VC Experts Sample Valuation Report

Please note that all industry sectors, company names, company descriptions, and any numeric values have been randomized, edited, or
otherwise changed for confidentiality purposes.
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VC Experts Valuation Report Overview

BioTechnology- Early Stage

BioTechnology- Mid Stage
BioTechnology- Late Stage
Software- Early/Seed Stage
Software- Mid Stage
Software- Late Stage

Number of
Companies
2
2
5
5
3
5

Total of
Valuation
s (mm)
17.98
28.30
321.17
38.87
67.86
287.34

Average
Valuation
(mm)
6.70
3.33
7.16
4.20
5.91
6.09

Highest
Valuation
(mm)
12.30
5.46
12.67
7.90
13.33
14.32

Note: All Valuations referred here are

Pre-Money

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Third
Quartile
(mm)
8.51
4.39
11.89
6.52
11.49
10.29

Median
(mm)
6.04
3.33
6.27
4.67
2.49
2.39

First Quartile
(mm)
4.23
2.27
3.05
1.91
1.58
2.19

Lowest Valuation
(mm)
2.41
1.21
2.11
0.03
0.68
0.97

VC Experts Valuation Report Company Descriptions

Company Name
Serentek
GilTech Medical
Systems
MedAntiGen
Chimera
UFN-CellSys
SterilTech
StridentBioTech
Agape Medical
TeleSync Medical
Adaptoid
MetaTech Systems,
Inc.
CincSoft
AcuIntell
Advance Ideas
Software, Inc.
BiSoft Information
Systems
IntellSafe Software
OSI Systems
CodeVeritas
Systems
workIT Technologies
cosmicWave
Software
SearchGate
3rd-Sphere
Software Systems

Company Description
Provides contract chromatographic and mass spectrometric analysis of pharmaceuticals
Provides high performance text and genomic data analysis platforms for the pharmaceutical, biotechnology and commercial online
information industries
Propvieds expression systems for non-radioactive probes to detect cancers,infectious and genetic diseases, site directed mutagenesis,
glucanases and enzymes
Provides custom synthesised peptides and antibodies to order
Development and application of non-invasive human Oxidative Stress Profiling techniques
Provider of products and services that improve productivity in biopharmaceutical manufacturing and in clinical, analytical and research
laboratories
Suppliers of oligonucleotides, custom DNA synthesis and CPG columns
Helps its customers find the most important genes involved in major human diseases
Focused on the development of enabling technology platforms and novel DNA- and immuno-diagnostic products against common
genetic diseases
Provides process and information technology services to business and government
Specializes in web-based data management and reporting solutions
Offers world class technology solutions for the emerging network centric world
Develops custom solutions for data collection, desktop, Internet and point-of-sale applications
Technology consulting firm with a portal and knowledge management practice
Fulfills all the essential software bioinformatics needs of a typical pharmaceutical or biotechnology company
Knowledge management systems integrator with services that include content management, collaboration, and enterprise search
tools, as well as data warehousing and business intelligence tools.
Consultancy and developer of custom integrated systems. Analysis and design, graphics, publishing, microcontroller design, and
programming
Custom business applications design, programming, testing, documentation, and training
System integrators specializing in small to medium sized businesses
Network consulting and integration firm specializing in thin-client technology
Consulting and systems integration firm that specializes in the development, integration, and implementation of leading edge
information technology
Offers IT consulting, database management systems, internet site creation, monitoring and maintenance

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VC Experts Valuation Report Company Financings

Company Name
BioTechnology Early Stage
BioTechnology Mid Stage
BioTechnology Late Stage

Software - Early
Stage

Software - Mid
Stage
Software - Late
Stage

Serentek
GilTech Medical Systems
MedAntiGen
Chimera
UFN-CellSys
SterilTech
StridentBioTech
Agape Medical
TeleSync Medical
Adaptoid
MetaTech Systems, Inc.
CincSoft
AcuIntell
Advance Ideas Software, Inc.
BiSoft Information Systems
IntellSafe Software
OSI Systems
CodeVeritas Systems
workIT Technologies
cosmicWave Software
SearchGate
3rd-Sphere Sofware Systems

Number of
Financings
3
1
1
1
2
2
1
2
1
3
2
1
1
1
1
1
3
1
1
1
2
2

Number of
Investors
4
7
2
1
5
7
2
8
6
3
4
3
5
2
2
3
3
7
6
4
3
3

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Average per
Financing (mm)
4.83
12.30
5.46
0.90
4.88
8.75
10.71
7.45
12.67
4.34
0.03
7.86
8.42
5.00
13.33
11.49
1.67
1.30
11.70
19.52
1.98
5.21

Average per
Investor (mm)
3.62
1.76
2.73
1.21
1.53
2.05
3.87
1.86
2.11
4.34
0.02
2.63
1.53
2.50
6.66
3.83
1.58
0.14
1.95
3.58
1.59
3.62

