atlantic region. In 2009, Emerald Stage2

closed $13.5M. The fund has invested in eight companies thus far, three of

which are Ben Franklin portfolio companies.

www.s2vc.com

Select Investment & Incubation Partners

in in

gy

artners

9

Dreamit Ventures Demo Day

Project Liberty Incubator

Announcement

Dreamit VenturesDreamit Ventures, an entrepreneurial accelerator program for IT enterprises, was launched

in 2008 with Ben Franklin as a founding sponsor and lead institutional investor. The Accelerator

has launched more than 50 companies since its formation. Dreamit recently announced the

Minority Entrepreneur Accelerator Program, partnering with our Minority Angel Investor Network,

and Dreamit Plus, where Ben Franklin and regional investors provide start-up capital

and support to select graduates.

www.dreamitventures.com

Project Liberty Digital IncubatorProject Liberty Digital Incubator, initiated by Philadelphia Media

Network (PMN), is designed to stimulate the establishment and

growth of digital media startup companies in the region. The

Incubator is made possible through a $250,000 grant from the

John S. and James L. Knight Foundation to Ben Franklin, which

operates the incubator with PMN, Drexel University and Dreamit

Ventures. The Incubator operates in the headquarters of PMN, the

parent company of the Philadelphia Inquirer, Philadelphia Daily News

and Philly.com. Three companies were selected for the inaugural

group of startups.

10

Navy Partnership Intermediary Agreement

$550M leveraged from state, federal & private sources forcommercialization partnerships

99 companies funded for technology development work with our Technology Commercialization Network

Get Ideas to Market

Ben Franklin’s Technology Commercialization Group brings creative enterprises together with regional

research and development resources to get products to the marketplace faster.

The Technology Commercialization Fund solves product development and commercialization challenges

by partnering companies with resources from our 20+ member Technology Commercialization Network

of regional colleges, universities, government agencies and research institutions. Projects include

development of scalable prototypes, product validation and product fi eld testing.

Technology Commercialization Group

Technology Commercialization Network Members

Bucknell University

CITECH

Delaware Valley College

Drexel University

Fox Chase Cancer Center

Institute for Hepatitisand Virus Research

Lankenau Institute for Medical Research

LaSalle University

Lehigh University

Lincoln University

Naval Surface Warfare Center

Northampton Community College

PA College of Technology

Pennsylvania State University

Philadelphia University

Rutgers University

Temple University

Thomas Jeff erson University

University of Pennsylvania

University of the Sciences in Philadelphia

Villanova University

West Chester University of Pennsylvania

Widener University

The Wistar Institute

2007-2011 Successes:

Naval Partnership Intermediary Agreement

In 2011, The Naval Surface Warfare Center Carderock Division – Ship Systems

Engineering Station (NSWCCD-SSES) became the newest addition to our Technology

Commercialization Network. It entered into a Partnership Intermediary Agreement (PIA)

with Ben Franklin, DVIRC and the Philadelphia Industrial Development

Corporation (PIDC) with a signing ceremony at the Building 100 Innovation Center.

The PIA supports collaboration with small businesses, educational institutions and

nonprofi t entities to increase technology development.

www.navsea.navy.mil

11

Ben Franklin TechEnterprise Solutions

Ben Franklin TechEnterprise Solutions lets companies choose the right mix of

products and services needed to succeed. Our products span the continuum from

Assessment to Commercialization to Capital, and are designed to address the diff erent

requirements of early-stage companies as well as mature enterprises.

• Technology

• Market

• Intellectual Property

• Product Design

• Manufacturing

• Market Entry

• Direct $

• Federal $

• CommercializationPartnership $

• Federal Proposal Development Support

Assessment Commercialization Capital

Success Story

OxiCool, Inc.In 2010, Ben Franklin awarded Oxicool $250K

to develop environmentally friendly air

conditioning technology with the U.S. Navy

through our Competitive Energy Consortia

(CEC) program. The technology led to a

product development agreement with a

major U.S. trucking corporation. Ben Franklin

previously invested $150K in Oxicool, which

relocated to The Navy Yard in Philadelphia.

www.oxicool.com

1111

OxiCool Manufacturing

12

University/Industry Partnerships

Get Ideas to Market2007-2011 Successes:

