The image contains the logo for "DaCart Capital LLC." The logo includes a stylized geometric shape above the company name.

- Caption: "San Francisco, California: Where Biotechnology Was Born"
- Subject: San Francisco skyline viewed across water (likely San Francisco Bay)
- Key landmarks: Transamerica Pyramid (distinct pointed tower), cluster of Financial District skyscrapers
- Time/lighting: Dusk/night with city lights on; buildings reflected in calm water
- Image style: Grayscale/black-and-white panoramic photograph

San Francisco, California: Where Biotechnology Was Born

The image shows the logo for "DaCart Capital LLC". The logo features a graphic of stacked, rounded shapes above the text.

DaCart Life Science
DaCart Cleantech

# INVEST IN ENDURING INVESTMENT THEMES

HEALTH OF HUMANS

- HEALTH OF THE PLANET

# INVEST IN ENDURING INVESTMENT THEMES (cont.)

# INVEST IN ENDURING INVESTMENT THEMES (cont.)

## DaCart Investment Charter

Focused on funding Humanitarian Projects that are based on breakthrough technologies designed for the benefit of human health, and the health of the planet.

DACART CAPITAL LLC

# INVEST IN ENDURING INVESTMENT THEMES (cont.)

## DaCart Investment Charter (cont.)

# INVEST IN ENDURING INVESTMENT THEMES (cont.)

## Investing in High Technology

• Russian wealth needs investments in stable economies & access to centers of innovation (Silicon Valley)

• European economies remain vulnerable

	- Investors need diversification

	- Various economies

		- Different industries

	- Mix of risk levels

• Demand for life science and cleantech independent from economic growth

DACART CAPITAL LLC

# INVEST IN ENDURING INVESTMENT THEMES (cont.)

## Investing in High Technology (cont.)

# INVEST IN ENDURING INVESTMENT THEMES (cont.)

## DaCart Capital $160 - $210M

USA Life Science
Fund #1
$75M $100M

■  $75M Institutional

■ 10 Units @ $2.5M/Unit

- Available/Optional

[European Life Science
Fund #1
$50M - $75M

■  $30M Institutional

■ 8 Units @ $2.5M/Unit

■  Available

USA Cleantech
Fund #1
$35M

	$25M Institutional

- 16 Units @ $625K/Unit

	- Available

DACART CAPITAL LLC

# INVEST IN ENDURING INVESTMENT THEMES (cont.)

## DaCart Capital $160 - $210M (cont.)

# INVEST IN ENDURING INVESTMENT THEMES (cont.)

## David Carter, Managing Director

• 25+ years executive-level experience

• Chairman, CEO/President - 7 companies

• Co-founder - 3 companies

• 3 M&A's, 1 IPO

>$500M raised

	- Vision

	- Leadership

	- Experience

	- Track record

I have the ability to distinguish "interesting science" from a good investment.

DACART CAPITAL LLC

# INVEST IN ENDURING INVESTMENT THEMES (cont.)

## David Carter, Managing Director (cont.)

# INVEST IN ENDURING INVESTMENT THEMES (cont.)

## The Case for Investment

	- Investment opportunities identified

• First 4 investments are teed up

• Short time & limited capital to profit/liquidity

	- Managing Director's hands-on involvement

• Competitive fees - 2%/20%

DāCartCapital LLC

# INVEST IN ENDURING INVESTMENT THEMES (cont.)

## The Case for Investment (cont.)

# INVEST IN ENDURING INVESTMENT THEMES (cont.)

## The Case for Investment

■  Biotechnology

		- Big markets - big valuations

		- Big need - big pharma

	- Modern medicine

• Clean Technology

		- Green chemistries - here now

		- Clean power - next generation batteries/solar are
coming

DACART CAPITAL LLC

# INVEST IN ENDURING INVESTMENT THEMES (cont.)

## The Case for Investment (cont.)

The image shows the logo of MAJI Therapeutics.

