Mr. Hay has been instrumental in raising private equity financing for ARC Pharmaceuticals Inc. and ARC Medical Devices Inc. Prior to ARC, Mr. Hay founded and operated a successful accounting firm in Vancouver for more than 20 years. Mr. Hay co-founded ImmGenics Pharmaceuticals Inc. in 1993 and, as Chief Financial Officer, raised ImmGenics’ initial seed capital and subsequent funds. In 2000, Mr. Hay assisted in the sale of ImmGenics to Abgenix, Inc. for approximately CAD 120 million. Mr. Hay was a director of QLT Phototherapeutics Inc. from 1984 to 1988 and was crucial for raising their first seed capital. He was crucial in raising funds for a number of other early stage companies and serves on the board of directors of a number of public and private companies.