The Nanotechnology Institute™Ben Franklin, University of Pennsylvania and Drexel University

created The Nanotechnology Institute™ (NTI) in 2000 to coalesce the

region’s eff orts around this important technology. This technology

powerhouse is the region’s fi rst multi-institutional partnership

created to accelerate nanotechnology commercialization and

company formation. The NTI has supported the development

of more than 740 Intellectual Property assets, created more

than 31 companies, executed 48 technology licenses, and

attracted more than $280M in public and private investment

to the region. In 2011, NTI was awarded Honorable Mention

at the International Economic Development Council’s

Excellence in Economic Development Awards, published

as a commercialization model in the Nanotechnology Law & Business Journal, and presented as a model for the National

Governors Association. The NTI is funded by Pennsylvania’s

Ben Franklin Technology Development Authority.

www.nanotechinstitute.org

T H E

I N S T I T U T ENANOTECHNOLOGY

TM

Energy Commercialization InstituteIn 2009, Drexel University, University of Pennsylvania, Penn State University and Ben Franklin established the

Energy Commercialization Institute (ECI) with $1.2M in funding from Pennsylvania’s Ben Franklin Technology

Development Authority. The ECI partnered with Philadelphia University, Temple University, Villanova University

and Widener University to become the region’s fi rst university-based energy commercialization partnership. ECI was

re-funded with $1M in early 2011. ECI has supported the development of more than 110 Intellectual Property assets,

executed 12 technology licenses and leveraged $16.5M to the region.

Discovery to Commercialization NTI & ECI Conference

13

Pennsylvania Environmental Technologiesfor the Pharmaceutical Industry & Water and Environmental CenterIn 2009, Temple University launched the Pennsylvania

Environmental Technologies for the Pharmaceutical Industry

(PETPI) program, designed to create a worldwide hub for

research and development focused on the green manufacture of

medicines. Ben Franklin is a founding partner in the program,

which secured $1.6M from Pennsylvania’s Ben Franklin

Technology Development Authority. PETPI is part of the Water

& Environmental Technology (WET) Center, a National Science

Foundation (NSF) Industry/University Cooperative Research

Center (I/UCRC ). In 2011, WET was awarded $1M through the

National Science Foundation’s new Accelerating Innovation

Research (AIR) initiative. Ben Franklin is the marketing arm for

PETPI and WET, and is identifying company partners.

www.temple.edu/engineering/wet

Pennsylvania Biotechnology Center

of Bucks County

Pennsylvania Advanced Textile Research and Innovation CenterIn 2009, Philadelphia University,

Drexel University and Ben Franklin created

the Pennsylvania Advanced Textile Research

and Innovation Center (PATRIC). PATRIC

provides leading-edge expertise to test,

develop and create advanced textiles that

support industrial development and growth

in a range of biological and technological

applications. The Center secured $1.2M from

Pennsylvania’s Ben Franklin Technology

Development Authority.

www.philau.edu

Pennsylvania Biotechnology Center of Bucks CountyThe Pennsylvania Biotechnology Center of Bucks

County was launched by the Hepatitis B Foundation,

Delaware Valley College and Drexel University in

2006, with a focus on research and entrepreneurship.

Ben Franklin supported the development of the Center

and is a primary partner. In the 1990s Ben Franklin

helped to create the precursor “Ben Franklin Innovation

Center” with the Center’s founder, Dr. Timothy Block.

Today, the Center is home to more than 25 companies.

www.pabiotechbc.org

14

Mobilize Region to Get in Front of the Next Big Idea

Catalyzed formation of Power Valley Alliance, supporting regional eff orts to secure more than $400M in federal energy awards

$129M competitively secured by regional partners to create the Greater Philadelphia Innovation Cluster (GPIC) for Energy Effi cient Buildings

C

$

Together with many across the region, Ben Franklin is Powering Up Greater Philadelphia. Seeded with $10M from Pennsylvania’s Alternative Energy

Development Program (AEDP), Ben Franklin is fostering the formation of

an energy cluster across the Greater Philadelphia region . . . Power Valley.

