In July 2014, the Company adjusted its operational arrangements to ensure compliance with the Alternative Investment Fund Managers Directive, (AIFMD). Frostrow Capital was appointed as the designated Alternative Investment Fund Manager for the Company. Under a portfolio management agreement with Frostrow Capital, OrbiMed was appointed to manage the Company’s portfolio of investments.  These arrangements were put in place to ensure that the relationship between the Company, OrbiMed and Frostrow Capital LLP is compliant with the requirements of AIFMD.

OrbiMed Capital LLC

OrbiMed is owned by six principals, including Samuel D Isaly, who have between them over 50 years experience of valuing companies in the pharmaceutical, biotechnology and healthcare sectors. The US-based company employs 80 experienced investment professionals. OrbiMed carries out extensive research, which involves company visits and developing an understanding of commercial prospects and development programmes for individual drugs. About 750 public healthcare companies are researched in detail and a further 1,200 private companies are tracked on global basis. OrbiMed is also the Portfolio Manager of Worldwide Healthcare Trust PLC.

Geoffrey C Hsu

Geoffrey C Hsu, CFA, joined OrbiMed in 2002 as a biotechnology analyst and is a Partner at OrbiMed. Prior to joining OrbiMed, he worked as a financial analyst in the healthcare investment banking group at Lehman Brothers. Mr Hsu received his AB degree summa cum laude from Harvard University and holds an MBA from Harvard Business School. Prior to business school, he spent two years studying medicine at Harvard Medical School.

Richard D Klemm

Richard D Klemm, PhD, CFA, joined OrbiMed in 2000 as a public biotechnology company analyst and is a Public Equity Partner at OrbiMed focused on biotechnology companies. He completed a PhD from the Massachusetts Institute of Technology in molecular biology in 2000. Dr Klemm has published scientific articles in the fields of DNA replication and transcription. He received a BA from the University of California, Berkeley in 1994 with majors in molecular and cell biology and economics. Richard is one of the primary analysts advising on the portfolio of The Biotech Growth Trust PLC with Geoffrey C Hsu.

For more information on OrbiMed, please see their website: www.orbimed.com