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Success StoriesNuPathe Pharmaceuticals, Inc.In 2006, Ben Franklin began seeding NuPathe with the company’s fi rst institutionalcapital. NuPathe develops and commercializes therapeutics for diseases of thecentral nervous system, including neurological and psychiatric disorders. Overthe years, Ben Franklin invested $750K into CEO Jane Hollingsworth’s vision andplan. In 2010, NuPathe completed one of the nation’s few IPOs, raising morethan $50M to develop a revolutionary transdermal migraine patch. NuPathe hasexpanded from three to more than twenty employees since Ben Franklin’s fi rstinvestment, and is poised for strong growth.www.nupathe.comBoomi, Inc.In 2002, Ben Franklin invested $250K in Boomi to develop its advanced cloudcomputing system. The company raised its only venture fi nancing in 2008, with$4M from FirstMark Capital. This year, Boomi was acquired by Dell Computerto enhance its software networking suite. The company has grown from three tomore than forty employees since Ben Franklin fi rst invested.www.boomi.comMorphotek, Inc.In 2000 and 2001, Ben Franklin invested $200K of seed capital in Morphotek, andprovided extensive business and technical assistance to the new company. In2007, the region celebrated as Morphotek was acquired by Eisai Co. for $325M.In 2009, Morphotek began construction on an $80M, 60,000 sq. ft. pilotmanufacturing plant to develop drugs for clinical trials. Today the biopharmaceuticalcompany is focused on the discovery and development of therapeutic antibodies forthe treatment of cancer, infl ammatory and infectious diseases. Morphotek has grownfrom four to more than 100 employees since Ben Franklin fi rst invested.www.morphotek.com$140M + in follow-on fundingwas raised by our portfoliocompanies in FY’10.7

CapitalFY’10 Company Investment ApprovalsAchieve X, LLC-Montgomery CountyAdvanced MobileSolutions-Chester CountyAklero RiskAnalytics, Inc.-Montgomery CountyBioNanomatrix-Philadelphia CountyBuLogics, Inc.-Philadelphia CountyCeeLite®Technologies, LLC-Montgomery CountyClear Align, LLC-Montgomery CountyClickEquations, Inc.-Montgomery CountyCogniPower, LLC-Chester CountyCommunityEnergy, Inc.-Delaware CountyDocumentDepositoryCorporation-Philadelphia CountyEyeIC, Inc.-Montgomery CountyFirst Flavor, Inc.-Montgomery CountyGladstoneAssociates, LLC-Montgomery CountyGreenPhire, Inc.-Montgomery CountyInnovaMaterials, LLC-Philadelphia CountyJenrinDiscovery, Inc.-Chester CountyListenLogic, LLC-Montgomery CountyMolecularDetection, Inc.-Chester CountyOxiCool, Inc.-Philadelphia CountyQuantaTechnologies, Inc.-Chester CountyQuantason, LLC-Philadelphia CountyReal TimeTomography, LLC-Montgomery CountySideCar-Philadelphia CountySpectrum DevicesCorporation-Montgomery CountySRS Energy-Philadelphia CountyTopazPharmaceuticals,Inc.-Montgomery County8

KnowledgeGetting Ideas To Market…FasterBen Franklin’s Technology Commercialization Group (TCG) brings creative enterprises together with regionalresources to get products to the marketplace faster.For FY’10, TCG increased its TechnologyCommercialization Funding to up to $50K percompany. The Technology CommercializationFund helps clients solve product developmentand commercialization challenges by workingwith the university, public and private partnersthat comprise our 20 + member TechnologyCommercialization Network. Projects includedevelopment of scalable prototypes, productvalidation, and product fi eld testing.TCG facilitated and funded thetechnology development work of 15companies in FY’10If the Technology Commercialization Group had been there...MARCONI MAY HAVE GONE WIRELESS, SOONER.FY’10 Technology Commercialization Group ApprovalsAdvent Design Corp.-Bucks CountyFeta Med, Inc.-Montgomery CountyOxiCool, Inc.-Philadelphia CountyStealth Marketing-Chester CountyAE Polysilicon-Bucks CountyBrain ComputerInterface-Bucks CountyGridplexNetworks, LLC-Delaware CountyLife Sensors, Inc.-Chester CountyProgenra-Chester CountyReniguard LifeSciences, Inc.-Bucks CountyUtility CompositeSolutions, Inc.-Delaware CountyZ&S Machinery-Chester CountyCityRyde Inspire-Philadelphia CountyNovathermalEnergy-Philadelphia CountyStabilizOrthopaedics-Montgomery County9

