MI Pre-Seed Capital Fund update

New investments made since June, 2007

There was not a slow down in deal flow for the Michigan Pre-Seed Capital Fund during the summer and it continues through the fall.

Since our last post we have made investments in these companies…

Phrixus Pharmaceuticals – Ann Arbor
Avidimer Therapeutics – Ann Arbor
Compendia Bioscience – Ann Arbor
Accord Biomaterial – Ann Arbor
Hybra-Drive Systems – Deerfield
RazorThreat – Royal Oak
Functional Brands – Detroit
Saleztrack – Troy
VENOMIX – Kalamazoo
XG Sciences – East Lansing

The total amount invested in these companies by the fund was more than $2 million.  Their cash matches exceeded $3.8 million.

We are very pleased with the industry and geographic diversity of these investments.

Several more applications are being reviewed and others are in the near term pipeline.  We anticipate having made at least 20 investments before the first anniversary of the fund.

Skip Simms, Fund Administrator

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