ABOUT BIOLOGIC EQUITY RESEARCH

BioLogic Equity Research (BER) focuses on the biotechnology, pharmaceutical and medical technology industries with a concentration on early to mid-stage companies. BER’s stock selection criteria are skewed toward high-alpha binary events including regulatory action dates, clinical data releases and potentially disruptive products either entering markets or in late-stage development. BER applies a unique analytical approach to the healthcare sector that is driven by objectivity. BER relies exclusively on independently derived - and habitually overlooked – data sources.

IMPORTANT DISCLOSURES

The material presented in this report is provided for information purposes only and is not to be used or considered as a recommendation to buy, hold or sell any securities or other financial instruments. Information contained herein has been compiled by BER and prepared from various public and industry sources that we believe to be reliable, but no representation or warranty, expressed or implied is made by BER, its affiliates or any other person as to the accuracy or completeness of the information. Such information is provided with the expectation that it will be read as part of a broader analysis and should not be relied upon on a stand-alone basis. Past performance should not be taken as an indication or guarantee of future performance, and we make no representation or warranty regarding future performance. The opinions expressed in this report reflect the judgment of BER as of the date of this report and are subject to change without notice. This report is not an offer to sell or a solicitation of an offer to buy any securities. The offer and sale of securities are regulated generally in various jurisdictions, particularly the manner in which securities may be offered and sold to residents of a particular country or jurisdiction. Securities discussed in this report may not be eligible for sale in some jurisdictions. To the full extent provided by law, neither BER nor any of its affiliates, nor any other person accepts any liability whatsoever for any direct or consequential loss arising from any use of this report or the information contained herein. No BER directors, officers or employees are on the Board of Directors of a covered company and no one at a covered company is on the Board of Directors of BER. Neither BER nor any affiliate of BER invests in any securities. Neither the analyst who authored this report or any of BER’s directors, officers, employees invest in the securities of any company that is the subject of or mentioned in this report. The views expressed in this report accurately reflect the author’s personal views about the subject securities. BER analysts are compensated from overall firm revenue only and are not compensated to express any view about an issuer. Within the last twelve months neither BER nor any of its affiliates received compensation from the subject company for any products or services.