KnowledgeBen Franklin Commercialization SolutionsBen Franklin Commercialization Solutions lets companieschoose the right mix of products and services needed tosucceed. Our products span the continuum from Assessment toCommercialization to Capital, and are designed to address thedifferent requirements of early-stage companies as well asmature enterprises.TCG’s university technologycommercialization partnershipsleveraged $9M for companies in FY’10.Assessment Commercialization Capital• Technology• Market• Intellectual Property• Product Design• Manufacturing• Market Entry• Direct $• Federal $• CommercializationPartnership $• Federal ProposalDevelopment SupportTechnology Commercialization Network MembersBucknell UniversityCITECHDelaware Valley CollegeDrexel UniversityETACFox ChaseInstitute for Hepatitisand Virus ResearchLankenau Institute forMedical ResearchLaSalle UniversityLehigh UniversityLincoln UniversityNorthhamptonCommunity CollegeNova ScreenBiosciences CorporationPA College ofTechnologyThe Pennsylvania StateUniversityPhiladelphia UniversityRutgers UniversityTemple UniversityThomas JeffersonUniversityUniversity ofPennsylvaniaUniversity of theSciences in PhiladelphiaVillanova UniversityWest Chester Universityof PennsylvaniaWidener UniversityThe Wistar Institute10

Why Ben Franklin?Our focus and expertise is technology companies only.We don’t do anything else – and we know technologycommercialization like no one else.Our experience spans all areas of technology:Information Technology, Life Sciences, Alternative andClean Tech and other Physical Sciences.Our connection to experts from more than 20 regionalcolleges, universities and research institutions, coupledwith our network of private technology and businesspartners, provides access to real-world problem solvers.We can step in to address the practical aspects of takingyou from drawing board to marketplace – much fasterthan if you go it alone.Success StoryCityRydeCityRyde is a bike share consultancy company providing all the tools needed todevelop and launch a bike sharing program, from the earliest stages of planning tothe fi nal implementation. The company developed Inspire, a software program thattaps Carbon Credits calculated by emissions saving software and methodology.In 2010, Ben Franklin invested $50K in CityRyde through the TechnologyCommercialization Fund to fi nalize its software with programming partners.www.cityryde.com11

KnowledgeCommercialization ConsortiaBuilding on unique regional assets, Ben Franklin partners to create new platforms and technology developmentconsortia for enterprise formation, strategic partnerships and economic growth.The Pennsylvania Advanced Textile Research and Innovation CenterIn 2009, Philadelphia University, Drexel University and Ben Franklin created thePennsylvania Advanced Textile Research and Innovation Center (PATRIC).PATRIC provides leading-edge expertise to test, develop and create advancedtextiles that support industrial development and growth in a range of biological andtechnological applications. The Center secured $1.2M from Pennsylvania’s BenFranklin Technology Development Authority.www.philau.eduEW TWater and EnvironmentalTechnology CenterWater & Environmental Technology Center and PennsylvaniaEnvironmental Technologies for the Pharmaceutical Industry ProgramIn 2009, Temple University launched the Pennsylvania EnvironmentalTechnologies for the Pharmaceutical Industry (PETPI) program, designedto create a worldwide hub for research and development focused on the greenmanufacture of medicines. Ben Franklin is a founding partner in the program,which secured $1.6M from Pennsylvania’s Ben Franklin Technology DevelopmentAuthority. PETPI is part of the Water & Environmental Technology (WET)Center, a National Science Foundation (NSF) Industry/University CooperativeResearch Center (I/UCRC ). Ben Franklin is the marketing arm for PETPI andWET, and is identifying company partners.www.temple.edu/engineering/wetPennsylvania Green Growth PartnershipThe Pennsylvania Green Growth Partnership (PAGGP) links industry,universities, economic development groups and non-profi ts to solidify and advancethe Commonwealth’s position as a national leader in the rapidly emerging greenbuilding marketplace. Ben Franklin joined Philadelphia University to launch thePartnership in 2000, before green technology was high on the region’s agenda.The Partnership now includes Temple University, Villanova University and thePittsburgh Green Building Alliance. The PAGGP has assisted more than150 companies.www.paggp.org12

