1.

2. 1) . . 2) 3) . 4) . 5) . . 6) 7) 3. 4. ( )1) 11.000 ( ) 80% 2) 529.000 3) 6%4) 5.8 . 8% 5) 18 6) 6.8% 0.55% 7) 72 . 33% ( 219 . ) - 98 . ( 45% ) 23.1 . ( 11%) - 3.7 ( 2%) 3 . ( 1%) 5. 1986 25% 4.3 % 65 12% 50% 44% 18% 6. : , , % , 2007 , 2007 7.3%15.9% 23% 78.1 8.7% 10.9% 20% 81.08.0%10.3% 18%80.0 7.7%10.0% 18% 80.1 6.4% 10.7% 17% 81.9 7.4%9.0%16% 81.0 5.2% 7.3% 13% 73.3 5.8% 6.7% 13%77.0 4.5% 6.4% 11% 75.4: 78.6 3%2%5% 66.7 0%10% 20%30% 6070 8090 : OECD, IMS, CIA, WHO 7 7. : 8.5 , , 2.5 , - , ,, US$ PPP 2006US$ PPP 2006 US$ PPP 2006$255$44,639 $843 (30%) $398 $31,969$716 (56%)$364$32,882 $612 (59%)$250 $22,011$354 (71%) $95$14,842 $247(38%) $32 $13,149 $96~70% (33%)$0$500$1000$0 $200 $400 $600 $0$20,000$40,000 $60,000: OECD8: PPP Purchasing Power Parity 8. : :1,000 900 , . , 800 , US$ PPP 2007 700 600 500 400 300 200100 00 10,000 20,00030,00040,000 50,000 60,000 , US$ PPP 2007: OECD 9 : 2008 . , US$ 9. / () 10. 1) . . 2) 3) . 4) . 5) . . 6) 7) 11. ( ) , , 1945 . , , (). , : (1). . : , , , , . (1). , , . - , . , XIX- 12. () 13. , , , , , 1990-2005 . R&D 2,8 , 4,6 . 14. 2001 . 15. R&D XXI ( ) - 3,8%, 3,9%, 5,3%, 10,5%, - 17%. 16. 1) . . 2) 3) . 4) . 5) . . 6) 7) 17. R&D (> 40% 800 . .) = , , , , ( ; ), . 18. 2005-2007 .( )300-400 . ., .. 0,3-0,4% (100-150 . . ). 19. - , 2000 . , , 3 . . ( 4 .). 5 ( 1,5 ) 20. 5% : - 142 . , 500 , : 301 ., > 11 000 . - > 70 000 (57 . ), () 800 , .. 1 %. 21. 700 615 600 563 523 507 500 447 400 369 364 327 300 252 279 242 200 155100 0 20042005200620072008I-VI 2009 22. , ; ; ( ). 5 ( 1,5 ) 23. 2008 .FDA 81 , 34 ; 85 , 35 . : ,Synergy Research Group 24. -10 2006 . -10 2020 . 1 - 2 - 3 4 5 6 7 / 8 -9 -10 / -- : Asklepios proresearch, 2007 25. -10 -10 2006 . 2020 . 1 ???234 5 / .- ???6 7 / 8 / 9 10 : Asklepios proresearch, 2007 26. ( ); ( ) , . 27. 1) . . 2) 3) . 4) . 5) . . 6) 7) 28. 2006 11.4% 10% 7.6% 2009 21.077 29. - ~3 ~9 / FDA / ( 10+ ) 30. - 31. Medical Device Patent Landscape is ExplodingExample 1: StentsIn 1994, there were ~400 Stent Patents* In 2005, there were 7000+ Stent Patents*The Palmaz Stent Patent was Purportedly Worth $1M/DayResults of Search in US Patent Collection database for:TTL/stent: 1981 patents.ACLM/stent: 3887 patents.*Based on a Keyword searches Source: Townsend and Townsend 32. - - Timing of Corporate Events: Funding / Exits Pending vs. Issued Competitors; IP Landscape Freedom To FTO or Not? Value Inflection Curves Timing to Market vs Funding vs IP Costs Global vs Domestic Types of IP: Method vs Device Claims IP can reflect on management 33. 1) . . 2) 3) . 4) . 5) 6) 34. - 35. - 36. MAZOR SURGIGAL TECHNOLOGIES1) 2000 ( ) 2001 ( )2) 2001 2003 ( )3) ( ) 8.3 . Johnson & Johnson - 2003 4) () 12 . - 2005 5) - 2007 ( 35 . ).6) - 1000 37. 2001 2005 38. Mazor Surgical Micro-Robotic Platform 39. SpineAssist - Clinically Validated System Over 1,300 spine surgeries to date Over 6,500 implants placedZero cases of nerve damage Used daily in leading centers in over30 centers globally: USA Germany Switzerland Israel Greece Russia Mazor Surgical Technologies 40Confidential 40. SpineAssist Procedure Flow1 Plan2 Set-up3 Register CT Fluoro 4 OperateAccurate pre-op 3D planning of optimaltrajectory and implant sizes and placementMazor Surgical Technologies Confidential 41. SpineAssist Procedure Flow 1 Plan2 Set-up3 Register CT Fluoro 4 Operate Rigid bone mounts for accuracy and precision regardless of patient motionMazor Surgical Technologies Confidential 42. SpineAssist Procedure Flow 1 Plan2 Set-up3 Register CT Fluoro CTFluoro 4 Operate Automatic image-based registration Independent of anatomical deformitiesMazor Surgical TechnologiesConfidential 43. SpineAssist Procedure Flow 1 Plan2 Set-up3 Register CT Fluoro 4 OperateMazor Surgical Technologies Confidential 44. Clinical acceptance and accuracy assessment of spinal implants guided with SpineAssist Surgical Robot retrospective study Devito DP, Kaplan L, Dietl R, Pfeiffer M, Horne DS, Silberstein B, Hardenbrook M, Kiriyanthan G, Barzilay Y, Bruskin A, Sackerer D, Alexandrovsky V, Ster C, Burger R, Maeurer J, Donald GD, Schoenmayr R, Friedlander A, Knoller N, Schmieder K, Pechlivanis I, Kim IS, Meyer B, Shoham M 14 Centers Approximately 1,000 Spine Procedures Mazor Surgical TechnologiesConfidential 45. SpineAssist Clinical DiversitySpineAssist Supports: Percutaneous/MIS Lumbar Thoracic Cervical Scoliosis Vertebroplasty/VCF BiopsiesMazor Surgical Technologies Confidential 46. Percutaneous Platform Post operation : Percutaneous L4-L5 PLIF + DecompressionMazor Surgical Technologies7/16/2010Confidential 47. MAZOR SURGICAL TECHNOLOGIES. USD Mln.USD10 IPO 100 9 60 . 10 10-208B 50 8.0 75-10 206 5A 8.3 10 4 3-55 3 22 0.5 111 2000 2001- 2003 2003- 20052005- 2007 2007 48. 1) . . 2) 3) . 4) . 5) . . 6) 7) 49. . USD10 ??? . Mln.USD10 IPO100 9 8 20-50 507 Pre IPO10-20 B 2065.0 8.0 55-1010 4 3-5 A 4.0 532 2.0 20.5 1 11 01 2 3 456 78910 50. .. 1921-1992 80