DACART CAPITAL LLC

# INVEST IN ENDURING INVESTMENT THEMES (cont.)

## The Case for Investment (cont.)

# Maji Therapeutics

|                     | A (Intra-op)      | B (Intra-op)                                            |
| ------------------- | ------------------- | ------------------------------------------------------- |
| Type                | X-Ray               | Cross Section                                            |
| Region              | LT Femur            | Artery                                                    |
|                     | C (Post-op 8 months) | D (Post-op 8 months)                                       |
| Type                | X-Ray               | Cross Section                                           |
| Region              |                     | Artery |

DACART CAPITAL LLC

EFTA_R1_01138811
EFTA02295537

# Maji Therapeutics (cont.)

# Maji Therapeutics (cont.)

## Maji Therapeutics

Mag x4

| Condition | Magnification | Appearance | Key observations |
|---|---:|---|---|
| Sham | x4 / x40 | Thin vessel wall, clear lamellar (layered) structure | Normal/low wall thickness; intact lamellae (arrows at layers) |
| Control | x4 / x40 | Markedly thickened, darkly stained wall with disrupted/less distinct lamellae | Increased wall thickness (horizontal arrow shows expanded medial region); denser cellular/extracellular material and loss of clear layering (multiple arrows) |
| Treated | x4 / x40 | Wall thinner than Control, lamellar organization largely preserved | Reduced wall thickness vs Control; layers visible though slightly altered (arrows indicate layers) |

Additional notes:
- Top row = low magnification (Mag x4); bottom row = high magnification (Mag x40).
- Arrows in images indicate lamellar boundaries and the region measured for wall thickness.