Regional Technology Transfer PartnershipsCoulter Commercialization Fund at Drexel UniversityThe Coulter Commercialization Fund accelerates the commercialization ofbiomedical discoveries at Drexel University. Ben Franklin provides follow-onfunding and support to select translational stage projects to create new companiesand licensing opportunities.www.biomed.drexel.eduThe University City Science Center’s QED Proof-of-ConceptFunding ProgramThe QED Program provides business development support and funding foracademic researchers developing early-stage life science technologies withhigh commercial potential. Ben Franklin provides technology advising for QEDproject selection.www.sciencecenter.orgDrexel University’s Health Innovation Partnership (HIP)Drexel University’s Health Innovation Partnership (HIP) provides funding foracademic researchers developing and commercializing early-stage technologies.www.drexel.eduFox Chase Cancer Center’s Innovators FundFox Chase Cancer Center’s Innovators Fund provides funding for acceleratingthe commercialization of regional technologies.www.fccc.eduInnovation Partnership (IPART)This year Ben Franklin helped secure $6.3M for 15 companies through thestatewide Innovation Partnership (IPART) program. This refl ects a 27% successrate, which is twice the national average. IPART provides company assistance inthe preparation of SBIR/STTR federal grant proposals.www.innovationpartnership.net13

NetworksMobilizing the Region Around the Next Big IdeaTwenty-eight years ago, Ben Franklin seeded companies andpartnerships in southeastern Pennsylvania’s emerging biotechnologyindustry. It became the region’s fastest growing technology sector.TechnologyIn the 1990s we focused on the Internet revolution.In 2000, we partnered to bring focus to new opportunities inNanotechnology.Today we are working to grow the region’s Alternative Energyand Clean Technology sector.CapitalPhysicalTwenty-eight years of hands-on experience has proven theimportance of strong networks to sustainable economic growth. BenFranklin works with others across the region to develop and integrate ethe region’s Capital, Physical, Social and Technology networks.SocialCapital NetworksEmerald Stage2 VenturesEmerald Stage2 is a venture fund formed under the leadership of Ben Franklinto address the need for early-stage venture capital in information technologycompanies across PA and the Mid-Atlantic region. In FY’09, Emerald Stage2closed a $15M investment round. The fund has invested in seven companiesthus far, two of which are Ben Franklin portfolio companies.www.s2vc.comDreamIt VenturesDreamIt is a boot-camp entrepreneurial program for start-up companies launchedby veteran IT investors. DreamIt launched 14 companies in 2010. Ben Franklin is afounding sponsor and investor in the program.www.dreamitventures.comMid-Atlantic Angel Group Fund I & IIMid-Atlantic Angel Group (MAG) I and II early-stage angel investment funds arehoused and supported by Ben Franklin. In 2010, the new MAG II fund closed a$4.8M funding round. MAG I has invested in a total of $4.3M in eleven companies.www.magfund.com14

Capital Networks (continued)Minority Angel Investor NetworkCreated by Ben Franklin, the Minority Angel Investor Network is the fi rstorganized group of private investors focused solely on high-growth, minority-ownedor led companies. The Minority Angel Investor Network has made investments in atotal of ten companies, including two in 2010.www.minorityangelinvestornetwork.comPhysical NetworksBuilding 100 Innovation CenterBuilding 100 Innovation Center is Greater Philadelphia’s new hub for innovation,entrepreneurship, ingenuity and business growth. A partnership among BenFranklin, DVIRC and Philadelphia Industrial Development Corporation (PIDC),Building 100 Innovation Center expands on The Navy Yard’s historic and revitalizedstrengths in physical and engineering sciences, creating new momentum topropel innovation through the region’s leadership in energy, nanotechnology,communications and advanced manufacturing.Pennsylvania Biotechnology Center of Bucks CountyThe Pennsylvania Biotechnology Center of Bucks County was launched by theHepatitis B Foundation, Delaware Valley College and Drexel University in 2006, witha focus on research and entrepreneurship. Ben Franklin supported the developmentof the Center and is a primary partner. In the 1990s Ben Franklin helped to createthe precursor “Ben Franklin Innovation Center” with the Center’s founder,Dr. Timothy Block. Today the Center is home to more than 25 companies.www.pabiotechbc.orgBridge Business CenterBen Franklin partnered with the Bridge Business Center, Keystone RedevelopmentGroup, Bucks County Community College, Delaware Valley College, DrexelUniversity, DVIRC and industrial partners in Bucks County to create a node ofcompany incubation and workforce development. Bridge is focused on bio-energydevelopment and advanced alternative energy related manufacturing. The complexis part of a $30M redevelopment of a former Rohm & Haas facility.www.bridgebusinesscenter.com15

