2007: A Successful Year for CI — and for the State We Serve

Connecticut Innovations had an especially successful year this year, and that’s good news for Connecticut, its wconomy and its people.

Investments Up
CI strengthened Connecticut’s technology community by closing 11 investment deals this year — more than twice as many as in fiscal 2006. And these deals represent new people, ideas and technologies flowing into Connecticut. Nine of the companies we invested in are brand new to CI, and five are relocations from out of state. Two of these are from outside the country and represent the success of our international recruiting efforts. We continue to look beyond state and national borders for promising technology enterprises in which to invest.

New Programs Launched
To fill a gap in financing and support for technology companies in the very earliest stages, we launched two innovative initiatives this year. Our new Seed Investment Fund and Pre- Seed Support Services Program will help ensure that more entrepreneurs’ good ideas will survive the journey from the mind to the marketplace and develop into successful Connecticut companies.

Investments Rewarded
Our rigorous due-diligence process and our board’s investment decisions were validated when several portfolio companies achieved major milestones. Achillion Pharmaceuticals held a successful IPO, Bristol Technology was purchased by Hewlett-Packard, CGI Pharmaceuticals entered into a strategic relationship with biotechnology giant Genentech and Perimeter Internetworking closed a $50 million private equity deal with Goldman Sachs. Perimeter’s deal was quickly followed by an additional $50 million raise from Goldman Sachs, Bessemer Ventures and Stripes Group. These successes add to CI’s bottom line, making additional capital available for investments in emerging companies.

Signs Point to Continued Success
This year’s success promises to extend into the future. Our pipeline of potential portfolio companies is robust. It includes several international companies and a number from other states. Companies in the pipeline represent a range of exciting industries, including information technology, bioscience, energy and medical devices. With our strong lineup of companies and our expanded, highly skilled investment team, CI stands ready to achieve
even greater success on behalf of the state of Connecticut.

Please take a moment to review our 2007 Annual Report.