Entrepreneurs, multinational corporations, investors, academia and economic development organizations are

coalescing to invest in new and growing businesses, form research and development partnerships, launch new

education and training centers and promote the region’s energy assets.

The Navy Yard Clean Energy Campus

The Philadelphia Industrial Development Corporation (PIDC), U.S. Naval Sea Systems Command research

facility (NAVSEA), Ben Franklin, DVIRC, Penn State University and other area universities and corporations

are developing The Navy Yard Clean Energy Campus. The Campus focuses on the research, education and

commercialization of energy-sector technologies.

The Building 100 Innovation Center, Ben Franklin’s headquarters at

The Navy Yard Clean Energy Campus, was created by Ben Franklin, DVIRC

and PIDC as a catalyst for renewed attention to our region’s physical sciences

and engineering strengths. It became the locus for a regional energy hub,

housing Penn State’s Distributed Power Management at The Navy Yard

program and several U.S. DOE Energy Training Centers. It is also home

to Emerald Stage2 Ventures, Mid-Atlantic Angel Group I and II,

and several innovative technology companies.

Regional Energy Committees

Ben Franklin is a member of numerous committees and teams

designed to Power Up The Region, including the City of Philadelphia’s

Sustainability Advisory Board and Solar City Partnership, and the

Cleantech Alliance Mid-Atlantic (CAMA). Ben Franklin supports

Select Greater Philadelphia’s eff orts to market our region as fertile ground

for alternative energy and clean technology companies to launch, relocate and expand.

Powering Up the Region

2007-2011 Successes:

es on the research, education and

nces

b,

ard

und

te and expand.

Building 100 Innovation Center

15

In 2010, the Greater Philadelphia region celebrated

the award of $129M from the U.S. DOE and other

federal agencies to create the Greater Philadelphia

Innovation Cluster (GPIC) for Energy Effi cient

Buildings at The Navy Yard Clean Energy Campus.

GPIC is a fi rst-of-its-kind national energy cluster devoted to increasing the energy effi ciency of new and

existing buildings. Its comprehensive, innovative approach addresses issues of research, development and

commercialization via established manufacturers, emerging enterprises, collaborative intellectual property

management, workforce and education, and public policy. GPIC will stimulate private investment, job

creation and economic growth. Led by Penn State University, GPIC was selected through an aggressive

national competition. This partnership to accelerate the regional innovation cluster represents more than

90 public, private and academic partners.

www.gpichub.org

15

Greater Philadelphia Innovation Cluster

GPIC Launch Press Conference

16

National Advisory Council on Innovation & EntrepreneurshipIn September, Philadelphia hosted the quarterly meeting of the

National Advisory Council on Innovation & Entrepreneurship (NACIE) at The

Navy Yard. During the visit, acting U.S. Secretary of Commerce Rebecca Blank,

Small Business Administration (SBA) Administrator Karen Mills and Philadelphia

Mayor Michael A. Nutter celebrated new federal funding for innovative small

businesses and research. Ben Franklin and the Philadelphia Industrial

Development Corporation (PIDC) were each awarded $1M through the SBA’s

new competitive Intermediary Lending Pilot (ILP) Program. Temple University’s

Water Environmental Technology Center (WET), in partnership with Ben Franklin,

and The Children's Hospital of Philadelphia (CHOP), were each awarded $1M

through the National Science Foundation’s new Accelerating Innovation Research (AIR)

initiative. RoseAnn B. Rosenthal, President and CEO of Ben Franklin, is a NACIE Member.

2011 Partnerships & Events

Executive Leaders Radio ShowBen Franklin hosted two Executive Leaders Radio shows featuring a

dozen client companies. Executive Leaders Radio, created and hosted by

Herb Cohen along with Jeff rey Mack of Smith Mack, conducts interviews

of successful CEOs to uncover their secrets for success.

www.executiveleadersradio.com

e

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viron

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Be

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Herb Coh

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www.exec

Sen. Pileggi Joined Exec. Leaders Radioshow Partnerships

Ben Franklin actively advises and supports numerous technology and

business development programs throughout the region, state and nation, including the

Alliance of Women Entrepreneurs (AWE), Drexel University’s Coulter Commercialization Fund, Federal Reserve

Bank of Philadelphia, Fox Chase Cancer Center’s Innovators Fund, Greater Philadelphia Alliance for

Capital and Technology (PACT), Greater Philadelphia’s Science, Technology, Engineering and Mathematics (STEM)

initiative, Greater Philadelphia World Trade Center (GPWTC), Health Innovation Partnership (HIP), iPraxis,

Network for Teaching Entrepreneurship (NFTE), Pennsylvania Bio, Philly Startup Leaders (PSL),

Regional Affi nity Incubation Network (RAIN), Select Greater Philadelphia, State Science

& Technology Institute (SSTI), and University City Science Center’s QED Proof-of-Concept Funding Program.