NetworksSocial NetworksBasecamp Business CalendarBasecamp Business partnered to unify the region’s entrepreneurial community bycreating the Basecamp Business Calendar, highlighting extensive networking events,conferences and seminars. Ben Franklin is a founding sponsor of the Calendar,along with Greater Philadelphia Alliance for Capital and Technologies (PACT),Select Greater Philadelphia and The University City Science Center.www.sep.benfranklin.org/eventsAdvisory CommitteesBen Franklin’s 100+ Advisory Committee members enable us to bring theregion’s extensive scientifi c, technical, business and investment talent to ourclients and partnerships. The Advisory Committee members are vital to ourmission, expanding communication and linking technology development andresources throughout the region’s innovation community. (Listed on page 24).Online Social NetworksJoin Ben Franklin’s growing online social networks on Facebook, LinkedIn andTwitter, where we share funding, client and partner news.NewslettersBen Franklin publishes the Investment Report, Nano News, Power Valley Newsand the statewide KEYnotes regularly throughout the year, highlighting newinvestments, client successes and regional news.Key EventsFederal Reserve Chairman Bernanke Visits Ben FranklinIn May, Federal Reserve Chairman Ben Bernanke, Philadelphia FederalReserve President Charles Plosser and a national delegation visited BenFranklin at its headquarters in the Building 100 Innovation Center at The NavyYard. RoseAnn B. Rosenthal, President & CEO of Ben Franklin, spoke withChairman Bernanke regarding the importance of entrepreneurial investment andtechnology commercialization to the nation, and the role they play in creating thejobs that will fuel our economic recovery.16

Key Events (continued)2010 Almanack Early Stage Venture ShowcaseIn May, we held our fourth annual Almanack Early Stage Venture Showcase.This year we partnered with the Greater Philadelphia Venture Investors (GPVI).A total of 19 companies from both organizations presented to a select group ofmore than 70 venture capital and angel investors.2010 Discovery to Commercialization NTI & ECI ConferenceIn October, more than 150 people attended the fourth annual Discovery toCommercialization conference, focused on nanotechnology commercializationas it relates to biotechnology and energy. The conference was hosted by TheNanotechnology Institute (NTI) and the Energy Commercialization Institute (ECI),multi-institutional partnerships created to develop and commercialize technologythrough translational research and sponsored research funding.17

NetworksTechnology NetworksThe Nanotechnology Institute TMIn FY’10, The Nanotechnology Institute TM (NTI) was re-funded with $1.5M from theCommonwealth of Pennsylvania. Ben Franklin, The University of Pennsylvaniaand Drexel University created the NTI in 2000 to coalesce the region’s effortsaround this important technology. This technology powerhouse is the region’sfi rst multi-institutional partnership created to accelerate nanotechnologycommercialization and company formation. The NTI has supported thedevelopment of more than 357 Intellectual Property assets, created more than22 companies, executed 35 technology licenses, and attracted more than $200Min public and private investment to the region. The NTI is funded by PA’s BenFranklin Technology Development Authority.www.nanotechinstitute.orgPartner Program SupportBen Franklin actively advises and supports numerous technology andbusiness support programs led by our partners throughout the region.The University City Science Center is leading the Regional AffinityIncubation Network (RAIN), partnering regional research parks andbusiness incubators to enhance technology-led economic developmentinitiatives. Ben Franklin also supports Greater Philadelphia’s Science,Technology, Engineering and Mathematics (STEM) initiative ledby DVIRC, Philly Startup Leaders (PSL), iPraxis and Allianceof Women Entrepreneurs (AWE) women’s business and investornetwork. We also serve on the board of directors for the GreaterPhiladelphia Alliance for Capital and Technology (PACT), GreaterPhiladelphia World Trade Center (GPWTC), and Network forTeaching Entrepreneurship (NFTE).18

