Aclara Biosciences

Mountain View, CA

Nasdaq: MGRM

IPO raised $189 million in 2000. Merged with ViroLogic in 2004 and later renamed Monogram Biosciences

Biochip company developing microfluidic lab-on-a-chip technology with applications for genetic analysis, high-throughput drug screening and clinical diagnostics. Aclara has established several corporate partnerships, including a collaboration with PE BioSystems.

LipoScience

Raleigh, NC

Diagnostic company utilizing nuclear magnetic resonance (NMR) spectroscopy to measure the size and quantity of lipoprotein particles in blood. The company's NMR LipoProfile® blood test is intended to provide a better indication of the risk of developing cardiovascular heart disease than the standard cholesterol test measurements of 'good' and 'bad' cholesterol. The company currently markets and sells the NMR LipoProfile test to physicians, other healthcare professionals, diagnostic laboratories and clinical research clients.

Plexigen

Cary, NC

Company developing an innovative, proprietary 3-D biochip to significantly enhance the capacity, efficiency, accuracy and automation of gene screening. The technology was originally developed at North Carolina State University.

Spherics

Mansfield, MA

Pharmaceutical company focused on applying its oral drug delivery platform to develop products with improved therapeutic profiles

Syntonix Pharmaceuticals

Waltham, MA

Biopharmaceutical company focused on developing next generation treatment options for patients with chronic diseases such as hemophilia, anemia and autoimmune disorders. The company applies its core expertise around a critical biological pathway to enhance important existing drugs and to discover novel therapeutics.

Angiomics

Research Triangle Park, NC

Seed stage cancer therapy spinout from Duke University. Research focused on inhibiting new blood vessel growth. Assets acquired by Protein Design Labs in 2004.

Arena Pharmaceuticals

San Diego, CA

Nasdaq: ARNA

IPO raised $108 million in 2000

Biopharmaceutical company that has developed a technology to accelerate the development of lead compounds targeting G-protein coupled receptors. This core technology, called CART, allows for ligand-independent, direct identification of small molecule compounds that regulate the activity of G-protein coupled receptors. Arena has entered into several research and licensing agreements, including a collaboration with Eli Lilly.

Anthera Pharmaceuticals

San Mateo, CA

Anthera Pharmaceuticals is a pharmaceutical development company focused on the development and advancement of promising clinical products for the treatment of serious inflammatory diseases. Anthera's lead products have the potential to address a variety of inflammatory diseases including: acute lung injury, acute respiratory distress syndrome, acute chest syndrome, acute coronary syndrome, atherosclerosis, chronic obstructive pulmonary disease and psoriasis.

Athersys

Cleveland, OH

Athersys is a biopharmaceutical and regenerative medicine company that has established a pipeline of therapeutic product development programs in multiple disease areas including pharmaceutical programs focused on obesity and CNS (cognition, attention) and regenerative medicine programs focused on cardiovascular disease, stroke, hematological and immune disorders.

Bayhill Therapeutics

Palo Alto, CA

Biopharmaceutical company focused on the translation of research into therapeutics for the treatment of autoimmune diseases. Bayhill's lead compound, an antigen-specific immunotherapy aimed at treating multiple sclerosis, is currently in Phase I clinical trials. A second antigen-specific compound for Type I diabetes and an oligonucleotide therapeutic are both in late preclinical testing.

BrainCells

San Diego, CA

BrainCells, INC (BCI) is a leading-edge neurogenesis-based drug discovery and development company targeting novel therapies for depression, mood disorders and other CNS diseases. The company is developing a neurogenesis platform for profiling and selecting drug candidates. BCI believes that the platform represents a major improvement in the predictive power of pre-clinical models for CNS disorders and will facilitate a paradigm shift in the way CNS drugs are discovered.

Calyx Therapeutics

Hayward, CA

Pharmaceutical company focusing on oral therapies for diabetes and inflammatory diseases. Calyx utilizes natural plant extracts with demonstrated clinical activity in humans as the source of its discovery efforts. The company isolates the biologically active molecule, determines its chemical structure, and develops small molecule analogs. This process significantly reduces the time and investment required to take lead molecules into preclinical and clinical testing.

CeNeRx BioPharma

Cary, NC

CeNeRx focuses on identifying and developing promising therapeutics to treat diseases related to neurotransmitters -- therapeutic priorities include anxiety, bipolar disorder, dementia, depression, epilepsy, neuropathic pain, schizophrenia, Parkinson's and Alzheimer's disease.

Cequent Pharmaceuticals

Cambridge, MA

Early-stage biopharmaceutical company developing new clinically compatible therapies based on RNA interference (RNAi). Cequent is focusing its efforts on the pre-clinical development of products to treat gastrointestinal diseases, including familial polyposis, inflammatory bowel disease and colon cancer.