17

2011 Company Investments*

AboutOne, LLC Chester County www.aboutone.com

Agileswitch, LLC (**)(***) Philadelphia County www.agileswitch.com

Bioconnect Systems, Inc. Montgomery County www.bioconnectsystems.com

CityRyde, LLC Philadelphia Countywww.cityryde.com

Click Equations, Inc. Montgomery County www.clickequations.com

Digital Life Technologies (**)Montgomery County

Electronic Energy Solutions, LLC (**)Bucks County www.eesolutions.org

Essential Medical, LLC Montgomery County

Green Badge Holdings, LLC Montgomery County www.ugmo.com

Green Power Technologies, LLC Montgomery County www.bertbrain.com

Holganix, LLC Delaware County www.holganix.com

Kerathin, LLC Delaware Countywww.kerathin.com

Leversense, LLC Chester County www.leversense.com

LiftDNA, Inc. Chester Countywww.liftdna.com

LoSo, Inc. Chester County www.loso.net

Neat Company Philadelphia Countywww.neatco.com

Orion Security LSP, LLC Montgomery County www.orionlsp.com

QLIDA Diagnostics Philadelphia County

Quanta Technologies, Inc. Chester County www.quantapanel.com

Spectrum Devices

Corporation Montgomery Countywww.spectrumdevices.com

Valence Process Equipment Chester County www.valenceprocess.com

vcopious, LLC Montgomery County www.vcopious.com

Versify Solutions, LLC Delaware County www.versify.com

Viridity Energy, Inc. Philadelphia County www.viridityenergy.com

VITA Products, Inc. Philadelphia Countywww.vitaband.net

WizeHive Montgomery County www.wizehive.com

Yorn, LLC Montgomery County www.yorn.com

ZSX Medical, LLC (**)Montgomery County www.zsxmedical.com

* Fiscal Year 2011 (July 1, 2010 - June 30, 2011)** Technology Commercialization Fund Approval*** Competitive Energy Consortia Award

w

BioconMontgoMontgomwww

18

Michael Aronson (***)Managing PartnerMentorTech Ventures

Thomas M. Balderston (**)(***)

BFTP/SEP Treasurer

& Finance Committee ChairmanPresident, Balderston Capital, LLC

Joseph Bordogna, Ph.D.Professor of EngineeringUniversity of Pennsylvania

Walter W. Buckley III (**)Co-Founder, CEO & ChairmanInternet Capital Group

John C. CarrowCarrow Consulting

Alan J. Cohn (***)

BFTP/SEP Finance Committee

Vice ChairmanCo-President, PrincipalSage Financial Group

Walter D’Alessio (**)

BFTP/SEP Vice ChairmanNorthMarq Capital, Inc.

Judith E. Erwin (***)Executive Vice President & Founder Square 1 Bank

Brenda D. Gavin, D.V.M.

BFTP/SEP SecretaryManaging PartnerQuaker BioVentures

Michael J. Heller (**)President & Executive PartnerCozen O’Connor

Osagie O. Imasogie, Esq.Senior Managing PartnerPhoenix IP Ventures

Kef KasdinGeneral PartnerBattelle Ventures & Innovation Valley Partners

Robert E. Keith, Jr. (**)

BFTP/SEP ChairmanManaging General PartnerTL Ventures

Anil (Bob) KothariSenior Vice PresidentICG Commerce

Kenneth G. Lawrence(Former) ChairmanPECO Energy Company

Peter S. Linder (**)Chairman of the Executive Committee of the MAG Fund

John A. LoftusManaging Director Internet Capital Group

Ashley A. McEvoyWorldwide PresidentEthicon, Inc.