EnergyPower Valley Partners (continued)In Bucks County, Ben Franklin partnered with the Bridge Business Center, Keystone Redevelopment Group,Bucks County Community College, Delaware Valley College, Drexel University, DVIRC and industrial partnersto create a node of company incubation and workforce development. The Center focuses on bio-energydevelopment and advanced alternative energy related manufacturing.The Energy Commercialization Institute(ECI) awarded $760K for company technologycommercialization and translational research witharea universities. In 2009, Drexel University,the University of Pennsylvania, Penn StateUniversity and Ben Franklin established theECI with funding from Pennsylvania’s Ben Franklin Technology Development Authority. The ECI partnered withPhiladelphia University, Temple University, Villanova University, and Widener University to become the region’sfi rst university-based energy commercialization partnership. ECI was re-funded with $1M from the Commonwealthof Pennsylvania in early 2011.The Greenworks Pilot Energy TechnologyProgram (G-PET) funded three companies toconduct real-world pilots of their products. G-PETwas developed by the City of Philadelphia andimplemented in partnership with the PhiladelphiaIndustrial Development Corporation and BenFranklin with funding from the U.S. AmericanRecovery and Reinvestment Act.In 2010, Ben Franklin awarded a total of $200K to four companies through its Alternative and Clean EnergyTechnology Development and Commercialization Initiative (ACED), funded by the U.S. Department ofEnergy. The funds were used to develop and bring to market new alternative and clean energy technologies,creating high-tech jobs and strengthening Pennsylvania’s economy.Ben Franklin is a member of numerous committees and teams designed to Power Up The Region, including theCity of Philadelphia’s Sustainability Advisory Board and Solar City Partnership, and the Cleantech AllianceMid-Atlantic (CAMA). Ben Franklin supports Select Greater Philadelphia’s efforts to market our region asfertile ground for alternative energy and clean technology companies to launch, relocate and expand.20

Greater Philadelphia Innovation Cluster forEnergy Efficient BuildingsIn 2010, the Greater Philadelphia region celebrated the award of nearly $130M from the U.S. DOE and otherfederal agencies to create the Greater Philadelphia Innovation Cluster (GPIC) for Energy Efficient Buildingsat The Navy Yard Clean Energy Campus.GPIC is a fi rst-of-its-kind national energy hub devoted to increasing the energy effi ciency of new and existingbuildings. Its comprehensive approach addresses issues of research, development and commercialization viaestablished manufacturers, emerging enterprises, collaborative intellectual property management, workforce andeducation, and public policy. GPIC will stimulate private investment, job creation and economic growth.GPIC was awarded from a selective national competition as a benchmark for regional innovation clusterpartnerships, representing more than 90 public, private and academic members. Penn State University isleading GPIC, along with the Philadelphia Industrial Development Corporation (PIDC), Ben Franklin, DVIRCand the Wharton SBDC.Ben Franklin is proud to lead the Intellectual Property management and commercialization work for GPIC, and willmanage the outreach to companies and entrepreneurs.www.gpichub.org21

Board of DirectorsMichael Aronson (**)Managing PartnerMentorTech VenturesThomas M. Balderston (*) (**)BFTP/SEP Treasurer& Finance Committee ChairmanPresident, Balderston Capital, LLCJoseph Bordogna, Ph.D.Professor of EngineeringUniversity of PennsylvaniaWalter W. Buckley III (*)Co-Founder, CEO & ChairmanInternet Capital GroupJohn C. CarrowCarrow ConsultingAlan J. Cohn (**)BFTP/SEP Finance CommitteeVice ChairmanPresidentSage Financial GroupWalter D’Alessio (*)BFTP/SEP Vice ChairmanVice ChairmanNorthMarq Capital, Inc.Judith E. Erwin (**)Executive Vice President& Founder Square 1 BankBrenda D. Gavin, D.V.M.BFTP/SEP SecretaryManaging PartnerQuaker BioVenturesMichael J. Heller (*)Chair of Business LawCozen O’ConnorOsagie O. Imasogie, Esq.Senior Managing PartnerPhoenix IP VenturesKef KasdinGeneral PartnerBattelle Ventures &Innovation Valley PartnersRobert E. Keith, Jr. (*)BFTP/SEP ChairmanManaging General PartnerTL VenturesAnil (Bob) KothariSenior Vice PresidentInternet Capital GroupKenneth G. Lawrence(Former) ChairmanPECO Energy CompanyPeter S. Linder (*)Chairman of the ExecutiveCommittee of the MAG FundJohn A. LoftusManaging DirectorInternet Capital GroupAshley A. McEvoyWorldwide PresidentEthicon, Inc.Ami MironPresidentA.M. PartnersCharles M. Robins (*)Managing DirectorFairmount Partners, Inc.RoseAnn B. RosenthalBFTP/SEP President & CEOAnthony Santomero, Ph.D. (**)(Former) PresidentFederal Reserve Bank ofPhiladelphiaStephen Spinelli, Jr., Ph.D.PresidentPhiladelphia UniversityStanley Silverman (**)PresidentHorizon Venture Group, LLCBruce TollVice ChairmanToll Brothers, Inc.Stephen ZarrilliSenior Vice President & CFOSafeguard Scientifi cs, Inc.* Members of Executive Committee** Members of Finance Committee22

