Sarsia Seed Management AS Sarsia Seed November 2012 - web.

Sarsia Seed Management AS

Sarsia SeedNovember 2012 - web

Sarsia SeedBasic Facts

Structureo Capital base of €45 m and 15 year horizon (2018 2021)o 50% public financing, public loss fund of €5.3 mo IRR hurdle of 7%, goal of 9%

o Invest in approximately 25 early-stage technology-based companieso Development of selected companies through active board membershipo Investment realization typically through trade sale or IPO

One of four national seed funds in Norway

The Task

Investment areas

o Energy/Oil/Gaso Biotechnology/Pharma/Medtech/Marineo Only invest in Norwegian companies

3Sarsia Seed Management - Confidential

Sarsia Seed

Teamo Management team of five partnerso Broad management and Board experience from Norway, Europe and the

USAo Qualifications include PhDs, MBAs and financial analyst

Sarsia Seed Management

Farzaad Abdi-Dezfuli Partner PhD Pharmacology

Sveinung HoleManaging Partner MBA

Erlend Skagseth Partner BioLife Sciences & Financial Control MBA

Jon Trygve Berg Partner Energi/Cleantech / Investments M.Phil. MBA, CEFA

Øivind Enger Partner PhD Microbiology


Sarsia Seed AS

Investors


Board

Election Committee

Sigurd Moe Paulsen, Investment Director, Statoil New Technology AS

Lise Reinertsen, VP Business Development, BKK

Bjørg Marit Eknes, VP, Sparebanken Vest

Elisabeth Teigland Gjesdahl, VP, DnB ASA

Kåre Rommetveit, Director, Bergen Medisinske Forskningsstiftelse

Wenche Rolfsen, Rolfsen Consulting

Jan Einar Greve, Barrister Norwegian Supreme Court, Chairman up to 2009. Current head of election committee.

Statoil ASA

BKK

Sarsia Innovation AS

Sparebanken Vest

DnB NOR ASA

L. Meltzers Høyskolefond

Stiftelsen Unifob

Viken Shipping AS

GC Rieber AS

Bergens Tidende AS

Bergens Forskningsstiftelse

Bergens Medisinske Forskningsstiftelse

EGD Holding AS

Mowinckel Management AS

J. E. Greve AS

B. Friele & Sønner AS

Sarsia Seed Management AS

Innovasjon Norge

Investment criteria for initial investments

An initial investment is usually in theregion of 0.2 to 1 mUSD, andtypically made in several milestone-based tranches

BUSINESS MODELScalable

PRODUCT/ SERVICEUnique technology / idea

MILESTONES AND EXITClearly visible

TEAMBusiness orientedCoachable

MARKETAttractive /growth

Identify degree of suitability

Contact

~2-5 days

Due-diligenc

e

Audit of terms for investment

~3-12 weeks

Analysis

Verification of investment/

business plan

~4-8 weeks

Decision

Investment terms and formalisation

~3-6 weeks

Goal

Phase

Injection of financial and human capital

~ 3-> years

Investment

10 m investx 10 value


Key figuresAs of November 2012

92 mEUR procured to22 early stage technology based companies over 6 years

o 21 mEUR invested by Sarsia Seed in 22 companies

o 33 mEUR invested from >40 investors from six countries

o 38 mEUR in softmoney/R&D support funds granted to 20 companies

o Team in Sarsia Seed Management of 5 persons, 100% continuity

o More than doubled patent base in the companies

o In total more than 4.3 times Sarsia Seed’s total investments is injected into the companies

o 109 Directors on the Boards of the companies, 16 international and 33 industry experts

o Analyzed 372 potential investments over the last six years


PortfolioThe companies

Portefølje – Energy/Oil/Gas


Shaping windfarms o Global leader as providers of simulation software for optimal location of turbines in wind farms.

Water purification o Process water treatment; produced water, shale gas, oil sand, shale oil and slop water.

Cellulostic ethanol o Global pioneer in large-scale production of industrial sugar from cellulostic sources.

Radar technology o Novel, game changing high performance radar technology with petro-maritime, geological and military applications.

Ballast water treatment o Novel treatment unit for inactivation of marine organsims, particularly microorgansisms, in ballast water.

Forecasting of Wind Power production

o Forecasting solution for Wind Farm production to minimize imbalance costs.

Portefølje – Marine


Aquaculture feed technology o Unique feed concept as an alternative to live feed (eg. Artemia) for early stage sea-food animals including farmed fish, crustaceans and shellfish.

Omega 3 marine oil formulation/delivery

o Microencapsulated omega 3 marine oils in user friendly effervescent powder and tablett format.

Fish feed technology o Means of incorporating and retaining water and supplements in fish feed; enabling natural salinity, increased growth and reduced mortality.