Mag x40

DāCART CAPITAL LLC

# Maji Therapeutics (cont.)

## Maji Therapeutics (cont.)

# Normal Vein Structure

<signature> SMC

SMC

SMC

SMC

SMC

SMC

SWIG

SVC

SSD

SM

SMC

K

SMC

SMC

Lumen

Endothelial cells Intima

Elastic

<signature> SMC

<signature> SNC

<signature> Media

laminae

Fibroblasts, fat cells, Interstitial matrix

Adventitic

DACART CAPITAL LLC

EFTA_R1_01138813
EFTA02295539

# Normal Vein Structure (cont.)

# Injury to the Vessel During Surgery

CSK

SMC

SMC

SMC

SMC

SMC

SMC

SMC

SMC

SMC

SMC

SMC

SMC

SICE

SVC

SNC

SYC

SYK

SMC

SMC

Lum

<signature> Endothelial cells

Intima

Elastic

Media

laminae

SMC

Fibroblasts, fat cells, interstitial matrix

Adventitid

DACART CAPITAL LLC

# Injury to the Vessel During Surgery (cont.)

# Growth factors, cytokines leading to smooth
muscle cell proliferation

<signature> SMC

SMC

<signature> SMC

Lumen

Endothelial cells

Growth factors,

Intima

<signature> cytokines

Elastic

<signature> SMC

<signature> SMC

Media

<signature> SMC

laminae

<signature> SMC

Fibroblasts, fat cells, interstitial matrix

Adventitid

DACART CAPITAL LLC

# Growth factors, cytokines leading to smooth
muscle cell proliferation (cont.)

# Mechanism of Neointimal Thickening
Medial SMC proliferation

SNC

SMC

SMC

SMC

SMC

SMC

SMC

SMC

SMC

SNC

SMC

SMC

SMC

SMC

SMC

SMC

SMC

SVK

SMC

SMC

SMC

SMD

SMC

SMD

SMC

SMC

Lumen

Endothelial cells

Growth factors,

Intima

cytoki

Elastic

<signature> SMC

<signature> STC

<signature> SMC

Media

<signature> SMC

laminae

Fibroblasts, fat cells, interstitial matrix

Adventitid

DACART CAPITAL Lac

# Mechanism of Neointimal Thickening
Medial SMC proliferation (cont.)

# SMC migration and neointimal lesion
development and graft failure

<signature> SMC

SMC

SMC

SNCF

SMC

SMC

SIC

SMC

<signature> SVC

<signature> SVC

<signature> SMC
SMC

<signature> SMC

SMC

SM

Lumen

NIT

Endothelial cells

Inti

Elastic

<signature> SMC

<signature> SMC

<signature> SMC

<signature> SMC

<signature> SWIC

<signature> SMC

laminae

<signature> SMC
SMC
SMC

<signature> SMC

Media

Fibroblasts, fat cells, interstitial matrix

Adventitid

DACART CAPITAL LLC

# SMC migration and neointimal lesion
development and graft failure (cont.)

# Delivery of Virus

<signature> SMC

<signature> SMC

<signature> SMC

<signature> SVC

Lumen

Endothelial cells

Growth factors,

Intima

<signature> cytokines

Elastic

<signature> SMC

<signature> SMC

<signature> SMC

Media

<signature> SJC

laminae

Fibroblasts, fat cells, interstitial matrix

Adventitia

DāCART CAPITAL LLC

# Delivery of Virus (cont.)

# Virally mediated prevention of SMC proliferation

SMC

SMC

SMC

SMC

SMC

SMU

SMC

STU

SMC

SKC

SMC

SMC

SMC

SMC

SMC

SMC

SNC

SMC

SMC

SMC

SMC

SMC

SMC

SMC

SMC

SMC

Lumen

Endothelial cells

Intima

<signature> SMC

Media

Elastic

laminae

Fibroblasts.. fat ceps. interstitial rrlatf;y.

Acivpntif

DACART CAPITAL LLC

# Virally mediated prevention of SMC proliferation (cont.)

# Prevention of Graft Failure

SMK

SNC

SVC

SMC

SMK

SMC

SMC

SMC

SMC

SMC

SNCF

SMC

SMC

SMC

SMC

SMC

SNC

SYC

SMC

SYC

Lumen

Endothelial cells

Intima

Elastic

<signature> SMC

<signature> SMC

<signature> SMC

Media

<signature> SYC

laminae

Fibroblasts, fat cells, interstitial matrix

Advent,.

DACART CAPITAL LLC

# Prevention of Graft Failure (cont.)

# Clinical Objective

<signature> SMC

SMC

SMC

SMC

SMC

SMC

SVIC

SVC

SJC

SM

SMC

K

SMC

SMC

Lumen

Intima

<signature> Endothelial cells

Elastic

Media

laminae

SMC

Fibroblasts, fat cells, Interstitial matrix

Adventitid

DACART CAPITAL LLC

EFTA_R1_01138821
EFTA02295547

# Clinical Objective (cont.)

# Clinical Objective (cont.)

## Maji Therapeutics

- Image type: electron microscopy image (transmission EM appearance).
- Main entities: six spherical virus-like particles.
- Key features:
  - Each particle has a dense central core (capsid-like).
  - Surrounded by a lighter ring and a darker outer envelope/tegument layer.
  - Internal granular texture visible in cores and surrounding matrix.
- Metadata absent: no legend or scale bar present.

• Modified to reduce systemic infectivity

• Positive clinical safety data established

• CMO protocols developed

• History of successful large scale GMP
production

• Strong patent position

• Pharmaceutical margins

| Position (left → right) | Label | Description |
|---|---:|---|
| Far left | NV1020 | Syringe (contains saline solution) |
| Immediately right of syringe | — | Small connector / stopcock joining syringe to tubing |
| Center | — | Thin tubing/catheter connecting components |
| Right | — | Rigid rod or introducer with a sleeve |
| Far right | vein graft | Vein graft mounted over the rod/sleeve (target graft section)

saline solution

permeable tube inserted into vein

DACART CAPITAL LLC

# Clinical Objective (cont.)

## Maji Therapeutics (cont.)

# Clinical Objective (cont.)

## Maji Therapeutics

• High failure rate of bypass grafts

		~45 % at 12 mo. - CABG

	- Novel, ex vivo HSV-1 therapy

	• Strong value proposition, very low COGS

	• 850,000+ annual procedures worldwide

		$6.5 billion worldwide

	• Little to no competition

$25M needed to reach $250M enterprise value in 5 years

DACART CAPITAL LLC

# Clinical Objective (cont.)

## Maji Therapeutics (cont.)

# Clinical Objective (cont.)

## Maji Therapeutics

- What Is It?

A unique and patented method for preventing the failure of coronary artery bypass grafts.

■ How Does It Work?

The genetically engineered therapeutic virus, with which the veins are perfused (prior to transplant), stops the rapid, smooth muscle cell growth on the interior walls of transplanted veins. This rapid growth of smooth muscle cells (called neointimal hyperplasia) occurs because the transplanted veins are not used to the hydrodynamic pressures they are subjected to when they are converted from veins to arteries .

