Life Sciences Merchant Bank - What's Going on in the Industry?

Burland Company is a San Francisco based life sciences merchant bank. We are one of the largest venture capital funds in the world where we have a billion dollars for investment in life science companies and owns some 60 companies today. The company has historically not raised money for a fee, but we've done transactional work for that. And then thirdly, we have a whole series of conferences and publications. It may be much more relevant to ask questions and I'll just answer them. So if you interrupt me, that's fine. I won't lose my place.