Form of Warrants to purchase Series C Preferred Stock



 EXHIBIT 4.8 
 THIS WARRANT AND THE UNDERLYING SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED
IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO SUCH SECURITIES UNDER THE ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. 

GLOBEIMMUNE, INC. 
 WARRANT TO PURCHASE SERIES C PREFERRED STOCK 
  

			
	No. PW-XX	  	May 14, 2009

 Void After May 14, 2019 

THIS CERTIFIES THAT, for value received,
                    , with its principal office at
                                    , or assigns (the
“Holder” or “Purchaser”), is entitled to subscribe for and purchase at the Exercise Price (defined below) from GLOBEIMMUNE, INC., a Delaware
corporation, with its principal office at 1450 Infinite Drive, Louisville, CO 80027 (the “Company”),
                     shares of Series C Preferred Stock of the Company (the “Preferred Stock”), as provided herein.

 Immediately prior to the closing of the Company’s first firm commitment underwritten public offering of its Common Stock
registered under the Securities Act of 1933, as amended (an “Initial Offering”), this Warrant shall become exercisable for that number of shares of Common Stock of the Company into which the shares of Preferred Stock issuable
under this Warrant would then be convertible, so long as such shares, if this Warrant had been exercised prior to such Initial Offering, would have been converted into shares of the Company’s Common Stock pursuant to the automatic conversion
provisions (or otherwise) of the Company’s Certificate of Incorporation. 
 1.
DEFINITIONS. As used herein, the following terms shall have the following respective meanings: 
 “Exercise Period” shall mean the time period commencing with the date of this Warrant and ending on the later of (i) ten (10) years following the date hereof and
(ii) five (5) years following the closing of the Company’s Initial Offering. 
 “Exercise
Price” shall mean $1.445 per share, subject to adjustment pursuant to Section 5 below. 







 “Exercise Shares” shall mean the shares of the Company’s
Preferred Stock issuable upon exercise of this Warrant, subject to adjustment pursuant to the terms herein, including but not limited to adjustment pursuant to Section 5 below. 

2. EXERCISE OF WARRANT. The rights represented by this Warrant may be
exercised in whole or in part at any time during the Exercise Period, by delivery of the following to the Company at its address set forth above (or at such other address as it may designate by notice in writing to the Holder): 

(a) an executed Notice of Exercise in the form attached hereto; 

(b) payment of the Exercise Price either (i) in cash or by check, or (ii) by cancellation of indebtedness; and

 (c) this Warrant. 
 Upon the exercise of the rights represented by this Warrant, a certificate or certificates for the Exercise Shares so purchased, registered in the name of the Holder or persons affiliated with the Holder,
if the Holder so designates, shall be issued and delivered to the Holder within a reasonable time after the rights represented by this Warrant shall have been so exercised. 
 The person in whose name any certificate or certificates for Exercise Shares are to be issued upon exercise of this Warrant shall be deemed to have become the holder of record of such shares on the date
on which this Warrant was surrendered and payment of the Exercise Price was made, irrespective of the date of delivery of such certificate or certificates, except that, if the date of such surrender and payment is a date when the stock transfer
books of the Company are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding date on which the stock transfer books are open. 

2.1 Net Exercise. Notwithstanding any provisions herein to the contrary, if the fair market value of one share of the
Company’s Preferred Stock is greater than the Exercise Price (at the date of calculation as set forth below), in lieu of exercising this Warrant by payment of cash, the Holder may elect (the “Conversion Right”) to
receive shares equal to the value (as determined below) of this Warrant (or the portion thereof being canceled) by surrender of this Warrant at the principal office of the Company together with the properly endorsed Notice of Exercise in which event
the Company shall issue to the Holder a number of shares of Preferred Stock computed using the following formula: 
 X = Y
(A-B) 
 A 
  

	 	Where  X	= the number of shares of Preferred Stock to be issued to the Holder 


  
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	 Y
	  	=	  	the number of shares of Preferred Stock purchasable under the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being canceled (at the
date of such calculation)
			
	 A
	  	=	  	the fair market value of one share of the Company’s Preferred Stock (at the date of such calculation)
			