StaffSenior ManagementRoseAnn B. RosenthalPresident & CEOAdare McMillan, CPAChief Administrative Offi cer& Assistant TreasurerTerrence H. HicksVice PresidentInvestment Group& Assistant SecretaryAnthony P. Green, Ph.D.Vice PresidentTechnology Commercialization:Life SciencesJames J. GambinoVice PresidentTechnology Commercialization:Physical SciencesInvestment GroupAlan R. KrausDirector of InvestmentsInformation TechnologyMark deGrandpre, Ph.D.Director of InvestmentsPhysical SciencesJennifer H. HarttDirector of InvestmentsLife SciencesGloria SanchiousProject CoordinatorMelanie FormanAssociateAdministrativeServices GroupEarline B. WilliamsControllerThomas DelGuercioDirectorInformation ServicesRichard C. WellsManagerHuman Resources & OperationsCynthia BanaszakManagerAccountingVenis DanielsExecutive Assistant to thePresident & CEOStacy HalasaGrant AnalystAnthony LisacchiStaff AccountantTristan LyLoan AnalystElaine FultonReceptionist & HumanResources AssistantAnnMarie RutherfordOffi ce AssistantMarketing &CommunicationsJaron J. RhodesManagerJason G. HeritageGraphic Design &Marketing CoordinatorYvette MoodyMarketing/ExecutiveOffi ce AssistantTechnologyCommercializationGroupSalvatore J. Pace, Ph.D.ManagerRichard P. Thompson, P.E.ManagerJames R. Woods, Ph.D.ManagerKhalilah Mangum-ParhamAdministrative AssistantProgram Analysis &DevelopmentDavid L. Cohen, AICPManagerPaul KarosasDatabase AnalystFrederic J. StrawbridgeResearch Analyst23

Advisory CommitteesLife SciencesInvestment AdvisoryCommitteeJames A. DatinSafeguard Scientifi cs, Inc.Ezra FelkerNuPathe, Inc.Brian Halak, Ph.D.Domain AssociatesKaren Hong, Ph.D.ProquestPaul Karl Horan, Ph.D.Elaine Jones, Ph.D.Pfi zer, Inc.Hyman R. Kahn, M.D.Frank Lexa, M.D.Wharton Business SchoolUniversity of PennsylvaniaSandy MatalonisIroko Pharmaceuticals, LLCMeryle J. Melnicoff, Ph.D.The Wistar InstituteJohn MoranRobin Hood VenturesJennifer Miller, Esq.Ballard SpahrThomas A. OlenzakFountainhead VenturesJohn ParkCardinal Health PartnersMatt Rieke, M.D.Quaker BioVenturesGregory J. Rice, Esq.High Road ConsultingDavid TwerskyRobin Hood VenturesTracy WarrenBattelle Ventures, LPLife SciencesTechnologyAdvisory CommitteeBill Bosch, Ph.D.iCeutica, Inc.George DytkoGDLin Consultants, LLCGreg DiRusso, M.D.Bristol-Myers SquibbRobert B. McGrath, Ph.D.Drexel UniversityBanu Onaral, Ph.D.Drexel UniversityRuth E. Perry, M.D.Philip Sass, Ph.D.Morphotek, Inc.Todd S. Ranheim, Ph.D.MerckS. Anne Shehab, Ph.D.Paul M. Simon, Ph.D.Elliot Sloane, Ph.D.Villanova UniversityGretchen L. Temeles, Ph.D.Duane Morris, LLPMargaret A. Wheatley, Ph.D.Drexel UniversityA. Sami Saribas, Ph.D.Temple UniversityInformationTechnologyInvestmentAdvisory CommitteeJeffrey P. BodleMorgan, Lewis & Bockius, LLPAlfredo BorattoGlen R. BressnerOriginate VenturesColey BrownRobin Hood VenturesWilliam C. Dunkelberg, Ph.D.Fox School of Business andManagement Temple UniversityColin EvansSandwith Ventures, LLCJoe FalkensteinNJTC Venture FundKaren Griffith-GrygaMid-Atlantic Angel Group IIEdward T. HarveyDelaware CrossingSteven D. HobmanNew Spring CapitalLarry HollinArch Street AdvisorsBoris M. KalandarMentorTech VenturesMichael KaneKestrel Asset ManagementKevin KemmererSafeguard Scientifi cs, Inc.Michael A. KopelmanEdison Venture FundVincenzo La RuffaSusquehanna Growth Equity24