Ami MironPresidentA.M. Partners

Charles M. Robins (**)Managing DirectorFairmount Partners, Inc.

RoseAnn B. Rosenthal

BFTP/SEP President & CEO

Anthony Santomero, Ph.D. (***)(Former) PresidentFederal Reserve Bank of Philadelphia

Stephen Spinelli, Jr., Ph.D.PresidentPhiladelphia University

Stanley Silverman (***)PresidentHorizon Venture Group, LLC

Stephen T. Zarrilli (**)Senior Vice President & CFOSafeguard Scientifi cs, Inc.

Board of Directors*

* January 2011 - January 2012

** Members of Executive Committee

*** Members of Finance Committee

19

RoseAnn B. RosenthalPresident & CEO

Adare McMillan, CPA

Chief Administrative Offi cer & Assistant Treasurer

Terrence H. HicksVice PresidentInvestment Group& Assistant Secretary

Anthony P. Green, Ph.D.Vice PresidentTechnology Commercialization:Life Sciences

James J. GambinoVice PresidentTechnology Commercialization:Physical Sciences

Senior Management

Jaron J. Rhodes

Manager

Jason G. Heritage

Graphic Design & Marketing Coordinator

Yvette Moody

Marketing/Executive Offi ce Assistant

Marketing & Communications

James R. Woods, Ph.D.Manager

Richard P. Thompson, P.E.Manager

Mark StutmanManagerGPIC

Khalilah Mangum-ParhamProgram Administrator

Technology Commercialization Group

Frank Celona, CPAController

Thomas DelGuercioDirectorInformation Services

Richard C. Wells

Manager Human Resources & Operations

Cynthia Banaszak

Assistant Controller

Venis Daniels

Executive Assistant to the President & CEO

Stacy Halasa

Grant Analyst

Anthony Lisacchi

Staff Accountant

Tristan Ly

Loan Analyst

Elaine Fulton

Receptionist & Operations Assistant

AnnMarie Rutherford

Offi ce & HR Assistant

David L. Cohen, AICPSenior Manager

Paul KarosasDatabase Analyst

Frederic J. StrawbridgeResearch Analyst

Administrative Services Group

Alan R. Kraus

Director of InvestmentsInformation Technology

Mark deGrandpre, Ph.D.

Director of InvestmentsPhysical Sciences

Jennifer H. HarttDirector of InvestmentsLife Sciences

Gloria Sanchious

Project Coordinator

Investment Group

Program Analysis & Development

Staff

20

Robert CombsVygon

James A. DatinSafeguard Scientifi cs, Inc.

Ezra FelkerNuPathe, Inc.

Scott FishmanEthos LifeScience Advisors

Brian Halak, Ph.D.Domain Associates

Paul Karl Horan, Ph.D.

Elaine Jones, Ph.D.Pfi zer, Inc.

Hyman R. Kahn, M.D.

Frank Lexa, M.D.Wharton Business SchoolUniversity of Pennsylvania

Sandy MatalonisIroko Pharmaceuticals, LLC

Meryle J. Melnicoff , Ph.D. The Wistar Institute (Retired)

Christopher Miller, Esq.Pepper Hamilton, LLP

John MoranRobin Hood Ventures

Jennifer Miller, Esq.Ballard Spahr

Thomas A. OlenzakFountainhead Ventures

Matt Rieke, M.D.Quaker BioVentures

Gregory J. Rice, Esq.High Road Consulting

David Twersky Robin Hood Ventures

Tracy WarrenBattelle Ventures, LP

Life Sciences Investment Advisory Committee

Life Sciences Technical Advisory Committee

Bill Bosch, Ph.D.iCeutica, Inc.

George DytkoGDLin Consultants, LLC

Greg DiRusso, M.D.Bristol-Myers Squibb

Robert B. McGrath, Ph.D.Drexel University

Banu Onaral, Ph.D.Drexel University

Ruth E. Perry, M.D.

Philip Sass, Ph.D.Morphotek, Inc.

Todd S. Ranheim, Ph.D.

S. Anne Shehab, Ph.D.

Paul M. Simon, Ph.D.

