The Company's investment plan is based on the general rationale of the PDF program, which is to encourage the provision of patient equity capital to small and medium sized Australian companies. The Company's investment objectives are to identify entities which are developing technology driven medical research for life-science and health-care applications. Our investment approach is geared towards the construction of a diversified portfolio of 10-20 companies across a spectrum of activities and stage of development.

We spend considerable effort in ensuring we remain fully informed of new areas of interest - particularly where Australia may have an existing competitive position or track record. Examples of this includes medical devices, diagnostics, immunology and stem cell biology.

Investors should appreciate that the life sciences industry is a rapidly evolving system where change is a constant and a technology that is competitive today may very well be a broadly available commodity tomorrow.