Safeguard acquired the assets along with the syndication partner and worked with their management team as we hired all back, we hired back all the people and brought in a new management team, we worked with that CEO and his management team to redefine 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 diabetes foot ulcer and burn patients. They increased their revenue from nothing in 2007 to $145 million in 2010 and filed an S1 and were getting ready to price an IPO when Shire came in and offered a 25% premium on the mid point of that pricing range and that was earlier this year.
The aggregate proceeds for Safeguard on that was a $145 million back for the $10.8 million we put in. That was over a 13 times cash on cash return or 90% IRR that’s the example of the (inaudible). We won’t do that everyday but insures nice when you do it. So we were just thrilled with how well ABH had built itself and we’re pleased to be a partner with them.
Portico Systems was an IT healthcare firm with a piece of software that enabled health insurers to design, build, manage, reimburse and support their healthcare provider networks, if a mandates to the payer and provider of healthcare must use commonality of various claims to protect the privacy of any patient, this regulatory compliance were among the things that Portico enabled.Read the rest of this transcript for free on seekingalpha.com