<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"> <HTML> <HEAD> <TITLE>Medical Device Investments, Mergers and Acquisitions for Q2 03</TITLE> <META http-equiv="Content-Type" content="text/html; charset=iso-8859-1"> <STYLE type="text/css"> .sizing { font-family:Verdana ; font-size: 70% ; font-weight: lighter ; } .sizing-bold { font-family:Verdana ; font-size: 70% ; font-weight: bold ; } .graph-header { font-family:Arial ; font-size: 12px ; font-weight: bold ; } .graph-detail { font-family:Arial ; font-size: 12px ; font-weight: lighter ; } p { font-family:Arial ; font-size: 13px ; font-weight: normal ; } .subheading { font-family:Arial ; font-size: 16px ; font-weight: lighter ; } .cap { font-family:Arial ; font-size: 20px ; font-weight: bold ; } .brown { background: 6f5e54 ; font-family: Arial ; font-size: 8px ; font-weight: normal ; margin:0; } .red { background: FF0000 ; font-family: Arial ; font-size: 8px ; font-weight: normal ; margin:0; } .black { background: 000000 ; font-family: Arial ; font-size: 8px ; font-weight: normal ; margin:0; } .small { font-family: Arial ; font-size: 9px ; font-weight: bold ; } </STYLE> </HEAD> <BODY bgcolor="#FFFFFF"> <TABLE WIDTH="700" border="1" align="center" cellpadding="10" cellspacing="0" bordercolor="#000000" bgcolor="#FFFFFF"> <TR> <TD align="center" valign="bottom" bordercolor="#FFFFFF"><TABLE WIDTH="700" border="0" cellspacing="0" cellpadding="0"> <TR> <TD height="50" valign="bottom"><DIV class="graph-detail"> <TABLE WIDTH="700" border="0" cellspacing="0" cellpadding="0"> <TR> <TD width="186"><IMG src="http://venturereporter.net/media/med-logo.gif" width="186" height="25"></TD> <TD><HR width="100%" size="1" noshade> </TD> </TR> </TABLE> </DIV></TD> </TR> <TR> <TD height="35"><div align="right"> <p>Excerpt from <em><a href="https://secure.risingtidestudios.com/getPDF/?c=PPG7P5EN&PromotionalCode=spiced" target="_blank" title="Opens in New Window.">Medical Device Investments, Mergers and Acquisitions for Q2 03</a></em>, available from <em>Venture Reporter</em> for $395</p> </div></TD> </TR> <TR> <TD> </TD> </TR> </TABLE> <TABLE WIDTH="700" border="0" cellspacing="0" cellpadding="0"> <TR> <TD width="240" valign="top"> <TABLE WIDTH="240" border="0" cellspacing="0" cellpadding="0"> <TR> <TD height="150"><IMG src="http://venturereporter.net/media/q2med-title.gif" width="194" height="150"></TD> </TR> <TR> <TD class="subheading"><EM>Venture Reporter</EM> looks at and analyzes the trends highlighted by Q2 2003’s VC and M&A deals in the medical device industry.</TD> </TR> <TR> <TD class="subheading"><IMG src="http://venturereporter.net/media/blank.gif" width="10" height="20"></TD> </TR> <TR> <TD><P align="justify"><span class="cap">S</span>ome very ugly numbers on venture capital investing were released in the second quarter of 2003, and medical device investing fell along with most other sectors (fig. 1). Executives that announced deals in the second quarter were, for the most part, out raising capital during the first quarter (or earlier) when the uncertainty of depressed public markets and looming war with Iraq took a heavy toll on valuations, which likely explains the lag time before VC investing truly reflected that market uncertainty that took its toll on the public markets until Spring 2003. Its stands to reason, then, that medical device investing might experience a resurgence in Q3 2003 as it enjoys the fruits of a well-performing healthcare sector on the public equity side.<br> </P> </TD> </TR> <TR> <TD><IMG src="http://venturereporter.net/media/blank.gif" width="10" height="15"></TD> </TR> </TABLE> <table style="table-layout: fixed" width="240" border="1" cellpadding="2" cellspacing="0" bordercolor="#666666"> <tr> <td valign="top" bordercolor="FEFDED" bgcolor="FEFDED" class="graph-detail"><a href="https://secure.risingtidestudios.com/getPDF/?c=SPHVOISZ&PromotionalCode=spiced" target="_blank" title="Opens in New Window."><img src="http://venturereporter.net/media/Q1-med.jpg" width="100" height="122" border="0"></a></td> <td bordercolor="FEFDED" bgcolor="FEFDED" class="graph-detail"><em><strong>Medical Devices Investments, Mergers and Acquisitions for Q2 03<br> </strong></em> is available now from <em>Venture Reporter</em>.