- Why Is It Important?

46.3% of all CABG procedures will experience at least one vein graft failure within the first year of surgery, principally due to neointimal hyperplasia. CABG patients who experience vein graft failure have a dramatically higher incidence of myocardial infarction, death, revascularizations and hospital readmissions. Reducing vein graft failure in CABG patients by 33% saves the payor at least $10,000 per procedure.

DACART CAPITAL LLC

# Clinical Objective (cont.)

## Maji Therapeutics (cont.)

# Clinical Objective (cont.)

## Maji Therapeutics

- Investment Thesis

	• CABG failure is "an unmet medical need".

	• We have the intellectual property.

	• We have compelling preclinical data.

	• We can make a compelling pharmco-economic case for reimbursement. We can save more than the therapy will cost the payor.

	• The market potential for the therapeutic is $7.6B per year.

	• We can generate "pharmaceutical margins".

	• THERE IS LITTLE TO NO COMPETITION.

DACART CAPITAL LLC

# Clinical Objective (cont.)

## Maji Therapeutics (cont.)

# Clinical Objective (cont.)

## Prediction BioSciences

• Over 2 million strokes in EU and the US alone each year (85% ischemic)

		$110 billion annual costs

• Only one FDA/EMA approved clot
buster -tissue plasminogen activator
(t-PA)

		$1.4 billion WW sales (2014)

	– $2 billion est. (2018)

• t-PA causes fatal bleeding for 6 - 1 1% of treated patients

• Presently, there is no reliable way to predict if a patient will suffer a significant bleed following t-PA therapy

# Clinical Objective (cont.)

## Ischemic Stroke

Occurs when oxygen-nch blood flow to the brain s restricted by a blood clot or other blockage.

<signature> Blood clot in the middle cerebral artery
Blockage in the internal carotid artery
Aorta

DACART CAPITAL LLC

# Clinical Objective (cont.)

## Ischemic Stroke (cont.)

# Clinical Objective (cont.)

## Prediction BioSciences

First-to-Market Combination Diagnostic/Therapeutic
For Ischemic Stroke

Biosimilar t-PA

Biosimilar of t-PA
Producing t-PA in lab
Clinical program is
developed
COGS: 12% of dose



Point of Care
Companion
Diagnostic
(c-Fn)

Screens 100% of bleeders
FDA/EMA approved
platform
Results <15 min
5 patents; expiring 2032
COGS: $10/test



DACART CAPITAL LLC

# Clinical Objective (cont.)

## Prediction BioSciences (cont.)

# Clinical Objective (cont.)

## Prediction BioSciences

• One approved product (off-patent t-PA) to treat H .7 M ischemic stroke episodes annually (US & EU only).

	- 30 - 50% of patients treated with t-PA will experience bleeding events, 6 - 11% are fatal.

• First-to-market therapeutic-diagnostic combination that eliminates the significant risks and liabilities associated with t-PA therapy.

• Improved safety profile with similar efficacy drives rapid penetration of existing t-PA patient base and opens new opportunities for market expansion.

• Strategic investor in place to cover $17.5 - 24.5 M (65 - 90%) of capital requirements through CYE 2018.

$9.3 M needed to reach $150 M enterprise value in 2 years, $25.9 M needed to reach $500M enterprkt value in 4 years.

DACART CAPITAL LLC

# Clinical Objective (cont.)

## Prediction BioSciences (cont.)

# Clinical Objective (cont.)

## Prediction BioSciences

• What Is It?

A biosimilar to 1-PA and companion diagnostic for the prevention of bleeding episodes in ischemic stroke patients.

- How Does It Work?

Prediction BioSciences' proprietary "theranostic" approach employs a proprietary, rapid diagnostic that selects only those stroke patients with the highest safety profile for treatment, and then treats them with a proprietary biosimilar to t-PA.

- Why Is It Important?

t-PA, Lack the of only effective approved patient acute screening treatment results for in the less-than-desirable -1.7 M ischemic safety stroke profile episodes for occurring annually (EU & US). This results in only 40% and 25% of eligible patients receiving treatment in the EU and US, respectively.

A predictive screen for bleeding episodes in stroke patients would capture significant share of the existing $1.4 B WW (12% AGR) market, and further expand this market opportunity by 2x and 3x in the EU and US. respectively.