Cerexa

Alameda, CA

Cerexa, Inc. is a privately owned biopharmaceutical company focused on acquiring, developing, and commercializing hospital-based anti-infective therapies for the treatment of patients with serious, life-threatening infections. The Company was formed in the Spring of 2005 as a spin-out from Peninsula Pharmaceuticals in preparation for the acquisition of Peninsula by Johnson & Johnson.

Cognetix

Salt Lake City, UT

Biopharmaceutical company that is developing peptide therapeutics for the treatment of epilepsy, pain and anesthesia. The company's research and development efforts are focused on conopeptides which are peptides derived from the venom of predatory sea snails. Cognetix has corporate collaborations in place with Medtronic, Inc. and Elan Corporation plc.

CoLucid Pharmaceuticals

Indianopolis, IN

CoLucid Pharmaceuticals is a development stage biopharmaceutical company developing and discovering therapeutics that will be used to treat neurological dysfunctions. CoLucid develops pharmaceuticals with novel mechanisms of action to treat migraine headaches. The company also possesses a robust chemistry platform that will produce unique bifunctional neuromodulators to treat indications such as Alzheimer's disease.

Dynogen Pharmaceuticals

Waltham, MA

Neuroscience-based drug discovery and development company targeting novel therapies for genitourinary and gastrointestinal disorders. Dynogen is leveraging its world-class expertise in the development and utilization of predictive in vitro and in vivo models, along with its understanding of the biology and neurobiology underlying these conditions, to discover and develop new drugs for GU and GI disorders.

Elitra Pharmaceuticals

San Diego, CA

Antimicrobial functional genomics company focused on the identification, development and commercialization of novel antimicrobial compounds that target essential gene products of pathogenic organisms. Elitra has a research collaboration in place with Merck & Co. Assets acquired by Merck in 2004.

Genstruct

Cambridge, MA

Systems biology drug discovery company that deploys its mechanism discovery platform, Molecular Epistemics™, independently and in partnerships with pharmaceutical companies to streamline drug discovery and improve clincial trial design and implementation. Pappas Ventures II originally invested in Incellico, Inc. which was acquired in July 2003 by Genstruct.

LEAD Therapeutics

San Francisco, CA

LEAD Therapeutics is a chemistry-driven small-molecule drug discovery company, pursuing validated drug targets with rapid and efficient lead-optimization strategies. The company is leveraging its highly experienced, U.S.-based scientific team with high-quality, lower-cost chemistry capabilities in China.

MethylGene

Montreal, Quebec

TSE: MYG

Biopharmaceutical company focused on the discovery, development and commercialization of novel enzyme inhibitors for the treatment of cancer and infectious diseases. The company uses functional genomics to validate enzyme targets and uses rational drug design and medicinal chemistry to design, synthesize and optimize enzyme inhibitors.

Nereus Pharmaceuticals

San Diego, CA

Drug discovery and development company focusing on the oceans and marine environments as a source of small-molecule compounds for the treatment of inflammation, cancer, and infectious diseases. Nereus is utilizing specialized research out of the Scripps Institution of Oceanography.

Optherion

New Haven, CT

Optherion, Inc. is an early-stage biotechnology company that is developing products to treat and diagnose dry and wet Age-related Macular Degeneration (AMD) and other chronic diseases involving the alternative complement system. Optherion's proprietary technologies are based on recent scientific discoveries linking certain genes to AMD.

Panacos Pharmaceuticals

Watertown, MA

Nasdaq: PANC

Merged with V.I. Technologies in 2005

Panacos is a biopharmaceutical company engaged in the discovery, development and commercialization of small molecule drugs to treat or prevent serious infectious disease. The Company has an expanding pipeline of promising anti-infective drug candidates for major markets with significant, unmet medical needs. The Company's lead antiviral product is PA-457, the first in a new class of drugs to treat HIV infection discovered by Panacos scientists currently in Phase 2 clinical trials.

Peninsula Pharmaceuticals

Alameda, CA

Acquired by Johnson & Johnson in 2005

Pharmaceutical development company focused on in-licensing and developing clinical stage pharmaceutical products. Initially, the company is pursuing opportunities that treat infectious diseases, a category that is attractive because of the high probability of clinical success following Phase I, lower development costs, and shorter clinical development timelines. Peninsula has licensing agreements in place with Shionogi & Co. and with Takeda Chemical Industries.

Plexxikon

Berkeley, CA

Drug discovery company that utilizes a structural proteomics approach to discover novel pharmaceuticals. Using high-throughput X-ray crystallography, the company screens for novel chemical backbones known as scaffolds. The scaffolds are then co-crystallized with drug targets leading to high quality drug leads. Plexxikon has collaborations in place with Genentech, Inc. and Wyeth Pharmaceuticals.

Reprogenesis

Cambridge, MA

Nasdaq: CRIS

Merged with Ontogeny and Creative BioMolecules to form Curis in 2000

Company developing in vivo tissue augmentation/repair products. Reprogenesis merged in July 2000 with Creative Biomolecules and Ontogeny to form Curis, a public company focused on regenerative medicine. Curis is developing products that are designed to recreate the conditions that support the growth of cells and tissue.