</td> </tr> <tr> <td colspan="2" valign="top" bordercolor="FEFDED" bgcolor="FEFDED" class="graph-detail"><strong>Pricing Options</strong><br> Q2 03 PDF version <a href="https://secure.risingtidestudios.com/getPDF/?c=URJXQKT1&PromotionalCode=spiced">$295</a><br> Q2 03 Print & PDF version <a href="https://secure.risingtidestudios.com/getPDF/?c=PPG7P5EN&PromotionalCode=spiced">$395</a><br> 4 Quarters PDF version <a href="https://secure.risingtidestudios.com/getPDF/?c=5LDRLEOV&PromotionalCode=spiced">$995</a><br> 4 Quarters Print & PDF version <a href="https://secure.risingtidestudios.com/getPDF/?c=A7ZD60AH&PromotionalCode=spiced">$1495</a></td> </tr> </table></TD> <TD width="20"> </TD> <TD width="240" valign="top"> <TABLE WIDTH="240" border="0" cellspacing="0" cellpadding="0"> <TR> <TD valign="top"><P align="justify"> Between April 1, 2003 and June 25, 2003, the Dow Jones Healthcare Index gained about 10 percent, rising from the April 1 close of 248.86 points to the June 25 close of 274.24 points. Over that same period, the Dow Jones Industrial Average gained 942 points — or 12 percent — making healthcare one of the poorer performing sectors overall.<br> Though VC investing fell off in the second quarter, M&A activity picked up, and Abbot Laboratories’ $170 million acquisition of Texas-based Spinal Concepts certainly added to the excitement that already surrounds spinal products in the medical device sector.<br> As is generally the case in the healthcare industry, be it biotechnology or medical technologies/devices, California and Massachusetts were well ahead of the pack in number of investments received. Six California companies received venture capital investment this quarter, or 43 percent of all medical device investments in the second quarter (fig 6). California-located investments were worth an overall total of $81.1 million, or 54 percent of the dollars invested in medical devices this quarter. Even more impressive was the fact that the top five largest investments in medical device companies in the second quarter were located in California: CryoCor, Orqis Medical, Xoft microTube, St. Francis Medical Technologies and Opus Medical. Massachusetts investments, of which there were four, were worth a total of $30 million — 20 percent of all the dollars invested in medical devices this quarter. The remaining deals were distributed across Washington state (two investments) and non-U.S.-based companies (two investments). <br> A majority of investors interviewed for this report, when asked what their preferred sub-sector for investment was within the medical device space, said that spine was a particularly appealing area for investment. Ostensibly, this is</P> </TD> </TR> </TABLE> </TD> <TD width="25"> </TD> <TD width="175" valign="top"> <TABLE WIDTH="175" height="137" border="1" cellpadding="0" cellspacing="0" bordercolor="#000000"> <TR> <TD valign="top" bgcolor="#000000" class="graph-header"><DIV align="center"><font color="#FFFFFF">Medical Device Deals by Quarter</font></DIV> </TD> </TR> <TR> <TD bordercolor="#FFFFFF"> <table style="border-bottom:1px gray solid;margin-bottom:5px" width="175" height="125" border="0" cellpadding="0" cellspacing="0" background="http://venturereporter.net/media/q2med-fig1.gif" class="graph-detail"> <tr> <td height="25"><div align="left"> </div> <div align="left"></div> <font color="#FFFFFF"><strong> </strong>Q2 02<strong> (27)</strong></font></td> </tr> <tr> <td height="25"><strong> </strong><strong> </strong>Q3 02<strong> (20)</strong></td> </tr> <tr> <td height="25"><strong><font color="#FFFFFF"> </font></strong><font color="#FFFFFF"><strong> </strong>Q4 02<strong> (30)</strong></font></td> </tr> <tr> <td height="25"><font color="#FFFFFF"><strong> </strong>Q1 03<strong> (31)</strong></font></td> </tr> <tr> <td height="25"><strong> </strong>Q2 03<strong> (14)</strong></td> </tr> </table> <TABLE WIDTH="175" border="0" cellspacing="0" cellpadding="2"> <TR valign="top"> <TD width="20" class="graph-detail"><DIV align="right"> <EM><strong>fig.1</strong></EM></DIV> </TD> </TR> </TABLE> </TD> </TR> </TABLE> <br> <TABLE WIDTH="175" height="137" border="1" cellpadding="0" cellspacing="0" bordercolor="#000000"> <TR> <TD