We are primarily focused on developing new therapeutics and platforms. We look at unmet clinical need, new proprietary science, understanding of the mechanism and management experience. Capital efficiency is a key component to our investment decisions. We make equity investments in Biotechnology/Biopharma life sciences companies. NVF invests both in seed and later stage investments. We often lead, or co-lead, an investment. Additionally we play an active part on company boards. Our investment strategy is stage-agnostic, meaning we invest in all areas of therapeutic research where there are clear unmet medical needs. The first thing we do is review all non-confidential information regarding the company and team. We also examine the financial, exit, technological, data, financial, and technical plans. After that, the business proposal evaluation is based upon confidential presentations made by management. This begins the complete due diligence process. The Novartis Venture Fund invests as equity participation, typically as the lead investor or co-lead investor of a syndicate that has a seat on a board.