DACART CAPITAL LLC

# Clinical Objective (cont.)

## Prediction BioSciences (cont.)

# Clinical Objective (cont.)

## Prediction BioSciences

- Investment Thesis

	• Strong market need - 30-50% of ischemic stroke patients treated with t-PA will experience bleeding episodes, 6-1 1% of which are fatal.

	• Highly differentiated product (better safety profile, only proprietary, bundled offering) in an large ($1.4 B) and growing (12% AGR) market.

	• Short path to commercialization (42 - 48 months) due to advanced state of development & low regulatory hurdle.

	• Experienced management team with successful track record commercializing biosimilars and companion diagnostics.

	• Strong patent protection through 2032.

	• Commitments from strategic partner and other non-dilutive funding sources limit dilution.

	• Other applications for anti-coagulants in cardiovascular disease represent significant upside.

DACART CAPITAL LLC

# Clinical Objective (cont.)

## Prediction BioSciences (cont.)

# OvationBio

- Text: "OvationBio" (top left), "DACART CAPITAL LLC" (top left, below OvationBio)
- Main photo (left): two chickens (one light-colored, one dark/speckled)
- Right-side graphics: DNA helix (top right) and an egg with a DNA strand imprint (mid-right)
- Large curved arrows linking elements in a cycle: chickens ↔ DNA ↔ egg (circular flow)
- Overall message: visual schematic of a chicken–DNA–egg cycle (biotech/genetics concept)

DACART CAPITAL LLC

EFTA_R1_01138831
EFTA02295557

# OvationBio (cont.)

# Products Deposited in Eggs

liver

ovItluCt

B-cells

serum lipoproteins

egg white proteins

antibodies

egg white

egg yolk

DāCART CAPITAL LLC

EFTA_R1_01138832
EFTA02295558

# Products Deposited in Eggs (cont.)

# Polyclonal Antibodies

Monoclonal

Polyclonal

Multivalency

Increased avidity

Increased potency

Increased effector function

DāCART CAPITAL LLC

# Polyclonal Antibodies (cont.)

# Polyclonal Antibodies (cont.)

## OvationBio

We can produce entirely novel molecules in several multi-billion dollar markets.

- Huge market opportunity

	• Enzyme Replacement Therapy - $15.0 B

	• Polyclonal Antibodies: c. difficile, MRSA - $10.0 B

	• Factor VII Deficiency - $5.8 B

$25M needed to reach $200M enterprise value in 3 years

DāCartCapital LLC

# Polyclonal Antibodies (cont.)

## OvationBio (cont.)

# Polyclonal Antibodies (cont.)

## OvationBio

# Polyclonal Antibodies (cont.)

## Avian facility

Facility cost
$22.5 M (©$450/sf)

15,000 chickens
1000 kg per year
$50/g for therapy

# Polyclonal Antibodies (cont.)

## Cell Culture Facility

Facility cost
$625 M (@ $25K/L)

25,000 L (1g/L)
25 Kg X 40 runs
1000 kg per year
$50/g for therapy

<table><tr><th>Revenue</th><th>$50.0 M</th></tr><tr><td>Opex</td><td>3.4 M</td></tr><tr><td>EBITDA</td><td>$46.6 M</td></tr><tr><td>Net Income</td><td>$26.9 M</td></tr></table>

<table><tr><th>Revenue</th><th>$50.0 M</th></tr><tr><td>Opex</td><td>17.5 M</td></tr><tr><td>EBITDA</td><td>$32.5 M</td></tr><tr><td colspan="2">Net Income ($55.5 M)</td></tr></table>

Payback period <12 months

Payback period n.m.

DāCART CAPITAL LLC

# Polyclonal Antibodies (cont.)

## Cell Culture Facility (cont.)

# Polyclonal Antibodies (cont.)

## OvationBio

- What Is It?

The egg - a novel bioreactor. A patented manufacturing platform, with proprietary genes and novel manufacturing methods for the production of therapeutic enzymes, and human sequence monoclonal and polyclonal antibodies.

- How Does It Work?

OvationBio selects the most active and effective protein for our application. By using our proprietary transgenesis technology, we introduce the gene for this protein into primordial germ cells to create transgenic chicken strains. These transgenic chicken strains produce these proteins in the eggs they lay. The protein is then purified from the eggs for therapeutic applications.

