GHP September 2015

Series B 13% Series A 20% Series C+ 67% C.E. Mark 80% U.S. Commercial 7% Development 13% Note: Equity refers to private, venture-backed equity financings, using data from CB Insights. M&A refers to private, venture-backed M&A in device and dx/tools of at least $50M upfront, and in biopharma at least $75M upfront. IPOs refer to private, venture-backed companies that raise at least $25M in an IPO. • No M&A deals in Q2, so we are lagging 2014 activity. • Both dx/tools IPOs in Q2 were commercial stage diagnostics. • Of three additional deals in the IPO pipeline at the end of Q2, two are backed by crossovers, including Natera, which went public in early Q3. • With three IPOs in 1H, we are roughly on pace to match 2014 (7). M&A IPO Dx/Tools Written by Private Financings *Top 5 financings from Q1 and top 10 from Q2 to focus on most recent trends Dx/Tools Crossover Activity: Participated in 4/15 Financings Dx/Tools Development Stage Dx/Tools Round of Financing Top 15* Dx/Tools Venture-Backed Financings Range $9.7M - $195M Median $20M Jon Norris Managing Director, Healthcare Practice [email protected] 650-575-137 Paul Schuber Associate [email protected] 415 764 2463 Dx/Tools Exits by Quarter Q1 Q2 Q3 Q4 Total 2013 IPO 1 0 1 1 3 M&A 1 1 1 0 3 2014 IPO 2 2 3 0 7 M&A 2 3 0 5 10 2015 IPO 1 2 3 M&A 3 0 3 Source: CB Insights, press releases and SVB proprietary data Exit Activity This material, including without limitation to the statistical information herein, is provided for informational purposes only. The material is based in part on information from third-party sources that we believe to be reliable, but which have not been independently verified by us and for this reason we do not represent that the information is accurate or complete. The information should not be viewed as tax, investment, legal or other advice nor is it to be relied on in making an investment or other decision. You should obtain relevant and specific professional advice before making any investment decision. Nothing relating to the material should be construed as a solicitation, offer or recommendation to acquire or dispose of any investment or to engage in any other transaction. ©2015 SVB Financial Group. All rights reserved. Silicon Valley Bank is a member of FDIC and Federal Reserve System. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW. and the Chevron device are trademarks of SVB Financial Group, used under license. Silicon Valley Bank is the California bank subsidiary and commercial banking operation of SVB Financial Group. Corporate Headquarters Address3003 Tasman Drive, Santa Clara, CA 95054 B-15-14377 Rev. 09-01-15. Learn more at