Project Upstream

• Liver Disease Platform
• Plasma Fractions Platform
• Project Buckeye
• Project Butterfield
• Project Eclipse
• Project Flux
• Project Globe
• Project Gold Rush
• Project Hunter
• Project Lighthouse
• Project Mango
• Project Merit
• Project Seasons
• Project Spartan
• Project Synergy
• Project Texas
• Project Upstream
• Project Walnut

Project Upstream is a platform investment opportunity in a regionally-focused acquirer, developer, and manager of outpatient clinics. The Company had an experienced management team with two successful platform build-ups and liquidity events, and an established deal pipeline, but no active letters of intent. The Company needed a clear business, financing and investment strategy that reflected the current market dynamics, key success factors, project pipeline, business opportunities and challenges, and capital requirements. Healthios developed a comprehensive business and investment memorandum including an Executive Summary, initial 90-day timetable, and detailed financial model. We designed a capital formation strategy, secured investment partners, coordinated platform due diligence, organized a government relations initiative, developed the organization plan & compensation arrangements, and participated in the lender selection and review process. On April 1, 2004 we completed the formation of the Company through a $50 million leveraged recap. Over $40 million of equity has been invested to date and six acquisitions have since closed.