Sherry Olin LemonickSherry Lemonick, LLCNathaniel LentzOsage PartnersShoshana K. Loeb, Ph.D.Telcordia Technologies, Inc.Bruce LuehrsEmerald Stage2 VenturesDaniel McKinneyNextStage CapitalDavid Noteware, Esq.Douglas R. PetilloNavigant VenturesSaul RichterEmerald Stage2 VenturesEdward F. Sager, Jr.Mentor Capital Partners, Ltd.Vincent J. SchiavoneeStudioKathleen Shay, Esq.Duane Morris, LLPDarren WallisGuggenheim Venture PartnersInformationTechnologyTechnical AdvisoryCommitteeCraig E. ConwayTransaction Network ServicesGrant DavisElementumDavid FamolariGoodCompany VenturesRichard GallagherYellowbookRichard GenzerMike GoetterLonzaThomas F. Goldman, Esq.David L. HousemanEducation Management SolutionsMunir Mandviwalla, Ph.D.Fox School of Business andManagement Temple UniversitySteven P. MelickRobert A. Pressman, Esq.Bramson & PressmanJustin Yuan Shi, Ph.D.Temple UniversityAron Starosta, Ph.D.EvoTxThomas J. UngerISMGArthur Warady, Esq.Sheffi eld 57Paul Weinberg, Ph.D.Fox School of Business andManagement Temple UniversityPhysical SciencesInvestment AdvisoryCommitteeDavid A. AbramsSpartan Organization, Inc.Alain F. Bouruet AubertotDaniel N. CalderVolpe and Koenig, P.C.Tama CopemanAlcyone*7Hal CraigTrout Creek Consulting, LLCThomas P. DwyerBlank Rome, LLPSteve N. EconomouCurtis FinancialPat J. Foley, Jr., Ph.D.Innovation Ventures, L.P.Andrew HamiltonMorgan, Lewis & Bockius, LLPStephen W. Harris, PartnerMidCoast Capital/TDHRichard N. HudockDilworth Paxson, LLPArthur L. HudsonStephen J. KellyThe Kelly GroupBob KotanchikEdward E. LiebertLiebert Strategic InvestmentsSteven L. LudmererLudmerer & Associates, LLCWilliam B. MooreStrategic Consulting ServicesJames MurdockEndless Pools, Inc.Anthony B. ParisiWeston Solutions, Inc.Conrad OgletreeDavid OppenheimerKevin O’SullivanCrowe Horwath, LLPLouis M. RappaportBlank Rome, LLPDonald C. ReillyMark Robinson, Ph.D.AmetekEdward F. Sager, Jr.Mentor Capital Partners, Ltd.Roger T. SheftelRhoads Financial, Inc.25