Signase

Houston, TX

Cancer therapeutics company developing novel, small molecule inhibitors of a critical cell replication pathway to inhibit tumor growth. Signase was spun out of the M. D. Anderson Cancer Center. Assets acquired by Systems Medicine Inc. in 2005.

Syndax Pharmaceuticals

Waltham, MA

Syndax is an oncology-focused biopharmaceutical company that is developing novel therapies in optimized, mechanistically driven combination regimens.

TargeGen

San Diego, CA

Biopharmaceutical company focusing on treatments for cardiovascular diseases and cancer. The company is developing small molecule kinase inhibitors that suppress vascular permeability and vascular proliferation associated with these diseases.

Variagenics

Cambridge, MA

Nasdaq: NUVO

IPO raised $70 million in 2000. Merged with Hyseq Pharmaceuticals to form Nuvelo in 2003

Pharmacogenomics company with proprietary gene variance detection technology anticipated to streamline drug development. The company identifies clinically relevant variants in genes that affect drug action and applies this information to the design of clinical trials.

X-Ceptor Therapeutics

San Diego, CA

Nasdaq: EXEL

Acquired by Exelixis in 2004

Genomics-based drug discovery company focused on the discovery and development of novel therapeutics across various therapy areas. The company is leveraging its fully integrated gene-to-drug platform to fuel the growth of its proprietary drug pipeline. Exelixis' development pipeline currently covers cancer and metabolism. Pappas Ventures I was part of the founding investor group that originally invested in X-Ceptor Therapeutics, Inc., which was acquired in October 2004 by Exelixis, Inc.

ArgoMed

Cary, NC

Company developing a proprietary, water-induced thermotherapy device and technique to address the non-surgical treatment of benign prostatic hyperplasia (BPH). BPH is a condition that afflicts the majority of men over 60, causing adverse changes in urinary voiding patterns. ArgoMed's initial product received FDA market approval in 1999. Assets acquired by Circon in 2002.

BioSyntech

Laval, Quebec

TSX V: BSY

The company specializes in the discovery, development and manufacturing of biotherapeutic thermogels for regenerative medicine and therapeutic delivery. Its platform technology is a family of hydrogels that can be injected or applied to specific sites and which offer beneficial properties for the local repair of damaged tissue such as cartilage, bone and chronic wounds.

FlowCardia

Sunnyvale, CA

Medical device company that is developing a catheter for the treatment of chronic total occlusions (CTOs) of coronary arteries. Utilizing a technology known as high frequency mechanical recanalization, the company's CROSSER™ System safely and quickly breaks up CTOs allowing subsequent stent placement or balloon angioplasty and avoiding the trauma of cardiac surgery. Clinical trials are underway in Europe.

Gentis

Wayne, PA

Gentis is a biomaterials and orthopedics company that has developed and is testing a potentially breakthrough, non-fusion technology for the treatment of spinal disc disease. Gentis's lead product is DiscCell, a proprietary, injectable, in-situ polymerizing spinal nucleus augmentation technology.

NuVasive

San Diego, CA

Nasdaq: NUVA

IPO raised $72 million in 2004

Medical device company that designs, manufactures and markets minimally invasive spine surgery systems. Its FDA-approved system allows the surgeon to perform common open spine operations through small incisions with a proprietary, easy-to-use guidance system. NuVasive raised $72 million in a May 2004 IPO.

Sensys Medical

Chandler, AZ

Developer of non-invasive technology for blood glucose monitoring. Once cleared by the Food and Drug Administration, the technology will provide a painless method to collect data for proactive use in controlling diabetes.

TyRx

Monmouth Junction, NJ

Medical device company developing a range of drug-eluting implantable devices based on proprietary tyrosine polymer technology licensed from Rutgers University. The company's lead product is AIGIS-Rx™, an antibiotic-eluting mesh envelope into which pacemakers and defibrillators can be inserted prior to surgical implantation, thereby reducing the risk of post-procedure infection.

EBM Solutions

Nashville, TN

Acquired by HealthGate Data Corp. in 2003

Evidence-based medical solutions provider that partners high-quality health and medical information with ongoing monitoring and analysis of healthcare organizations' online initiatives. HealthGate's consumer health information is URAC-accredited and the evidence-based clinical guidelines are backed by independent medical review support through affiliations with Duke University Medical Center, Emory University School of Medicine, Oregon Health and Science University, and Vanderbilt University Medical Center.

Emerald BioAgriculture

Lansing, MI

Bioagriculture company developing, manufacturing and marketing biological and biochemical agents to improve crop yields, enhance quality, combat disease and fight pests. The company's lead product, AuxiGro®, is the first yield increasing biochemical to be registered by the California Department of Pesticide Regulation.