1. The 3 rd Annual Life Science Conference February 2001 Batsheva Elran - Concord Ventures

2. February 2001 E&Y Life Sciences Meeting, Feb 2001 Batsheva Elran, General Partner Concord Ventures Diversified VC Fund, over $250M Specialty areas : Telecom, Software and Healthcare Dedicated Healthcare group www.concordventures.com

3. February 2001 Adapting Your Investment Structure to the Israeli Reality Technicalities Fundamentals

4. February 2001 What Do We Look for ? Big Market opportunity People Technology/science Business model Financial strategy Execution ability Long term vision

5. February 2001 Main Financial Resources for Biotechnology Companies Venture funds and institutional investors Collaborations with strategic partners IPO is not an EXIT Heavily financed sector $$$$ !

6. February 2001 Business Model Financial Strategy

7. February 2001 Tools Vs. Product Company Time to Exit Risk Growth Potential – long term performance Sensitivity to Hype Y2000 - Toolkit group outperformed product group Y2001 – Back to fundamentals – reverse ? !

8. February 2001 Combined Business Model Tools for early revenues and risk reduction Products for long term growth Make tool-deals and migrate to therapeutics Think Big, Think Forward !

9. February 2001 Greater Need for Collaboration Fewer companies accessing larger amounts of cash Increase technology depth and IP base Increase experience base Create financable milestone events good luck !

10. February 2001