Our primary focus is on the development of novel therapeutics and platforms. In our investments we look for unmet need and clinical impact, novel proprietary science and understanding of mechanism, management and board experience and capital efficiency in the program. We invest in North America, Europe, Israel and Asia/Pacific with approximately USD 800 million under management in committed capital and more than 24 portfolio companies. We continue our strategy of making larger focused investments and anticipate total investments up to USD 30 million per company over its life. We make equity investments in Biotechnology/Biopharma life sciences companies. NVF is stage agnostic and engages in seed investments as well as later-stage investments. We typically lead or co-lead an investment and play an active role on company boards. We are stage agnostic (seed to commercial companies) and invest in multiple therapeutic areas where there is clear unmet medical need. Our first step in the process is to review non-confidential information about the company, team, technology / data, financial and exit plan. The further evaluation of business proposals is then based on confidential presentations by the management team that starts the full due diligence process. Investments by the Novartis Venture Fund are made as equity participation typically as the lead or co-lead investor in a syndicate with a board seat.