To give you some examples, I’ll go from bottom to the top. The last two, Clarient and Avid were some exits that Safeguard had in the December timeframe of last year. Clarient, as you might remember, was once upon a time ChromaVision Medical Systems. This was a failing legacy company in the portfolio when this management team came in at the end of 2005, the beginning of 2006.
Now, as opposed to just selling this off, like we did with the other 11, we had a vision of taking the cellular imaging technology and using it to build a cancer diagnostics services business. We rebranded the business, Clarient, CLRT under NASDAQ, brought in a strong management team headed by Ron A. Andrews, who did a marvelous job working with Safeguard to build that business from $11 million to a $120 million in revenue. The company was making money, growing, and GE Healthcare found that to be really strategic asset for them. As a matter of fact, they are advertising GE Healthcare on television, featuring that they can now diagnose cancer at the molecular level. That is Clarient; they are advertising Clarient.
This was a $208 million of aggregate proceeds that Safeguard picked up from a series of exits in Clarient. That was the largest cash return in Safeguard's 58-year history and actually it was a 5x increase in the value from the time we repositioned the business until the time we sold it to GE. So we were really pleased about that exit.
Avid Radiopharmaceuticals was a developmental stage company with a diagnostics for neurogenerative diseases starting with Alzheimer’s and dementia. They proceeded through all three phases of the FDA. We are going to an NDA, and Eli Lilly, that was a venture investor, a syndication partner at Avid, put an offer on the table that was really very strong. It was a 3x cash-on-cash return for Safeguard initially, but with an earn out that if achieved could be 8x. So we are really pleased with this exit as well.
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