	 B
	  	=	  	Exercise Price (as adjusted to the date of such calculation)

 For purposes of the above calculation, the fair market value of one share of Preferred Stock shall be:

 (a) the product of (i) the average daily Market Price (as defined below) during the period of the most recent 10
days, ending on the last business day before the effective date of exercise of the Conversion Right, on which the national securities exchanges were open for trading and (ii) the number of shares of the Common Stock (as defined herein) into
which each Exercise Share is convertible on such date; or 
 (b) if no class of Common Stock is then listed or admitted
to trading on any national securities exchange or quoted in the over-counter market, the fair market value of one share of Preferred Stock shall be as determined in good faith by the Board of Directors of the Company, taking into account the most
recently or concurrently completed arm’s-length transaction between the Company and an unaffiliated third party, the closing of which occurs within the six months preceding or on the date of such calculation, if any. 

If the Common Stock is traded on a national securities exchange or admitted to unlisted trading privileges on such an exchange, or is
listed on the Global Market System (the “Global Market System”) of the Nasdaq, the “Market Price” as of a specified day shall be the last reported sale price of Common Stock on such exchange or on the
Global Market System on such date or if no such sale is made on such day, the mean of the closing bid and asked prices for such day on such exchange or on the Global Market System. If the Common Stock is not so listed or admitted to unlisted trading
privileges, the “Market Price” as of a specified day shall be the mean of the last bid and asked prices reported on such date (x) by the Nasdaq or (y) if reports are unavailable under clause (x) above by the
National Quotation Bureau Incorporated. If the Common Stock is not so listed or admitted to unlisted trading privileges and bid and ask prices are not reported, the “Market Price” as of a specified day shall be determined in
good faith by the Board of Directors of the Company. 
 3. COVENANTS OF
THE COMPANY. 
 3.1. Covenants as to Exercise Shares. The Company covenants and agrees
that all Exercise Shares that may be issued upon the exercise of the rights represented by this Warrant will, upon issuance, be validly issued and outstanding, fully paid and nonassessable, and free from all taxes, liens and charges with respect to
the issuance thereof. The Company further covenants and agrees that the Company will at all times during the Exercise Period, have 

  
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authorized and reserved, free from preemptive rights, a sufficient number of shares of its Preferred Stock to provide for the exercise of the rights represented by this Warrant. If at any time
during the Exercise Period the number of authorized but unissued shares of Preferred Stock shall not be sufficient to permit exercise of this Warrant, the Company will take such corporate action as may, in the opinion of its counsel, be necessary to
increase its authorized but unissued shares of Preferred Stock to such number of shares as shall be sufficient for such purposes. 
 3.2. No Impairment. Except and to the extent as waived or consented to by the Holder, the Company will not, by amendment of its Certificate of Incorporation or through any reorganization, transfer
of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Company, but will at all
times in good faith assist in the carrying out of all the provisions of this Warrant and in the taking of all such action as may be necessary or appropriate in order to protect the exercise rights of the Holder against impairment. 

3.3. Notices of Record Date. In the event of any taking by the Company of a record of the holders of any class of
securities for the purpose of determining the holders thereof who are entitled to receive any dividend (other than a cash dividend which is the same as cash dividends paid in previous quarters) or other distribution, the Company shall mail to the
Holder, at least ten (10) days prior to the date specified herein, a notice specifying the date on which any such record is to be taken for the purpose of such dividend or distribution. 

3.4. Notice of Expiration. If this Warrant has not been fully exercised on or before the date thirty (30) days prior to the
end of the Exercise Period, the Company shall thereafter provide Holder with at least twenty (20) days advance written notice of the date on which this Warrant is to expire. If the Company fails to provide such notice, the Exercise Period shall
be extended until the date thirty (30) days after the date said notice is provided to Holder. 
 4.
REPRESENTATIONS, WARRANTIES AND COVENANTS OF HOLDER. 
 4.1. Acquisition of Warrant for Personal Account. The Holder represents and warrants that it is acquiring the Warrant solely for its account for investment and not with a view to or for sale
or distribution of said Warrant or any part thereof, other than potential transfers between affiliates (including affiliated funds). The Holder also represents that the entire legal and beneficial interests of the Warrant and Exercise Shares the
Holder is acquiring is being acquired for, and will be held for, its account only. 
 4.2. Securities Are Not Registered.