Advisory CommitteesRobert F. Small, CPARobert Small & Associates, LLCWade W. Smith, P.E.Wellspring WirelessSteve TalisDan WishnickSiemens Industry, Inc.Jack S. WisniewskiJW CompanyBrian C. Yerger, CFAAERCA AdvisorsPhysical SciencesTechnical AdvisoryCommitteeMarc Besser, Ph.D.Thomas Jefferson UniversityDr. William J. BiterNewman Bortnick, Ph.D.Daryl S. Boudreaux, Ph.D.Russell J. Composto, Ph.D.University of PennsylvaniaTama CopemanAlcyone*7Douglas D. HackettGriffi n TechnologiesRichard HacherlArthur L. HudsonPamela Jordan-FarrDSP SystemsStephen Johnson, Ph.D.Wyeth PharmaceuticalsKarl M. KrausHarry Mazurek, Ph.D.Cooper University HospitalMichael Mendolia, Ph.D.SRS EnergyAmir Metry, Ph.D.Kris Radhakrishnan, Ph.D.Villanova UniversityWilliam A. RobertsBrett RosenRatnerPrestiaJorge Santiago, Ph.D.University of PennsylvaniaPritpal Singh, Ph.D.Villanova UniversitySom Tyagi, Ph.D.Drexel UniversityDue DiligenceReviewers &Portfolio ManagersMargie BeardLaurie J. Burstein-MaxwellDartmouth Strategic AdvisorsJuan ColinaColina ManagementConsulting Group, Inc.Mary Ellen CronkA William Dana, CPAStanley B. DissonMartin E. Gilligan, Jr.Martin & AssociatesCheryl HazeDon HellerPamela HicksVenturesources, Inc.Robert G. KotanchikMaterial Growth Partners, LLCKarl M. KrausClifford M. LavinC Squared, Inc.Jeffrey Martini, Ph.D.Larissa MilneJoseph F. (Jef) Morrow, Jr.Peter MortonAdam S. MoskowEntrepreneurial Consulting, LLCLawrence E. Portnoff, CPAIntegrated FinancialResources, Inc.Jules M. SeshensLester ShudaPost Destiny, Inc.Eric S. SiegelSiegel Management Co.Paul M. Simon, Ph.D.Augmenta Bilogicals, LLCAron StarostaHarry TankinNew Era Partners, LLCEllen ThompsonDr. Jean K. WilcoxNenko AdvisorsInternational, LLCMichele A. Zujkowski26

Power ValleyAdvisory CommitteeMark Barteau, Ph.D.University of DelawareMichael BevanElement PartnersPaul BonneyPECO Exelon CompanyJoseph Bordogna, Ph.D.University of PennsylvaniaSteven BoylePJMKevin P. BrownHobbs & Towne, Inc.John CarrowCommittee ChairCarrow ConsultingMichael CuneoMid-Coast CapitalBen DuPontyet2.comThomas DwyerBlank Rome, LLPKen GeislerSiemensDan GriffithsOffi ce of Energy &Technology Development, PAAndrew HamiltonMorgan Lewis & Bockius, LLPKen HaywardRedLassoAndrew KompanekAir Products and Chemicals, Inc.Ken LawrencePECO Energy Company(Retired)John A. LoftusInternet Capital GroupAnthony Lowman, Ph.D.Drexel UniversityJoseph M. MankoKatcher & Fox, LLPJames MarshLockheed MartinThomas MorrSelect Greater PhiladelphiaThomas MuldoonPhiladelphia Convention &Visitors BureauKenneth PolkAmerican Chemical SocietyAndrew Rappe, Ph.D.University of PennsylvaniaTom RichardPenn StateCharles M. RobinsFairmount Partners, Inc.Glen ThomasGT Power Group, LLCTom TuffeyPennFUTURETara L. WeinerDeloitte, LLCPat WoodyNAVSEAAudrey ZibelmanViridity, LLCTechnologyCommercializationGroup AdvisoryCommitteeKenneth Blank, Ph.D.Northeastern UniversityHal Broderson, M.D.Rock Hill VenturesJohn CarrowCarrow ConsultingMichael CuneoMid-Coast CapitalJames GambinoBFTP/SEPAnthony Green, Ph.D.BFTP/SEPOsagie Imasogie, Esq.Phoenix IP VenturesKef KasdinBattelle VenturesKen KulakMorgan Lewis BockiusRoseAnn B. RosenthalBFTP/SEPPhilip M. Sass, Ph.D.MorphotekMarc W. ShefflerBoeingStephen Spinelli, Ph.D.Committee ChairPhiladelphia UniversityPaul TouheyFujirebio Diagnostics, Inc.Patricia WoodyNAVSEA27

Ben Franklin Technology Partnersof Southeastern PennsylvaniaBuilding 100 Innovation Center4801 S. Broad Street, Suite 200The Navy YardPhiladelphia, PA 19112T: 215-972-6700 F: 215-972-5588www.sep.benfranklin.orgRegional OfficesBucks County Economic Development Corporation2 East Court StreetDoylestown, PA 18901Chester County Economic Development Council737 Constitution DriveExton, PA 19341University Technology Park1450 Edgemont AvenueChester, PA 19013Montgomery County IndustrialDevelopment Corporation420 West Germantown PikeEast Norriton, PA 19403Follow Us On:Ben Franklin is part of a statewide network fi nanced by a grant from theCommonwealth of Pennsylvania, Ben Franklin Technology Development ent Authority.28