- Why Is It Important?

OvationBio technologies enable the development of completely novel, patentable molecules that can be produced in facilities at 1 /30th of the capital cost and 1 /7'h of the operating costs associated with current production technologies.

DACART CAPITAL LLC

# Polyclonal Antibodies (cont.)

## OvationBio (cont.)

# Polyclonal Antibodies (cont.)

## OvationBio

# Polyclonal Antibodies (cont.)

## Investment Thesis

• Our patented manufacturing platform yields significant reductions in capital (30x) and operating costs (7x).

• Current market opportunity for enzyme replacement therapy, polyclonal antibodies, and factor VIII deficiency is >$30 B.

• We already have a significant investor/strategic partners willing to participate, and non-dilutive funding is available.

• We have experienced scientific and management teams that have successfully done this before.

DACART CAPITAL LLC

# Polyclonal Antibodies (cont.)

## Investment Thesis (cont.)

ConcenRx: Targeted Biotherapy logo.

# Polyclonal Antibodies (cont.)

## Investment Thesis (cont.)

# Polyclonal Antibodies (cont.)

## ConcentRx



Autologous
Blood
Activated to
Express T-cell
targeting tumor
antigens NkG2D

Oncolytic Agent
(vvDD) into
T-cells

Key information: Image shows cells modified with an Oncolytic Agent (vvDD) into T-cells.

# Polyclonal Antibodies (cont.)

## Tumor

Blood
Vessels

Immune
Cells

T-cells Ready to Infuse (Day 15)

T-cells Target Tumor and Release Agent To Tumor Cell (48 hrs)

Tumor Eradication (4-8 hrs)

DACART CAPITAL LLC

# Polyclonal Antibodies (cont.)

## Tumor (cont.)

# Polyclonal Antibodies (cont.)

## ConcentRx

A cell-based therapy platform that is fully automated, high throughput, scalable, and lower cost that allows a patient's cells to be activated and propagated at the point of care with specific and optimized therapeutic function.

- Inputs:
  - GMP reagents introduced
  - Oncolytic agent introduced (later stage)

- Process flow (left → right):
  1. GMP reagents introduced into multiple parallel channels
  2. Cell Activation Incubator (multiple stacked/parallel trays)
  3. Output from each activation channel → Cell Propagation/Concentration Incubator
  4. Oncolytic agent introduced (post-propagation)
  5. Patient infusion preparation

- Key features visible:
  - Parallel/stacked activation lanes indicating high-throughput/parallel processing
  - Two-stage incubation: Activation then Propagation/Concentration
  - Final step prepares cells (with oncolytic agent) for patient infusion

Oncolytic
agent
introduced

Patient
Infusion
Preparation

DACART CAPITAL LLC

# Polyclonal Antibodies (cont.)

## ConcentRx (cont.)

# Polyclonal Antibodies (cont.)

## ConcentRx

Clinical studies (e.g. Dendreon, Juno) have unequivocally shown that combining an appropriate autologous immune cell with an appropriate tumor cell antigen can achieve a demonstrable oncolytic effect in humans.

The ConcentRx technology platform further advances the state of the art in autologous immune cell cancer therapies by:

• Employing the patient's own enriched, activated T cells as a delivery vehicle to protect the oncolytic agent from the patient's immune system prior to reaching its target.

• Highly efficient targeting by employing an abundant and specific tumor cell antigen (NkG2D).

• Conferring long term immunity to tumor cells, post-therapy

• Incorporating simplified, cost-effective, and scalable immunotherapy production at the point of care.

DACART CAPITAL LLC

# Polyclonal Antibodies (cont.)

## ConcentRx (cont.)

# Polyclonal Antibodies (cont.)

## ConcentRx

• What Is It?

A proprietary technology platform that adds critical therapeutic function to a patient's own cells, and allows the formulation of specific strategies to treat disease with a precision medicine approach. The platform enables simplified, scalable and cost-effective therapeutic production at the point of care.

■ How Does It Work?

