We had 2 exits so far in 2011, Advanced BioHealing and Portico Systems. Just to give you a case study on ABH, this was a regenerative medicines company that was once upon a time inside of the British firm, Smith and Nephew. Smith and Nephew penetrated the marketplace to a small degree. They built a lavish, beautiful manufacturing facility in Southern California, but they never figured out the pricing and reimbursement model. So what did they do? They closed the whole business; they shut it down.Safeguard acquired the assets along with the syndication partner and worked with their management team. We hired back all the people and brought in another management team. We worked with that CEO and his management team . So we defined the pricing and reimbursement model, and they went back to the marketplace with their lead product Dermagraft in 2007. This was a cellular-based artificial skin used for diabetic foot ulcer and burn patients.
Safeguard Scientifics Inc. Analyst Day Conference Call Transcript
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