 (a) The Holder understands that the Warrant and the Exercise Shares have not been registered under the Securities Act
of 1933, as amended (the “Act”) on the basis that no distribution or public offering of the stock of the Company is to be effected. The Holder realizes that the basis for the exemption may not be present if, notwithstanding
its representations, the Holder has a present intention of acquiring the securities for a fixed or determinable period in the 

  
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future, selling (in connection with a distribution or otherwise), granting any participation in, or otherwise distributing the securities. The Holder has no such present intention, other than
potential transfers between affiliates (including affiliated funds). 
 (b) The Holder recognizes that the Warrant and
the Exercise Shares must be held indefinitely unless they are subsequently registered under the Act or an exemption from such registration is available. 
 (c) The Holder is aware that neither the Warrant nor the Exercise Shares may be sold pursuant to Rule 144 adopted under the Act unless certain conditions are met, including, among other things, the
existence of a public market for the shares, the availability of certain current public information about the Company, the resale following the required holding period under Rule 144 and the number of shares being sold during any three month period
not exceeding specified limitations. Holder is aware that the conditions for resale set forth in Rule 144 have not been satisfied and that the Company presently has no plans to satisfy these conditions in the foreseeable future. 

4.3. Disposition of Warrant and Exercise Shares. 
 (a) The Holder further agrees not to make any disposition of all or any part of the Warrant or Exercise Shares in any event unless and until: 

(i) The Company shall have received a letter secured by the Holder from the Securities and Exchange Commission stating that no
action will be recommended to the Commission with respect to the proposed disposition; or 
 (ii) There is then in
effect a registration statement under the Act covering such proposed disposition and such disposition is made in accordance with said registration statement; or 
 (iii) The Holder shall have notified the Company of the proposed disposition and shall have furnished the Company with a statement of the circumstances surrounding the proposed disposition;
provided, however, that such statement will not be required if the disposition is permitted under Rule 144 of the Securities Act. 
 (b) The Holder agrees not to sell this Warrant or the Exercise Shares during a period specified by the representative of the underwriters of Common Stock (not to exceed one hundred eighty
(180) days) following the effective date of the initial registration statement of the Company filed under the Act, so long as all officers, directors, and 1% stockholders have executed similar agreements and are similarly restricted from
selling the Company’s stock. 
 (c) Notwithstanding the provisions of paragraphs (a) and (b) above, the
Holder may assign this Warrant and the Exercise Shares to (i) any partner or retired partner of the Holder if Holder is a partnership, (ii) any member or former member of the Holder if Holder is a limited liability company, (iii) any
affiliate, including affiliated funds or (iv) any family member or trust for the benefit of the Holder if the Holder is an individual; provided that the Company is given written notice thereof. 

  
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 (d) The Holder understands and agrees that all certificates evidencing the shares to
be issued to the Holder may bear the following legend: 
 THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “ACT”). THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER THE ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED. 
 5. ADJUSTMENT OF EXERCISE
PRICE; EFFECT OF ORGANIC CHANGES 

5.1. Adjustment of Exercise Price. In the event of changes in the outstanding Preferred Stock of the Company by reason of
stock dividends, splits, recapitalizations, reclassifications, combinations or exchanges of shares, separations, reorganizations, liquidations, or the like, the number and class of shares available under the Warrant in the aggregate and the Exercise
Price shall be correspondingly adjusted to give the Holder of the Warrant, on exercise for the same aggregate Exercise Price, the total number, class, and kind of shares as the Holder would have owned had the Warrant been exercised prior to the
event and had the Holder continued to hold such shares until after the event requiring adjustment. The form of this Warrant need not be changed because of any adjustment in the number of Exercise Shares subject to this Warrant. 