In the ovarian cancer application, autologous blood cells are drawn from the patient, these cells are activated to express molecules that target tumor antigens T-cells, (NkG2D). the T-cells An oncolytic are injected agent into (vaccinia the patient, virus) where is incorporated they then into target the targeting the tumor cells, release the oncolytic agent into the tumor cells, and eradicate the tumor cells via lysis.

- Why Is It Important?

The technology platform produces oncolytic agents that are highly tumoricidal, and after therapy there is sustained immunity against the cancer type that was treated. The platform has the potential to target all tumor types, and it can confer sustained immunity to all tumor cells (both bulk tumors and metastatic disease).

DACART CAPITAL LLC

# Polyclonal Antibodies (cont.)

## ConcentRx (cont.)

# Polyclonal Antibodies (cont.)

## ConcentRx

# Polyclonal Antibodies (cont.)

## Investment Thesis

• Poised to quickly file IND with unprecedented preclinical data in an area of high unmet medical need - ovarian cancer.

• Both components of the dual biotherapy (CIK cells, vaccinia virus) have been extensively vetted by the scientific and regulatory community, and have both been FDA approved for human therapy.

• Platform technology play in autologous cell-based immune
therapy

	■ production of therapy for other partners in the space

	• joint development deals with companies seeking to develop autologous therapies

	- own product portfolio

[ ] Scientific and management team has a proven track record.



DACART CAPITAL LLC

# Polyclonal Antibodies (cont.)

## Investment Thesis (cont.)

# Polyclonal Antibodies (cont.)

## ConcentRx

Broadly enabling technology platform in autologous cell-based immunotherapy.

• Next generation cancer immunotherapy

• Regenerative medicine for organs & joints

• Immune system prophylaxis and restoration

$5 M needed to reach $40M enterprise value in 18 months. $25M need to reach $300M enterprise value in 4 years.

DACART CAPITAL LLC

# Polyclonal Antibodies (cont.)

## ConcentRx (cont.)

<table><tr><th>Summary </th></tr><tr><td>• Investment opportunities identified</td></tr><tr><td>• 4 projects teed up</td></tr><tr><td>• We are hunting "big game"</td></tr><tr><td>• Short time &amp; limited capital to profit/liquidity</td></tr><tr><td>• I have hands-on experience doing this successfully</td></tr><tr><td>• Competitive fees - 2%/20%</td></tr></table>

Target >25% ROI for the portfolio. 3x return in 5 years, 5x return in 7 years

DACART CAPITAL LLC

# Polyclonal Antibodies (cont.)

## ConcentRx (cont.)

# Polyclonal Antibodies (cont.)

## Return on Investment

<table><tr><th colspan="4">Xenogen </th></tr><tr><td>Jan-98 </td><td></td><td>Aug-06 </td><td>Nov-1 1</td></tr><tr><td>Series C</td><td></td><td>Calper acq.</td><td>Perkin Elmer acq.</td></tr><tr><td>$14 M</td><td></td><td>$62 M</td><td>$210 M</td></tr><tr><td>$1.00</td><td>18.8% IRR</td><td>$4.31</td><td></td></tr><tr><td>$1.00</td><td></td><td>21.1% IRR</td><td>I 
$14.58</td></tr></table>

# Polyclonal Antibodies (cont.)

## Cobalt Biofuels

<table><tr><th>Mar-07 </th><th>Jun-13 </th></tr><tr><td>Series B</td><td>Series E</td></tr><tr><td>$17 M</td><td>$117M </td></tr><tr><td>$1.00 36.2% IRR</td><td>$6.88</td></tr></table>

# Polyclonal Antibodies (cont.)

## Cobalt Biofuels (cont.)

# Polyclonal Antibodies (cont.)

## Advisory Board

# Polyclonal Antibodies (cont.)

## Thomas Shenk, Ph.D.

Dr. Shenk is the Elkins Professor in the Department of Molecular Biology <change><s>at</s></change> Princeton <change><s>University. Professor</s></change> Shenk is the recipient of the Eli Lilly Award from <change><s>the American Society</s></change> of <change><s>Microbiology,</s></change> an <change><s>American</s></change> Cancer Society Professorship and an <change><s>Investigatorship</s></change> from <change><s>the Howard Hughes Medical Institute. He</s></change> is a <change><s>past president</s></change> of <change><s>the American Society</s></change> for <change><s>Virology and</s></change> a past <change><s>president of the American Society for Microbiology. He is currently a member of</s></change> the <change><s>National Science Advisory</s></change> Board <change><s>for Biosecurity,</s></change> and <change><s>a member</s></change> of the Board of <change><s>Directors</s></change> of CV <change><s>Therapeutics,</s></change> and Merck and <change><s>Company.</s></change>

