Investment Criteria

In Vivo Capital will seek to invest in companies which the Managing General Partner considers display a number of distinguishing characteristics. Characteristics considered as pre-requisites for inclusion in the Fund's portfolio include:

• superior product compared to industry peers, together with an innovation strategy to ensure industry segment leadership
• Ideally the company will have first mover advantage, a fast follower strategy, or a displacive strategy
• experienced management with ability to achieve product goals and share the same strategic vision for the company as investors
• a leading intellectual property position with a low risk of litigation around the investee company's leading products
• complete understanding of the markets in which it operates and a commercial strategy driven by accurate market data and not supposition
• operation in an area that is likely to achieve premium pricing and not to experience pricing pressure post product launch
• financial awareness and an appetite for capital that can be deployed to best effect, coupled with a shareholder-friendly corporate approach