Elliot Sloane, Ph.D.Villanova University

Gretchen L. Temeles, Ph.D.Duane Morris, LLP

Margaret A. Wheatley, Ph.D.Drexel University

A. Sami Saribas, Ph.D.Temple University

Information Technology Investment Advisory Committee

Jeff rey P. BodleMorgan, Lewis & Bockius, LLP

Alfredo BorattoIBM

Glen R. BressnerMidAtlantic Venture Fund

Coley Brown

William C. Dunkelberg, Ph.D.Fox School of Business and Management Temple University

Joe FalkensteinNJTC Venture Fund

Karen Griffi th-GrygaMid-Atlantic Angel Group (MAG)

Steven D. HobmanNew Spring Capital

Larry HollinArch Street Advisors

Boris M. KalandarMentorTech Ventures

Michael KaneKestrel Asset Management

Kevin Kemmerer

Michael A. KopelmanEdison Venture Fund

Vincenzo La Ruff a Susquehanna Growth Equity

Advisory Committees

21

Sherry Olin LemonickSherry Lemonick, LLC

Nathaniel LentzOsage Partners

Shoshana K. Loeb, Ph.D.2M Companies

Bruce LuehrsEmerald Stage2 Ventures

Daniel McKinneyNextStage Capital

Bob Moul

David Noteware, Esq.

Douglas R. PetilloNavigant Ventures

Erik B. RasmussenSafeguard Scientifi cs, Inc.

Saul RichterEmerald Stage2 Ventures

Edward F. Sager, Jr.Mentor Capital Partners, Ltd.

Vincent J. Schiavone

Richard W. VagueGabriel Investments

Kathleen Shay, Esq.Duane Morris, LLP

Darren WallisAlara Capital

Information Technology Technical Advisory Committee

Allan Frank AKA Group

Richard GallagherYellowbook

Richard Genzer

Mike GoetterLonza

Thomas F. Goldman, Esq.

David L. HousemanEducation Management Solutions

Munir Mandviwalla, Ph.D.Fox School of Business and Management Temple University

Steven P. Melick

Robert A. Pressman, Esq.Bramson & Pressman

Justin Yuan Shi, Ph.D.Temple University

Aron Starosta, Ph.D.EvoTx

Thomas J. UngerISMG

Arthur Warady, Esq.Sheffi eld 57

Paul Weinberg, Ph.D.

Craig E. ConwayTransaction Network Services

Grant DavisElementum

David FamolariGoodCompany Ventures

Thomas P. DwyerBlank Rome, LLP

Steve N. EconomouCurtis Financial

Thomas EdwardsMetPro, Inc.

Hanan FishmanPartmaker, Inc.

Pat J. Foley, Jr., Ph.D.Innovation Ventures, L.P.

Glen D. Gaddy, Ph.D.Robin Hood Ventures

Andrew HamiltonMorgan, Lewis & Bockius, LLP

Scott HerrinHerrin Consulting, LLC

Richard N. HudockDilworth Paxson, LLP

Arthur L. Hudson

Edward E. LiebertLiebert Strategic Investments

Steven L. LudmererLudmerer & Associates, LLC

David MalloyLockheed Martin

William B. MooreStrategic Consulting Services

Michael MurphyDVL, Inc.

James MurdockEndless Pools, Inc.

Anthony B. ParisiWeston Solutions, Inc.

David Oppenheimer

David A. AbramsSpartan Organization, Inc.

Alain F. Bouruet Aubertot

Tama CopemanAlcyone*7

Hal CraigTrout Creek Consulting, LLC

Physical Sciences Investment Advisory Committee

22

Kevin O’SullivanCrowe Horwath, LLP

Louis M. RappaportBlank Rome, LLP

Donald C. Reilly

Edward F. Sager, Jr.Mentor Capital Partners, Ltd.

Robert F. Small, CPARobert Small & Associates, LLC

Steve TalisPolysolutions Advisors

Dan Wishnick Siemens Industry, Inc.

Jack S. WisniewskiJW Company

Brian C. Yerger, CFAAERCA Advisors

Physical Sciences Technical Advisory Committee

Amir Metry, Ph.D.