5.2. Reorganization, Reclassification, Consolidation, Merger or Sale. If any recapitalization, reclassification or
reorganization of the capital stock of the Company, or any consolidation or merger of the Company with another corporation, or the sale of all or substantially all of its assets or other transaction shall be effected in such a way that holders of
the Company’s Preferred Stock shall be entitled to receive stock, securities, or other assets or property (an “Organic Change”), then, as a condition of such Organic Change, lawful and adequate provisions shall be made
by the Company whereby the Holder hereof shall thereafter have the right to purchase and receive (in lieu of the shares of the Preferred Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the rights
represented hereby) such shares of stock, securities or other assets or property as may be issued or payable with respect to or in exchange for a number of outstanding shares of such Preferred Stock equal to the number of shares of such stock
immediately theretofore purchasable and receivable upon the exercise of the rights represented hereby. In the event of any Organic Change, appropriate provision shall be made by the Company with respect to the rights and interests of the Holder of
this Warrant to the end that the provisions hereof (including, without limitation, provisions for adjustments of the Exercise Price and of the number of shares purchasable and receivable upon the exercise of this Warrant) shall thereafter be
applicable, in 

  
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relation to any shares of stock, securities or assets thereafter deliverable upon the exercise hereof. The Company will not effect any such consolidation, merger or sale unless, prior to the
consummation thereof, the successor corporation (if other than the Company) resulting from such consolidation or the corporation purchasing such assets shall assume by written instrument reasonably satisfactory in form and substance to the
Holders of a majority in interest of the warrants to purchase Preferred Stock then outstanding, executed and mailed or delivered to the registered Holder hereof at the last address of such Holder appearing on the books of the Company, the obligation
to deliver to such Holder such shares of stock, securities or assets as, in accordance with the foregoing provisions, such Holder may be entitled to purchase. 
 5.3. Certain Events. If any change in the outstanding Preferred Stock of the Company or any other event occurs as to which the other provisions of this Section 5 are not strictly applicable or
if strictly applicable would not fairly protect the purchase rights of the Holder of the Warrant in accordance with such provisions, then the Board of Directors of the Company shall make an adjustment in the number and class of shares available
under the Warrant, the Exercise Price or the application of such provisions, so as to protect such purchase rights as aforesaid. The adjustment shall be such as to give the Holder of the Warrant upon exercise for the same aggregate Exercise Price
the total number, class and kind of shares as he would have owned had the Warrant been exercised prior to the event and had he continued to hold such shares until after the event requiring adjustment. 

6. FRACTIONAL SHARES. No fractional shares shall be issued upon the
exercise of this Warrant as a consequence of any adjustment pursuant hereto. All Exercise Shares (including fractions) issuable upon exercise of this Warrant may be aggregated for purposes of determining whether the exercise would result in the
issuance of any fractional share. If, after aggregation, the exercise would result in the issuance of a fractional share, the Company shall, in lieu of issuance of any fractional share, pay the Holder otherwise entitled to such fraction a sum in
cash equal to the product resulting from multiplying the then current fair market value of an Exercise Share by such fraction. 

7. NO STOCKHOLDER RIGHTS. This Warrant in and of itself shall not entitle the Holder
to any voting rights or other rights as a stockholder of the Company. 
 8. TRANSFER OF
WARRANT. Subject to applicable laws, this Warrant and all rights hereunder are transferable, by the Holder in person or by duly authorized attorney, upon delivery of this Warrant and the form of
assignment attached hereto to any transferee designated by Holder. 
 9. LOST, STOLEN,
MUTILATED OR DESTROYED WARRANT. If this Warrant is lost, stolen, mutilated or destroyed, the Company may, on such terms as to indemnity or otherwise as it
may reasonably impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination and tenor as the Warrant so lost, stolen, mutilated or destroyed. Any such new Warrant shall constitute
an original contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time enforceable by anyone. 

  
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 10. NOTICES, ETC. All notices required or permitted
hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed telex or facsimile if sent during normal business hours of the recipient, if not, then
on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier,
specifying next day delivery, with written verification of receipt. All communications shall be sent to the Company at the address listed on the signature page and to Holder at
             or at such other address as the Company or Holder may designate by ten (10) days advance written notice to the other parties hereto. 

