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Venture Funding and the NIH SBIR Program
First Round Date
Status
Ticker Symbol
Last Known Date
Annual Revenue (Millions of Dollars)
Number of Employees
Profit/Loss
6/1/1982
Sold
9/1/1989
Out of business
6/12/1992
private
1/1/1984
NASDAQ
SEPR
1,196.5
228
184.6
1/1/1993
private
48.5
134
11/1/1979
NASDAQ
SPIR
20.1
118
(8.1)
4/1/1987
Sold
11/1/1996
Sold
2/17/1998
NASDAQ
SNSS
13.7
138
1/1/1987
Sold
4/1/1985
Out of business
6/1/1992
NASDAQ
TGEN
9.9
95
(34.0)
2/5/2007
private
1/22/1998
Sold
12/31/1997
Sold
2000
1/1/1986
Sold
6/30/1995
NASDAQ
TWTI
28.0
154
(18.9)
3/15/2002
private
1.4
12
9/30/1997
private
1.2
18
2/12/1993
NASDAQ
TRMS
37.0
90
7.4
7/1/1997
private
13.8
285
7/1/1987
Sold
4/10/1996
private
1/1/1989
NASDAQ
TRTX
216.4
320
(206.9)
6/9/2000
private
5/1/2001
Sold
2004
1/1/1997
Out of business
6/1/1988
Out of business
2/1/2005
NASDAQ
MATK
270.0
582
14.9
7/1/1993
Out of business
2000
3/10/1993
NASDAQ
VICL
14.7
155
(23.1)
Front Matter (R1-R14)
Executive Summary (1-4)
1 Introduction (5-21)
2 Study Methodology (22-29)
3 Venture Funding for NIH Phase II Winners, 1992-2002 (30-38)
4 Focus on the Top 200 Award Winners (39-42)
5 Other Sources of Data on the Participation of Venture-owned Firms (43-48)
6 Comparing Project Outcomes (49-60)
7 Impact of the SBA Ruling on the NIH SBIR Program (61-68)
Appendixes (69-70)
Appendix A: Venture-funded Firms Among the 200 Most Prolific Winners of NIH Phase II Awards 1992-2002 (71-75)
Appendix B: NRC Non-participant Survey (76-79)
Appendix C: NIH List of Firms Excluded on the Grounds of Venture Capital Ownership (80-81)
Appendix D: Venture-funded Firms: Data from Hoover's Small Business Database and VentureSource (82-91)
Appendix E: Analysis of the Evidence Submitted by BIO (92-94)
Appendix F: SBA Administrative Ruling on Appeal of Cognetix, Inc. (95-102)
Appendix G: Letter from Elias A. Zerhouni, Director, National Institutes of Health to Hector V. Barreto, Administrator, U.S. Small Business Administration, June 28, 2005 (103-106)
Appendix H: Testimony by Steven C. Preston, SBA Administrator, to the House Small Business Committee, March 13, 2008 (107-111)
Appendix I: Bibliography (112-126)