Total Amount
Invested (mm)
14.48
12.30
5.46
1.21
7.64
14.32
7.73
14.90
12.67
13.01
0.06
7.90
7.66
4.99
13.33
11.49
4.75
0.97
11.70
14.32
4.77
10.86

VC Experts Valuation Report Company Valuations

Company Name
BioTechnology - Early
Stage

BioTechnology - Mid
Stage
BioTechnology - Late
Stage

Software - Early Stage

Software - Mid Stage

Software - Late Stage

Serentek
Serentek
Serentek
GilTech Medical Systems
MedAntiGen
Chimera
UFN-CellSys
UFN-CellSys
SterilTech
SterilTech
StridentBioTech
Agape Medical
Agape Medical
TeleSync Medical
Adaptoid
Adaptoid
Adaptoid
MetaTech Systems, Inc.
MetaTech Systems, Inc.
CincSoft
AcuIntell
Advance Ideas Software, Inc.
BiSoft Information Systems
IntellSafe Software
OSI Systems
OSI Systems
OSI Systems
CodeVeritas Systems
workIT Technologies
cosmicWave Software
SearchGate
SearchGate
3rd-Sphere Sofware Systems
3rd-Sphere Sofware Systems

Investment
Date
9/14/2004
12/17/2005
2/28/2006
2/27/2006
1/5/2005
9/21/2003
2/19/2006
6/25/2006
1/13/2004
7/2/2006
4/8/2006
6/15/2004
9/16/2004
6/25/2005
4/24/2004
1/2/2005
4/23/2005
6/23/2004
11/18/2005
8/24/2005
3/7/2006
11/22/2005
7/4/2005
2/13/2006
3/27/2004
6/21/2004
8/25/2004
8/3/2005
11/30/2004
2/1/2005
5/9/2004
7/3/2006
5/8/2004
7/21/2005

Round

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1
2
3
2
2
4
3
3
3
4
3
2
3
5
1
2
3
2
3
2
3
1
3
4
2
3
4
4
4
5
2
3
6
7

Total
Investment
4.83
7.24
2.41
12.30
5.46
1.21
4.80
2.84
2.11
12.21
7.73
11.78
3.12
12.67
4.34
6.14
2.53
0.03
0.03
7.90
7.66
4.99
13.33
11.49
1.58
0.68
2.49
0.97
11.70
14.32
2.39
2.39
8.87
1.99

Pre-Money
Valuation
2.20
3.40
7.88
4.50
12.74
15.56
36.98
55.55
16.96
38.12
80.93
23.00
24.14
45.50
0.12
0.79
15.00
2.45
6.64
1.25
8.50
4.12
13.25
5.65
5.50
18.23
25.23
55.60
25.00
48.65
15.66
25.31
48.00
69.12

Post-Money
Valuation
7.03
10.64
10.29
16.80
18.20
16.76
41.78
58.39
19.07
50.33
88.66
34.78
27.26
58.17
4.46
6.93
17.53
2.48
6.67
9.15
16.16
9.11
26.58
17.14
7.08
18.91
27.72
56.57
36.70
62.97
18.05
27.70
56.87
71.11

VC Experts Valuation Report Deal Terms

Overview / Deal Terms
What is the name of your company or fund?

Chimera

Select your industry.

Select your geographic region.
What round series is this financing?
How would you characterize this round of financing?
Please select the multiple of the Liquidation Preference: 1x; 2x; 3x; > 3x.
If preferred stock, Conventional Convertible or "Participating" Preferred?

BioTechnology
Midwest
Series A
Up Round
1x
Participating
Preferred
Yes
Weighted Average

Is the Participating Preferred capped?

Select the Anti-Dilution Protection proposed in this deal: Weighted Average or Full
Ratchet?
Does this financing provide for redemption at the investor's option?
Do you use Pay-to-Play Provisions in this deal?
Were Cumulative Dividends present in this financing?
Did the financing involve a Reorganization or Recapitalization?
Is the Liquidation Preference for the current round senior, pari passu, etc?
Pre-Money Valuation
Post-Money Valuation

Yes
No
Yes
No
Pari
5 mm
8.9 mm

BiSoft Information
Systems
Software
DC/Metroplex
Series B
Down Round
3x
Participating Preferred
Not Disclosed
Full Ratchet
No
No
No
Yes
Senior
56 mm
75 mm

The above is a list of deal terms that VC Experts was able to secure. Certain deal terms can have the effect of lowering valuation in an indirect manner.

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VC Experts Valuation Report Distributions

Valuation Distributions

16.00

Pre-Money Valuations (mm)

14.00
12.00
10.00
Average Valuation (mm)
Highest Valuation (mm)

8.00

Median Valuation (mm)

Lowest Valuation (mm)

6.00
4.00
2.00
0.00
BioTechnology Early Stage

Software - Early
Stage

BioTechnology Mid Stage

Software - Mid
Stage

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BioTechnology Late Stage

Software - Late
Stage