11. ACCEPTANCE. Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the
terms and conditions contained herein. 
 12. GOVERNING LAW. This Warrant and all rights,
obligations and liabilities hereunder shall be governed by the laws of the State of Colorado. 
 [Remainder of Page
Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its duly authorized officer as of May 14, 2009. 
  

			
	GLOBEIMMUNE, INC. 
	
	/s/ Timothy C. Rodell
	Timothy C. Rodell, M.D.
	President and Chief Executive Officer
		
	Address:	 	1450 Infinite Drive
		 	Louisville, CO 80027



  
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 NOTICE OF EXERCISE 
 TO: GLOBEIMMUNE, INC. 

(1)    [ ]     The undersigned hereby elects to purchase
             shares of the Preferred Stock of GLOBEIMMUNE, INC. (the “Company”) pursuant to the terms of
the attached Warrant, and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any. 
     [ ]     The undersigned hereby elects to purchase              shares of the Preferred Stock
of GLOBEIMMUNE, INC. (the “Company”) pursuant to the terms of the net exercise provisions set forth in Section 2.1 of the attached Warrant, and shall tender payment of
all applicable transfer taxes, if any. 
 (2) Please issue a certificate or certificates representing said shares of Preferred
Stock in the name of the undersigned or in such other name as is specified below: 
  

 
 (Name)

  
  

 
  

(Address) 
 (3)
The undersigned represents that (i) the aforesaid shares of Preferred Stock are being acquired for the account of the undersigned for investment and not with a view to, or for resale in connection with, the distribution thereof and that the
undersigned has no present intention of distributing or reselling such shares; (ii) the undersigned is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the Company to reach an
informed and knowledgeable decision regarding its investment in the Company; (iii) the undersigned is experienced in making investments of this type and has such knowledge and background in financial and business matters that the undersigned is
capable of evaluating the merits and risks of this investment and protecting the undersigned’s own interests; (iv) the undersigned understands that the shares of Preferred Stock issuable upon exercise of this Warrant have not been
registered under the Securities Act of 1933, as amended (the “Securities Act”), by reason of a specific exemption from the registration provisions of the Securities Act, which exemption depends upon, among other things, the
bona fide nature of the investment intent as expressed herein, and, because such securities have not been registered under the Securities Act, they must be held indefinitely unless subsequently registered under the Securities Act or an exemption
from such registration is available; (v) the undersigned is aware that the aforesaid shares of Preferred Stock may not be sold pursuant to Rule 144 adopted under the Securities Act unless certain conditions are met and until the undersigned has
held the shares for the number of years prescribed by Rule 144, that among the conditions for use of the Rule is the availability of current information to the public about the Company and the Company has not made such information available and has
no present plans to do so; and (vi) the undersigned agrees not to make any disposition of all or any part of the aforesaid shares of Preferred Stock unless and until there is then in effect a registration statement under the Securities Act
covering such proposed disposition and such disposition is made in accordance with said registration statement, or the undersigned has provided the Company with an opinion of counsel satisfactory to the Company, stating that such registration is not
required. 
  

							
				
	 	 		 		 	 
	(Date)	 		 		 	(Signature)
				
		 		 		 	 
		 		 		 	(Print name)


  
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 ASSIGNMENT FORM 

(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.) 

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced
thereby are hereby assigned to 

Name:                        
                                         
                                         
                                         
                            
 (Please Print) 

Address:                       
                                         
                                         
                                         
                         
 (Please Print) 
 Dated:
                         
 Holder’s 

Signature:                       
                                         
                       

Holder’s 

Address:                        
                                         
                          
 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatever. Officers of
corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant. 

