10 July 2018

Investments by the Panakes Fund are supported by the INNOVFIN SME Venture Capital (Horizon 2020)and through financial backing of the European Union under the Equity Facility for Growth (COSME)

Closed Jan ‘16 an

alternative investment

fund managed by a SGR

authorized by Bank of

Italy

Medical Device,

Healthcare IT,

Diagnostics and

Healthcare Economics

Investing in innovative

Startup with high

growth potential

In Italy and rest

of Europe / Israel

Panakes overview

2

Complementary team

with strong experience

Partnership with investors,

both medtech corporates

and financial institutions

Hands-on approachFirst Class Advisors

providing broad range

expertise

THERAPEUTIC DEVICES

Innovative medical devices improving overall

patient life and decrease recovery time / cost

/ issues.

DIAGNOSTIC

New diagnostics equipments and kits able to

ensure precise and detailed diagnosis in order

to address personalized treatments

HEALTHCARE / IT

New healthcare products that reduce the need

for medical intervention / software to improve

treatments based on data.

HEALTHCARE ECONOMICS

Innovative products and services able to

support doctors, hospitals and clinics

providing more efficient patient care.

Investment focus

3

Sourced an important and international

dealflow*

4* Panakes dealflow since inception till end March 2018

Italy31%

Israel12%

France12%

DACH11%

UK Ireland10%

Scandinavian5%

Benelux3%

Spain Portugal3%

Other13%

1613

Many companies are monitored/surveilled through the years…

Gone through a steep funnel to investment

decision

5* Panakes dealflow since inception till end March 2018

Companies Met

Survived first meeting and entered Due Diligence phase

Many still in DD phase

1613 Business plan received*

7 investments done

⁓ 79%

⁓ 30%

Getting to a good deal

opportunity is not easy.

The process involves

different phases:

• Scouting

• Screening

• Meeting the team

• Due Diligence

• Business Analysis

• Deal Structuring

• Closing

Portfolio (1/2)

Company CountryRound

AmountCo-Investors Description

Italy 4,2m EUR Innogest

Proprietary loco-regional radiation therapy for unresectable

solid tumors to be applied as a minimally-invasive

procedure. Initial indication unresectable pancreatic and

liver tumors as well as margin treatment for sarcomas and

brain tumors.

Italy 4m EURInvitalia

Ventures

Non-invasive ecographic approach for osteoporosis early

diagnosis enabling emerging of undiagnosed cases,

treatment and complications prevention. Demonstrated

equivalence with current invasive technique (Dexa).

Ireland 15m EUR

LSP, Evonik,

Fountain,

Orchestra, ABV

Proprietary platform technology with applications in vessel

closure. Fully absorbable implant and delivery system,

designed specifically to close large (up to 24F)

arteriotomies and avoiding operating room intervention on

patients.

Wales 5m £

Finance Wales,

IP Group,

EarlyBird

Commercialize CE and FDA approved system designed to

deliver rapid and continuous resolution of surgical

smoke, which accumulates in the abdominal cavity during

laparoscopic procedures. Enable full and constant clear

visibility during procedures at no additional cost.

Italy 1,1m EUR -

Blood based and cost efficient ELISA test for Alzheimer’s

onset prediction in pre-symptomatic and prodromal

population. Potential game changer for Alzheimer

therapeutic industry.

6

Company CountryRound

AmountCo-Investors Description

Italy 20m EUR

Sambatech,

Fountain,

Andera,

Privates

A novel surgical robot, able to realize anastomosis in very

small vessel and nerve during super-micro-surgeries and

micro-surgeries in post-trauma, reconstruction and

lymphedema.

Italy 950k EUREstor, Privates,

A11

Endoscopic magnetic anchor able to guide a colonscope

with an external device until caecal tract. This solution

should avoid incomplete colonoscopies which would lead to

the need of a second examination after few time.

Portfolio (2/2)

7

How we evaluate start ups

Our considerations:

“Game changing” factor, how innovative really?

Who will want to buy it? For how much? (exit)

Is it feasible to do?

Who are you anyway?

Who else is investing?

The wild card

8

European Healthcare VC is a growing ecosystem

9

Startup funding

Last 12 months Big Exits in EU VC-

backed Companies

German Invendo acquired for €225M by AMBU:

Sterile and single use robotically-assisted

endoscopy

Irish Neuravi acquired for €X00M by J&J’s Codman

Neuro: Stent Retriever

Swiss Symetis acquired for $435M by Boston

Scientific: Transcatheter Aortic Valve Implantation ,

TAVI

French Vexim acquired for $216M by Stryker:

Minimally invasive spine surgery

Spanish Stat-dx acquired for €153m by Qiagen :

Diagnostic tools for the fast and accurate diagnosis

of infectious diseases and in critical care 11

• Areas with strong technological

competences in Europe:

electromechanic, materials,

chemistry, clinical research,

engineering, etc.

• Minor regulatory barriers make

Europe a more user friendly

environment wherein to operate

• Several american startup move

to Europe for product launching

• Leading class Key Opinion

Leaders/Clinicians who are also

very reachable (vs US)

Europethe place

to be

Strong fundamentals in Europe for Medtech

12

www.panakes.itcontact@panakes.it