Tonight our panel of capital providers and entrepreneurs talk about the types of investment deals being done in today's weakened investment and business climates, and how and why some funded companies are doing well. They will guide the audience who seeks to raise money, to understand what is important to investors now and appeal to them on that basis. Our panelists will address issues and provide insight about investor perspectives, talk about due diligence, how to position your company to be attractive, and identify critical milestones to gain entrée to the capital market providers and follow-on capital. They will identify where investments are being made and why, and share their opinions on what the capital markets may look like in the next year.

Dr. Kristin Rauschenbach is President, CEO and Director of PhotonEx Corp., where she drives the vision, operations and development of the company. PhotonEx is a leading developer of 40 Gb/s and faster smart photonic systems, delivering new backbone architectures and technologies. Combining pioneering optical subsystems and innovative system software, PhotonEx's core optical system maximizes revenue and minimizes network expansion costs through efficient delivery of bandwidth over long-reach networks using fewer systems and wavelengths. Founded in 1999 and led by a seasoned technology and business executives from M.I.T. Lincoln Laboratory and several telecommunications equipment manufacturers, PhotonEx was named a Red Herring "Top 50 Private Company." They have strategic investments from Intel, and their venture capital investors include: 3i, Matrix Partners, North Bridge Venture Partners, Oak Investment Partners, Axxon Capital, Boston Millennia Partners, Castile Ventures, Essex Investment Management, JP Morgan Investment Management, and Silicon Valley BancVentures.

Before founding PhotonEx, Dr. Rauschenbach held several executive positions at M.I.T. Lincoln Laboratory, including Associate Division Head for Communications & Information Technology, and was elected to its Executive Leadership Steering Committee. Under Dr. Rauschenbach's leadership, several industry advances and world-record performance demonstrations were established. Prior to joining M.I.T. Lincoln Laboratory, Dr. Rauschenbach was a Consultant at Arthur D. Little, where she consulted service providers in the planning and deployment of fiber optic public service networks. Dr. Rauschenbach holds six patents in areas of ultra-fast optical technology for high-speed applications and has authored 45 publications. She received a B.S. in Electrical Engineering from the University of Minnesota and an M.S. and Ph.D. in Electrical Engineering from M.I.T.

Heidi R. Wyle, Ph.D., Founder and Chairman, Ardais Corporation a young company which has raised $47 million in capital to pursue its mission: to be the leading clinical genomics company and enable the post-genome promise of better healthcare for all humankind. She has over 20 years experience in the health care industry, and has worked for both large companies and small ventures. Her expertise is in the business management of biology-based companies. She was Chief Operating Officer of Ontogeny, a biotechnology company where she helped raise $130 million in private capital and corporate partnership value, and prior to that was Vice President of Marketing and Business Development at ImmuLogic Pharmaceutical Corporation. She has held positions at Bessemer Venture Partners, C.R. Bard, and Westinghouse Electric Corporation. Dr. Wyle received her M.B.A. as a Baker Scholar from the Harvard Graduate School of Business Administration, her Ph.D. and M.S. in medical physics from the Massachusetts Institute of Technology, and her Sc.B. in Physics from Brown University. She has served on M.I.T.'s Board of Trustees, and the Venture Advisory Board of the Brigham and Womens' Hospital. She enjoys mountaineering, oriental art, scuba diving, and the world's wild places.

Daphne J. Dufresne, Principal, Weston Presidio Capital. WPC was founded in 1991 as a touchstone for growth businesses and privately held companies in need of equity capital. With offices in San Francisco, Boston and Menlo Park and over $2.2 billion under management, WPC invests primarily in exceptional management teams in growth companies and recapitalizations. Weston Presidio's partners take a long-term view of investments providing the right mix of capital and patience to fund enterprises throughout their growth and to support entrepreneurs' long- and short-term goals. Weston Presidio's aggregate investments range in size from $5 million to $100 million. WPC prefers to act as the lead investor in transactions, most often are a minority investor, not looking for control.

Daphne joined Weston Presidio in 1999, following her selection as a 1999 Kauffman Fellow. She is currently involved with the firm's investments in @hoc, Blue Leaf, Insulair and Zoots. She previously led business development for the online trading platform of Interactive Investor, a London-based financial advisory site. She began her investment career as an Associate Director at Bank of Scotland's Structured Finance Group, focusing on management buyouts in the United Kingdom and France. Daphne served previously as an Associate in Andersen Consulting's Strategic Services Group, specializing in business and technology strategy for Fortune-500 companies. Daphne earned her B.S. in Engineering from the University of Pennsylvania and her MBA from Harvard Graduate School of Business.

Karin A. Gregory, Founding Partner and Managing Director, Dover Medical Ventures, a new, early stage medical device venture fund now being launched in connection with Boston Healthcare Associates, Inc. a nationally recognized healthcare strategy consulting. Prior to starting Dover Medical Ventures, Karin was a Vice President at the Massachusetts Technology Development Corporation (MTDC), a state-sponsored venture capital firm that addresses the "capital gap" for start-up and expansion of early-stage technology companies. MTDC typically invests in the $250,000 to $500,000 range and has placed over $57 M in 109 companies. Karin was responsible for 12 investments, sourcing 8 of those for first time investment and was on the board of 5 companies. She began her career in health care with ClinChem LaboratorieS, was with the Dana Farber Cancer Institute and is an attorney. Karin serves on the board of the MIT Enterprise Forum, is a member of the steering committee for Springboard, a member of the Commonwealth Institute's emerging women's program on the board of the Pierce Law Center, and a member of the Boston Club. She is an adjunct faculty member of the Boston University School of Public Health and is a guest lecturer at capital-related events. Ms. Gregory holds a B.A. degree from Wells College in Biochemistry, an M.P.H. from Boston University in Health Services, and a J.D. degree from Franklin Pierce Law Center, and is licensed to practice law in Massachusetts.

Susan H. Kormis, Principal, Susan Kormis Associates (SKA), your Human Resource Department, has over 15 years of experience in human resources and business management. She has successfully brought resourceful and cost-effective HR solutions to both start-up as well as established companies in numerous industries, including software technology, legal, accounting, architecture, real estate development and financial services. Her expertise includes employment practices and policies, staff planning and recruitment, employee relations, and training and development. Prior to starting SKA in 1995, Ms. Kormis held management positions with large corporations, professional services firms and start-up organizations. Ms. Kormis holds a BS degree from Drexel University, and received certification as a Professional Trainer from Friesen, Kaye and Associates. She is actively involved with various professional organizations, including the Society of Human Resources Management, Human Resources Council, the New England Human Resources Association, the Boston Entrepreneurs Network and Capital Venue.

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