Portfolio – Biotechnology/Pharma

Novel antibiotics o New chemistry products applied to antibiotics against resistant infectious bacteria

Anti-cancer therapy o Peptide-drug potentiating chemotherapeutic agents through pan-synthetic lethality

Anti-thrombocytopenia therapy o Prophylactic treatment against neonatal platelet-loss caused by fetus/mother genetic differences


Marine sourced drug o High-value marine-sourced heparin and/or improved process for current heparin production

Novel vaccine technology o APC targeted vaccine delivery affording potent adjuvant-free prophylactic and active immunotherapy

Drug discovery services and anti-cancer therapy

o First in class anticancer treatments targeting tumour escape and drug resistance. RNAi-based discovery platform yielding novel Targets for drug therapy

o Optimal Anti-Inflammatory Therapy - Small Molecules Targeting GIVA PLA2

Fighting inflammation

Portfolio – Medtech/Diagnostics

Pain measurement o Instrument for objective measurement of pain based on changes in skin conductancy.

Monitoring respiratory function

o Noninvasive and easily applicable means of evaluating respiratory function in neonates and infants without need for mask or sedation.

Bacterial infection profiling o Web based rapid diagnosis of bacterial infections from clinical sources; based on gene sequencing software technology.

Gene sequencing o High throughput DNA sequencing technology based on state of the art molecular biology and low-cost commodity electronics components.

Cancer screening o Best practice cancer screening tests combined with follow-up systems to ensure compliance and efficacy .


What we do


And contribute to the companies

Active ownership through the Board

• Development of business concept and business plan

• Recruitment of management and key personnel

• Financing and applications for R&D funding

• Establish business systems and processes for execution of plans

• Establish best possible board composition for the different phases

• Search for industrial partners and co-investors

• Assistance in negotiations and contractual development

• Identify, develop and negotiate Exit possibilities, i.e. Trade Sale


o Two dedicated partners from Sarsia Seed Management follow each company

o Weekly problem solving and quarterly ranking in Sarsia Seed Management

The Sarsia Seed Management (SSM) Team

• INSEAD, Top Management Program, Telenor

• Master of Int. Management (Siv.øk), HH BI, 1991

• Officers Cand. School Military Police, best pupil, 1986

Education Experience (excerpt)

Sveinung Hole

Erlend Skagseth

Jon T. Berg

Øivind Enger

Farzad Abdi-Dezfuli

• 2006-, Managing Partner SSM, 6 board positions in portfolio companies• 2010 -, Board member NVCA – Norwegian Venture Capital Association • 2005-2006, Director Anesthesia & SOP, Haukeland University Hospital• 2000-2005, Telenor: Man. Director Nextra N, Strategy Dir. Telenor BS

Europe, Market-/Strategy director all Norway operations• 1997-2007, Man.Director. Berlitz Nordic region (NYSE), Berlitz

GLobalNet, VP Americas/member of Executive Committee

• Financing Entrepreneurial Business: London Business School – 2008

• Postdoc HUS 1992-1994• PhD University of Edinburgh 1992

• 2009 –, Expert Panels Norges Forskningsråd• 2006-, Partner SSM, responsible bio/pharma• 2002-2005, Forinnova/Sarsia Innovation. Investment Advisor Biotech• 1995-2002, Eli Lilly- Team Leader, part of Lilly Medical Nordic Strategy

Group/admin and man respon. /Nordic Point Person & European Clinical Trial Management Trainer

• Dr. Scient in micro biology, UiB• Cand. Scient in micro biology UiB• Organizational science . ODH

• 2009 - Expert panels, Jury Member Venture Cup• 2006-, Partner SSM, responsible for bio deal flow and IPR• 1997-2006, Project manager – business development Forinnova/Sarsia

Innovation• 1992-1998, researcher , UNIFOB/førsteamanuensis UiB

• Siv.øk. NHH, 1981• Studfag BHG, 1975• Navy U-båt 75--76• Realartium , Os Gymnas 1974

• 2006-, Partner SSM, CFO, 6 board positions in portfolio companies• 2005-2006 Project Director, Sarsia Innovation AS• 1999-2005 CEO Forinnova AS, project development, financing early

stage technology development• 1986-1999 CFO Chr. Michelsen Research AS

• Siv.Ing ,Off. Eng, Heriot WU 1991• M.Phil, Polar St. Cantab 1992• MBA NHH,MASTRA, 2000• AFA NHH, 2006• Certified Financial Analyst

• 2006-, Partner SSM, 6 board positions in portfolio companies• 2002-2005, CEO PE&C –Drilling & Well consultancy, advisor drilling

technology, field development and drilling costs• 2000-2002 CTO NST – responsible for 120 person techn. dev. org.. In 3

countries, responsible for big partners, IBM, AT&T• 1995-2000, CEO GexCon- technology spinoff startup, CMR

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Sarsia Seed Management

Sarsia Seed Management ASSarsia Seed ASPostal address:Thormøhlensgate 51N-5006 BergenNorwayFax: +47 5559 5948

Phones and e-mails:

Sveinung Hole +47 47 90 01 11

[email protected]

Erlend Skagseth +47 90 93 28 72

[email protected]

Øivind Enger +47 90 06 23 03

[email protected]

Farzad Abdi-Dezfuli +47 90 59 72 90 [email protected]

Jon Trygve Berg +47 95 23 76 49

[email protected]

Visitor’s address:Vitensenteret (VilVite)Marineholmen, second floor Thormøhlensgate 51N-5006 BergenNorway

Sarsia Seed Management AS Sarsia Seed November 2012 - web.

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