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CTI Life Sciences Fund CTI Life Sciences Fund IntroductionIntroduction

January 2008January 2008

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CTI Life Sciences Fund - Raison D'êtreCTI Life Sciences Fund - Raison D'être

"Where broad Operational and VC experience come together to create and realize

shareholder value in Canadian Life Sciences Companies with pre-clinical and clinical drugs,

drug enabling technologies and medical devices”.

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CTI Life Sciences Fund – CTI Life Sciences Fund – PeoplePeople

Jean-François Leprince -Managing Partner

Accomplished leader with 30 years of multi-products, multifunctional, multi-geographical experience in the pharmaceutical industry

Richard Meadows-Managing Partner

VC experience in two multi-billion dollar private equity funds along with 15+ years Business Development experience in the pharmaceutical industry

Ken Pastor General Partner’s Representative

20 years experience in the financial market

Shermaine Tilley – Principal

20 years experience in the biotech industry, including investment management, consulting, tech transfer and strong academic experience

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CTI Life Sciences Fund - Investment CTI Life Sciences Fund - Investment ObjectivesObjectives

Financial objectives

High Returns

Strategic objectives

•Value Creation

through Pre-clinical/POC

Process

•M&A Exits

Goal: Achieve IRR’s commensurate with

ability to execute strategy

DRUGS, DRUG ENABLING TECHNOLOGIES, MEDICAL DEVICES

CRITICAL SUCCESS FACTORS

Scientific Innovation

Entrepreneurship/ Leadership

Partnering with U.S. VC’s

Interacting with Big Pharmas/

Biotechs

Positioning for Exits

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CTI Life Sciences Fund - Investment StrategyCTI Life Sciences Fund - Investment StrategyPicking the "right" Value Inflection PointsPicking the "right" Value Inflection Points

Size of round: $5-15MPre-Money $10-20MPost-Money: $15-35MBump Up: ≈ 2-3 x

Size of round: $1-5MPre-Money $5-10MPost-Money: $6-15 M

Size of round: $25-50MPre-Money $50-100M+Post-Money: $75-150MBump Up: ≈ 3-5 x

Ph III to market (NDA)

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CTI Life Sciences Fund CTI Life Sciences Fund Portfolio CompaniesPortfolio Companies

BiopharmaceuticBiopharmaceuticalsals

Business DescriptionBusiness Description DevelopmeDevelopment Stagent Stage

LocationLocation

CerveloCervelo Development of Neuropathic, mixed Development of Neuropathic, mixed and inflammatory pain compoundsand inflammatory pain compounds

Phase IIPhase II MississaugMississauga Ontarioa Ontario

Chlorion Chlorion PharmaPharma

Development of Neuropathic pain and Development of Neuropathic pain and Epilepsy compoundsEpilepsy compounds

Pre-ClinicalPre-Clinical Laval Laval QuébecQuébec

Enobia Enobia PharmaPharma

Enzyme Replacement Therapy, Enzyme Replacement Therapy, Hypophosphatasia as lead programHypophosphatasia as lead program

Pre-ClinicalPre-Clinical Montréal Montréal QuébecQuébec

TargeGenTargeGen Leader in kinase inhibitors, Leader in kinase inhibitors, applications in Opthamology, applications in Opthamology, myeloproliferative diseases and myeloproliferative diseases and inflammationinflammation

Phase IIPhase II San Diego San Diego U.S.A.U.S.A.

Lead/Co-Lead

Active Follower

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CTI Life Sciences Fund CTI Life Sciences Fund OverviewOverview• Emphasis on Quebec & Canadian life sciences Emphasis on Quebec & Canadian life sciences

companies, U.S. market opportunistically. companies, U.S. market opportunistically.

• A highly experienced investment team.A highly experienced investment team.

• A unique pro-active exit strategyA unique pro-active exit strategy Through active post investment management.Through active post investment management. Leveraging relationships with top advisors and US VC Leveraging relationships with top advisors and US VC

investors to position companies for successful exits.investors to position companies for successful exits. M&A’s vs. I.P.O’s.M&A’s vs. I.P.O’s.

• First Close: CAD $71 million, June 20 2006.First Close: CAD $71 million, June 20 2006.

• Target size: CAD $100 million, Achieved March 1 Target size: CAD $100 million, Achieved March 1 20072007