Kris Radhakrishnan, Ph.D.Villanova University

William A. Roberts

Brett RosenRatnerPrestia

Jorge Santiago, Ph.D.University of Pennsylvania

Pritpal Singh, Ph.D.Villanova University

Daniele S. Tedesco

Som Tyagi, Ph.D.Drexel University

Marc Besser, Ph.D.Thomas Jeff erson University

Daryl S. Boudreaux, Ph.D.

Tama CopemanAlcyone*7

Richard Hacherl

Douglas D. HackettGriffi n Technologies

Arthur L. Hudson

Karl M. KrausMaterial Growth Partners

Due Diligence Reviewers & Portfolio Managers

Joseph F. (Jef) Morrow, Jr.

Peter Morton

Adam S. MoskowPivot Business Solutions, Inc.

Eric S. SiegelSiegel Management Co.

Robert Solomon

Aron Starosta

Harry TankinNew Era Partners, LLC

Ellen Thompson

Dr. Jean K. WilcoxNenko Advisors International, LLC

Michele A. Zujkowski

Margie Beard

Stanley B. Disson

Martin E. Gilligan, Jr.Martin & Associates

Cheryl Haze

Don Heller

Pamela HicksVenturesources, Inc.

Karl M. KrausMaterial Growth Partners

Cliff ord M. LavinC Squared, Inc.

Larissa MilneAlliance for Women Entrepreneurs

Advisory Committees

23

Power Valley Advisory Committee

Mark Barteau, Ph.D.University of Delaware

Paul BonneyPECO

Joseph Bordogna, Ph.D. University of Pennsylvania

Steven BoylePJM

Kevin P. BrownHobbs & Towne, Inc.

John CarrowCommittee ChairCarrow Consulting

Michael CuneoMidCoast Capital

Ben DuPontyet2.com

Thomas Dwyer Blank Rome, LLP

Dan Griffi thsOffi ce of Energy & Technology Development, PA (Retired)

Andrew HamiltonMorgan Lewis

Ken Haywardvcopious

Andrew KompanekAir Products and Chemicals, Inc.

Ken LawrencePECO (Retired)

John A. LoftusInternet Capital Group

Anthony Lowman, Ph.D. Temple University

Joseph M. MankoManko, Gold, Katcher & Fox, LLP

James MarshLockheed Martin (Retired)

Thomas G. MorrSelect Greater Philadelphia

Andrew Rappe, Ph.D. University of Pennsylvania

Tom RichardPenn State University

Charles M. RobinsFairmount Partners, Inc.

Glen ThomasGT Power Group, LLC

Tara L. Weiner Deloitte, LLC

Pat WoodyNAVSEA

Audrey ZibelmanViridity Energy, Inc.

Technology Commercialization Group Advisory Committee

Kenneth Blank, Ph.D.Temple University

Hal Broderson, M.D.Rock Hill Ventures

John CarrowCarrow Consulting

Michael Cuneo MidCoast Capital

James GambinoBFTP/SEP

Anthony Green, Ph.D.BFTP/SEP

Osagie Imasogie, Esq.Phoenix IP Ventures

Kef KasdinBattelle Ventures

Ken KulakMorgan Lewis

RoseAnn B. RosenthalBFTP/SEP

Philip M. Sass, Ph.D.Morphotek

Marc W. Sheffl erBoeing

Stephen Spinelli Jr., Ph.D.Committee ChairPhiladelphia University

Paul TouheyFujirebio Diagnostics, Inc.

Patricia WoodyNAVSEA

24

Ben Franklin is part of a statewide network fi nanced by a grant

from the Commonwealth of Pennsylvania,

Ben Franklin Technology Development Authority.

grant

Ben Franklin Technology Partners of Southeastern PennsylvaniaBuilding 100 Innovation Center4801 S. Broad Street, Suite 200The Navy YardPhiladelphia, PA 19112T: 215-972-6700 F: 215-972-5588www.sep.benfranklin.org

Bucks County Economic Development Corporation

2 East Court StreetDoylestown, PA 18901

Chester County Development Council737 Constitution Drive

Exton, PA 19341

Montgomery County Industrial Development Corporation420 West Germantown Pike

East Norriton, PA 19403

University Technology Park1350 Edgemont Avenue

Chester, PA 19013

Regional Offi ces