Current Investment Portfolio

Partisan has investments in five private companies at present. Investments in current portfolio companies have tended to be larger than in earlier companies due to the shortage of healthcare venture capital in the past several years. Cash-on-cash returns are lower when Partisan must invest in later stage financings instead of concentrating on seed and Series A rounds as in the past.

Neuronetics, Inc. was founded in July 2001. Partisan principals and Accuitive Medical Ventures principals provided the seed funding. Subsequent financing has been provided by Accuitive, Three Arch, Investor Growth Capital, Interwest, Onset, Quaker BioVentures, KBL, New Leaf, Pfizer, Polaris, and GE Ventures. Neuronetics is commercializing a technology to non-invasively stimulate brain tissue with pulsed magnetic fields. The initial application is to treat depression. Two randomized, prospective clinical trials have demonstrated that the Company's treatment is highly effective in about 50% of drug-resistant patients. In October 2008 Neuronetics received FDA approval to initiate marketing and has achieved significant sales revenues. Partisan principals and the Weldon Foundation have continued to invest in Neuronetics.

Ash Access, Inc. was spun out of HemoCleanse in October 2003 to develop improved central venous and peritoneal catheters for hemodialysis patients. The catheter product lines have been licensed to and are marketed by Merit Medical, Inc. In addition, Ash Access developed a catheter lock solution named Zuragen that is used to prevent both coagulation and blood infections for patients using hemodialysis and other long-term, indwelling catheters. Initial clinical trial results for Zuragen have been positive. Zuragen for hemodialysis has been licensed to Fresenius Medical Corporation. Subsequently, Ash Access developed a surgical preparation solution named ZuraPrep. Initial clinical trials of ZuraPrep indicate that it is superior to all presently marketed surgical preparations. ZuraPrep and other related assets have been spun out of Ash Access into a wholly owned subsidiary named Zurex Pharma, Inc. Partisan principals have invested in both Ash Access and in Zurex Pharma.

Surefire Medical, Inc. was founded in August 2009 to develop specialized infusion systems for site specific drug delivery. The Company's initial goal is to precisely deliver cytotoxic embolic agents into solid tumors to treat liver cancer. The more recent goal is to deliver interventional oncology drugs to solid tumors. The Surefire Infusion System substantially reduces damage to adjacent healthy tissues and achieves a major increase in penetration of cancer chemotherapy, as compared to present treatment methods. The Company has raised $56 million from Partisan, Tullis Health Investors, High Country Ventures, ORI Capital HK, and several super angel groups. Surefire has extended the development of its product line and has secured FDA clearance to sell multiple products in the U.S. and in a number of foreign countries. The majority of the top cancer institutes have adopted the Surefire Infusion System due to its tumor penetration and safety profile. Several clinical trials are ongoing to demonstrate Surefire's superiority over previous infusion systems for the treatment of solid cancers. Partisan principals and Weldon Foundation own approximately 14% of Surefire Medical.

Perceptis Medical, Inc. was started in 2011 to develop devices to insert tubes into pediatric patient's ear drums to achieve drainage and to stop chronic infections. Present ear tube surgeries require multiple steps with several instruments, take several minutes to complete, and require general anesthesia. Mayo Clinic has published data showing neurologic damage when pediatric patients receive general anesthetic. The Perceptis devices can complete the implantation of ear tubes in seconds and use nitrous oxide (laughing gas) as a temporary anesthetic. Eventually, the procedure can be performed in a physician's office rather than in a hospital. It is likely that the Perceptis procedure will become the new standard of care in pediatric ENT cases. Partisan principals own 11% of Preceptis.

Enable Injections, Inc. was founded in 2011 to design, manufacture and sell wearable delivery devices for injectible drugs. The Enable Injections products can deliver drugs directly from standard vials supplied by all pharmaceutical companies, can reconstitute powdered drugs into liquids as a part of the injection procedure, can inject very viscous drugs, and can inject up to 20 ml. Such products are called bolus injection systems. No other existing drug delivery device can accomplish all of these tasks. Approximately 900 new drugs are being developed that may require bolus injection technology like that being developed by Enable Injections. The total market is expected to reach $8 billion within ten years. Partisan principals have supplied 6% of the invested capital to Enable Injections. Enable Injections has a B2B business model. Much of the subsequent capital will be non-dilutive and supplied by drug company customers.