  
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 Schedule to Form of Series C Preferred Stock Warrant 

 

									
	 Warrant
No.
	  	 Name of Warrantholder
	  	 Principal Office
	  	Number of
Shares	 
	 PW-1
	  	Celgene International, Inc.	  	86 Morris Avenue, Summit, NJ 07901	  	 	2,076,125	  
	 PW-2
	  	HealthCare Ventures VII, L.P.	  	44 Nassau Street, Princeton, NJ 08542	  	 	116,586	  
	 PW-3
	  	Morgenthaler Partners, VII, L.P.	  	4430 Arapahoe Ave., Suite 220, Boulder, CO 80303	  	 	116,586	  
	 PW-4
	  	Sequel Limited Partnership III	  	4430 Arapahoe Avenue, Suite 220, Boulder, CO 80303	  	 	66,955	  
	 PW-5
	  	Sequel Entrepreneurs’ Fund III, LP	  	4430 Arapahoe Avenue, Suite 220, Boulder, CO 80303	  	 	1,860	  
	 PW-6
	  	Kappa Investors LLC c/o Wexford Capital LLC	  	Wexford Plaza, 411 West Putman Avenue, Greenwich, CT 06830	  	 	67,346	  
	 PW-8
	  	Medica III Investments (International) L.P.	  	POB 2206, Herzlia, Israel 46120	  	 	20,284	  
	 PW-9
	  	Medica III Investments (Israel) L.P.	  	POB 2206, Herzlia, Israel 46120	  	 	7,372	  
	 PW-10
	  	Medica III Investments (S.F.) L.P.	  	POB 2206, Herzlia, Israel 46120	  	 	8,024	  
	 PW-11
	  	Medica III Investments (P.F.) L.P.	  	POB 2206, Herzlia, Israel 46120	  	 	4,309	  
	 PW-12
	  	Medica III Investments (Israel) (B) L.P.	  	POB 2206, Herzlia, Israel 46120	  	 	10,426	  
	 PW-13
	  	Poalim Medica III Investments L.P.	  	POB 2206, Herzlia, Israel 46120	  	 	9,607	  
	 PW-14
	  	Adams Street V, L.P.	  	c/o Adams Street Partners, LLC, One North Wacker Drive, Suite 2200, Chicago, IL 60606	  	 	35,477	  
	 PW-15
	  	PAC-LINK BioVentures I	  	16F, 2, Sec.2, TunHwa South Rd., Taipei, Taiwan	  	 	20,214	  
	 PW-16
	  	Celgene International, Inc.	  	86 Morris Avenue, Summit, NJ 07901	  	 	20,203	  
	 PW-17
	  	Richard King Mellon Foundation	  	P.O. Box 945, Ligonier, PA 15658	  	 	10,102	  
	 PW-18
	  	Mellon Family Investment Company V	  	P.O. Box RKM, Ligonier, PA 15658	  	 	10,102	  
	 PW-19
	  	Grand Cathay Venture Capital III Co., Ltd.	  	3F., No. 245, Tun Hua S. Road, Sec. 1, Taipei 106, Taiwan	  	 	7,088	  
	 PW-20
	  	Grand Cathay Venture Capital Co., Ltd.	  	3F., No. 245, Tun Hua S. Road, Sec. 1, Taipei 106, Taiwan	  	 	4,050	  
	 PW-21
	  	Biogen Idec MA, Inc.	  	5200 Research Place, San Diego, CA 92122	  	 	10,142	  
	 PW-22
	  	Eminent Venture Capital Corp.	  	Room A, 28F., No. 7, Sec.5, Xinyi Rd., Xinyi District, Taipei City 110, Taiwan	  	 	10,102	  
	 PW-23
	  	Yed Global Lifescience I Partnership	  	c/o Yasuda Enterprise Development Co., Ltd., Kojimachi 4chome Kyodo Bldg., 9F, 2-7, 4-chome, Kojimachi, Chiyoda-ku, Tokyo 102-0083 Japan	  	 	10,107	  
	 PW-24
	  	Partners Healthcare System Pooled Investment Accounts	  	101 Merrimac Street, 4th Floor, Boston, MA 02114	  	 	2,532	  
	 PW-25
	  	Washington Research Foundation	  	2815 Eastlake Avenue East, Suite 300, Seattle, WA 98102	  	 	2,020	  
	 PW-26
	  	GC&H Investments, LLC	  	101 California Street, 5th Floor, San Francisco, CA 94111-5800	  	 	648	  
	 PW-27
	  	Lilly Ventures Fund I LLC	  	115 West Washington Street, South Tower, Ste 1680, Indianapolis, IN 46204	  	 	50,684	  
	 TOTAL:
	  		  		  	 	2,698,951	  


  
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