# Polyclonal Antibodies (cont.)

## Robert Dow, BSc MBChB FRCP (Edln)

Dr. Dow's current position is as Vice President of Strategic Product Development for PPD, a global Contract Research Organization. Previously, Dr. Dow served as Chief Medical Officer and Senior <change><s>Vice</s></change> President of medical <change><s>affairs</s></change> at Cell Genesys. <change><s>He oversaw</s></change> all clinical, regulatory and <change><s>medical affairs activities associated with Cell Genesys'</s></change> product portfolio. Prior to Cell Genesys, <change><s>he</s></change> was Chief <change><s>Executive</s></change> Officer of <change><s>Biolitec</s></change> Pharma Ltd., a U.K.-based biotechnology company, and also previously held senior <change><s>executive</s></change> positions with Quantanova and Scotia Holdings, plc. Prior to that, Dr. Dow was head of Global Drug Development with Hoffman-La Roche in Basel, Switzerland and previously was with Syntex Corporation for over 10 years in various senior positions in drug development. Dr. Dow holds a B.Sc. in Medical Science from the University of St. Andrews and his medical qualification, an MBChB degree, from the University of Dundee in Scotland. He also is a Fellow of the Royal College of Physicians of Edinburgh and a Fellow of the Faculty of Pharmaceutical Physicians.

# Polyclonal Antibodies (cont.)

## Robert Dow, BSc MBChB FRCP (Edln) (cont.)

# Polyclonal Antibodies (cont.)

## Advisory Board

# Polyclonal Antibodies (cont.)

## Pamela R. Contag, Ph.D.

venture-backed Dr. Contag biofuels most recently company, served and raised as Founder $40M and dollars CEO and of placed Cobalt Technologies, Cobalt in the top Inc. 20 a clean <change><s>tech companies</s></change> in the US in 2008. Prior to Cobalt, <change><s>she</s></change> served as Founder and President of Xenogen Corporation from 1995-2006, with an IPO in 2004 and a <change><s>merger</s></change> with Caliper <change><s>Life Sciences</s></change> in 2006. She has <change><s>36 issued</s></change> patents and over 65 <change><s>publications</s></change> in the field of <change><s>Microbiology</s></change> and <change><s>Engineering</s></change> and she is a founding Board Member of the Startup America <change><s>Foundation.</s> </change>

# Polyclonal Antibodies (cont.)

## Howard Pien

Mr. <change><s>Pien most</s></change> recently served as Chairman of the Board and CEO of Medarex, Inc. from 2007 <change><s>to its acquisition</s></change> by <change><s>Bristol</s></change> Myers Squibb Company in September 2009. Prior to that, he was a <change><s>private consultant</s></change> from 2006 to 2007. Prior to that he served as President and CEO of Chiron Corporation from 2003 to its acquisition by Novartis AG in 2006. Prior to that he served in various executive capacities for GlaxoSmithKline plc (GSK) and its predecessor companies, culminating in his tenure as President of GSK's International Pharmaceuticals business from 2000 to 2003. Prior to joining SmithKline Beecham plc Mr. Pien worked for six years at Abbott Laboratories and for five years at Merck & Co. Mr. Pien is also a director of Vanda Pharmaceuticals and ViroPharma Incorporated.

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# Polyclonal Antibodies (cont.)

## Howard Pien (cont.)

# Polyclonal Antibodies (cont.)

## References

• Michael Eisenson - Charlesbank, Managing Partner

• Alan Salzman - VantagePoint, Managing Partner

■ Kevin Hrusovsky - Perkin Elmer, President of Life Sciences & Technology

■ Dan Junius - lmmunogen, CEO

• Al Sommers - JHU, Former Dean, School of Public Health

• Chris Jones - J Walter Thompson, former CEO

• Bill Halter - Lt. Governor, Arkansas

DACART CAPITAL LLC

# Polyclonal Antibodies (cont.)

## References (cont.)

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