Survey Introduction and Background -

For the past ten years, Fenwick & West has published a quarterly survey of trends in the valuations and terms of venture financings in Silicon Valley. A copy of the most recent version of that survey is available here.

In 2011, we began publishing a separate survey of biopharmaceutical and medical device companies (“life science”) companies. We believe this separate survey focusing on life science companies better highlights issues and trends that are affecting the life science industry differently than other industries.

This survey reflects our analysis of the terms of venture financings for 186 life science companies headquartered in the United States that reported raising money during the first half of 2012. The results are summarized below.

Survey Contents -

Overview of Fenwick & West Results... 2

Analysis of Third Party Reports... 3

Detailed Fenwick & West Results: Valuation... 8

Detailed Fenwick & West Results: Financing Terms...12

Detailed Fenwick & West Results: Regional and Industry Variations...17

Please see full Survey below for further information.