Glycofi, Inc.

GlycoFi began in the laboratory at Thayer School of Engineering at Dartmouth University in 2000. The conventional method of producing protein drugs involves mammalian cell reactors that makes use of a cell type known as a CHO cell, which is able to put sugars on the protein backbone (a process known as glycosylation) so that the result does not generate an immune response in humans. Production lines based on this technology are expensive to build and difficult to scale. It was natural to look for protein expression technologies that were more efficient “factories” than CHO cells but which also glycosylated the therapeutic protein correctly. Boston Millennia Partners, through personal relationships at Dartmouth, became interested in the company in late 2001 and invested in the Series B financing in early 2002. The round was the first substantial round of institutional financing. After our initial investment, we served on the Board of Directors of GlycoFi and were integral to the strategic development of the company. We worked with the management team and Board to advance the technology to meet market demands, and helped to establish strategic partnerships, including partnering agreements achieved with Merck & Co., Eli Lily and Company and others, to validate the technology, and provide strategic equity financing and revenue for the company. In addition, Millennia supported and helped to raise over $30 million in venture capital financing for the company. In January 2006, GlycoFi scientists published an article in Nature Biotechnology which demonstrated the company’s ability to produce glycoforms of the antibody in Genentech’s cancer cell killer, Rituxin®. Following the publication of that success, GlycoFi was acquired by Merk & Co. for $400 million in cash, after an auction process in which our advice was instrumental in optimizing the acquisition price. According to the National Venture Capital Association, the transaction realized the third highest price ever paid for a private biotechnology company. Boston Millennia Partners received a 10X return on its investment in GlycoFi, Inc.