Subject: Fwd: adult stem cell opp
From: "John DeLoche" <[email-masked]>
To: "Neil Callahan" <[email-masked]>
Cc: "Hunter Biden" <[email-masked]>, "Eric Schwerin" <[email-masked]>, "Devon Archer" <[email-masked]>, "Rob Walker" <[email-masked]>
Date: Sun, 24 Feb 2013 08:20:13 -0800

Here is the dataroom access. this may be too capital intensive for us. we
need to be respectful to Trent obviously. let's discuss this week.

---------- Forwarded message ----------
From: Trent Gegax <[email-masked]>
Date: Sat, Feb 23, 2013 at 3:42 PM
Subject: Re: adult stem cell opp
To: John DeLoche <[email-masked]>
Cc: Greg Arrese <[email-masked]>

 Sounds good. Here you go. I have permission to pass access to you. Happy
wknd.

  http://stemedica-casestudies.imagebeam.com/docs****

username: smuser****

password: u891mnb!****

T. Trent Gegax
917.592.1686
www.gramercyfund.com
@gegax

On Feb 23, 2013, at 5:38 PM, "John DeLoche" <[email-masked]>
wrote:

  Hi Trent,

 Thanks for thinking of us. I would like to learn more. Is there a slide
deck w financials you could send. Happy to take a look in the data room.

 Best,

 John

Sent from my iPad

On Feb 23, 2013, at 2:14 PM, Trent Gegax <[email-masked]>
wrote:

   howdy, john. yesterday my father and I had an interesting update call
with one of our life-sciences portfolio cos, san diego-based
stemedica<http://www.stemedica.com/>,
in the adult stem cell space. they're finishing a big 'rolling raise' and
are down to their last 7m (we're considering adding to our position) of
their 72m preferred raise (148m pre-money, 220m post-money).

 you came to mind because stemedica feels like it's about at the stage that
counsyl was at when you introduced it to us, tho it's taken stemedica
longer to develop than counsyl (we initially invested in 2007). maybe chalk
that up to being in the controversial stem cell space, maybe not.

 any rate, let me know if you want access to their data room and, if
further interested, i'll intro you to stemedica ceo maynard howe, who
started two other life sciences cos that we invested in and that went ipo.
my father tom is friends with maynard and has known the prolific howe
family for decades.

 ceo maynard expects stemedica to be cashflow poz q313; their first big
pharma deal to give them a 1b valuation; and midcase valuation in 5 yrs to
be 3b. maynard has invested millions of his own money and plans to return
all of investors money via dividends within two yrs.

 ip is stemedica's edge. the short story on the extension of the current
raise is that they had an ip discovery that they decided to button down
rather than use raised funds to ramp sales.

 interesting recent developments include aggressive interest from tx gov
perry, a stem cell fan who wants tx to unseat ca as the stem cell capital
of the u.s.; a big addition to the board; and significant jv with leading
public life-sciences firm.

 let me know if you'd like to see more.

 best,
trent

  T. Trent Gegax
www.gramercyfund.com
917.592.1686
 @gegax

-- 
John DeLoche
*Managing Director*
Rosemont Seneca Technology Partners
One Market, Spear Tower, 36th Floor
San Francisco, CA 94105
office: 415 293 8147
mobile: 415 793 7070

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