We look at the credibility and dedication of the principal investigators and the uniqueness of their discovery. On the business side, our due diligence covers whether the discovery can be protected through patenting and the potential size of the market the technology is addressing. If the technology can be built into a platform this would rank highly in our evaluation process. The investment will be tranched in accordance with agreed upon milestones and we may decide to undertake a follow-on investment where warranted. Our investments take the form of a convertible debenture.
Flexibility is the key in maximizing the chances for success.
In the latter three approaches the generous Quebec tax credits are utilized to provide non-dilutive financing thereby preserving founders equity. As of May 2001 we had evaluated 75 proposals and selected 14 in which to invest. Overall, the projects target important therapeutic classes such as cancer, pain, inflammation, kidney disease, osteoporosis and leading edge discovery technologies such as genomics, and adult stem cell technologies. Sylvain Chemtob and Krishna Peri of Sainte-Justine Hospital, Montreal. The project focused on new technology that could lead to better management of conditions affecting women's health.