valign="top" bgcolor="#000000" class="graph-header"> <DIV align="center"><font color="#FFFFFF">Q2 03 Medical Device Investments by Subsector</font></DIV> </TD> </TR> <TR> <TD bordercolor="#FFFFFF" class="graph-detail"><TABLE WIDTH="175" border="0" cellspacing="0" cellpadding="2"> <TR valign="top"> <TD class="graph-detail"> <table style="border-bottom:1px gray solid;margin-bottom:5px" width="175" height="175" border="0" cellpadding="0" cellspacing="0" background="http://venturereporter.net/media/q2med-fig4.gif" class="graph-detail"> <tr> <td height="25"><div align="left"><strong> <font color="#FFFFFF">Cardiovascular (4) </font></strong></div></td> </tr> <tr> <td height="25"><div align="right"><strong> Cancer (2) <font color="#FFFFFF"></font> </strong></div></td> </tr> <tr> <td height="25"><div align="right"><strong> Spine (2) <font color="#FFFFFF"></font></strong></div></td> </tr> <tr> <td height="25"><div align="right"><strong>Joint (1) <font color="#FFFFFF"></font></strong></div></td> </tr> <tr> <td height="25"><div align="right"><strong>Dialysis (1) <font color="#FFFFFF"></font></strong></div></td> </tr> <tr> <td height="25"><div align="right"><strong> GERD (1) <font color="#FFFFFF"></font></strong></div></td> </tr> <tr> <td height="25"><div align="right"><strong>Other (3) <font color="#FFFFFF"></font></strong></div></td> </tr> </table> <div align="right"><EM><STRONG>fig. 4</STRONG></EM> </div></TD> </TR> </TABLE> </TD> </TR> </TABLE> <br> <TABLE WIDTH="100%" height="137" border="1" cellpadding="0" cellspacing="0" bordercolor="#000000"> <TR> <TD valign="top" bgcolor="#000000" class="graph-header"> <DIV align="center"><font color="#FFFFFF">Medical Device</font><font color="#FFFFFF"> Investments,<br> Mergers and Acquisitions<br> PRICING OPTIONS</font></DIV> </TD> </TR> <TR> <TD bordercolor="#FFFFFF" class="graph-detail"><table width="100%" border="0" align="center" cellpadding="10" cellspacing="0" class="graph-detail" style="border-bottom:1px gray solid"> <tr> <td height="25"><div align="left"> Q2 '03 Biotech<br> PDF version<br> <a href="https://secure.risingtidestudios.com/getPDF/?c=URJXQKT1&PromotionalCode=spiced">Order for only $295 </a> </div> </td> </tr> <tr> <td height="25"><div align="left">Q2 '03 Biotech<br> Print & PDF version<br> <a href="https://secure.risingtidestudios.com/getPDF/?c=PPG7P5EN&PromotionalCode=spiced">Order for only $395</a></div> </td> </tr> <tr> <td height="25"><div align="left">4 Quarters of Biotech<br> PDF version<br> <a href="https://secure.risingtidestudios.com/getPDF/?c=5LDRLEOV&PromotionalCode=spiced">Order for only $995</a></div> </td> </tr> <tr> <td height="25"><div align="left">4 Quarters of Biotech<br> Print & PDF version<br> <a href="https://secure.risingtidestudios.com/getPDF/?c=A7ZD60AH&PromotionalCode=spiced">Order for only $1495</a></div> </td> </tr> </table> </TD> </TR> </TABLE> <br> </TD> </TR> </TABLE> <table width="100%" height="50" border="0" cellpadding="0" cellspacing="0"> <tr> <td><TABLE WIDTH="700" border="0" cellspacing="0" cellpadding="0"> <TR> <TD><HR width="100%" size="1" noshade> </TD> <TD width="25" class="graph-detail"> <DIV align="center"><STRONG>1</STRONG></DIV> </TD> <TD><HR width="100%" size="1" noshade> </TD> </TR> </TABLE> </td> </tr> </table></TD> </TR> </TABLE> <BR> <BR> <TABLE WIDTH="700" border="1" align="center" cellpadding="10" cellspacing="0" bordercolor="#000000" bgcolor="#FFFFFF"> <TR> <TD align="center" bordercolor="#FFFFFF"><TABLE WIDTH="700" border="0" cellspacing="0" cellpadding="0"> <TR> <TD height="50" valign="bottom"><DIV class="graph-detail"> <TABLE WIDTH="700" border="0" cellspacing="0" cellpadding="0"> <TR> <TD width="186"><IMG src="http://venturereporter.net/media/med-logo.gif" width="186" height="25"></TD> <TD><HR width="100%" size="1" noshade> </TD> </TR> </TABLE> </DIV> </TD> </TR> <TR> <TD height="35"><div align="right"> <p>Excerpt from <em><a href="https://secure.risingtidestudios.com/getPDF/?c=PPG7P5EN&PromotionalCode=spiced" target="_blank" title="Opens in New Window.">Medical Device Investments, Mergers and Acquisitions for Q2 03</a></em>, available from <em>Venture Reporter</em> for $395</p> </div> </TD> </TR> <TR> <TD> </TD> </TR> </TABLE> <TABLE WIDTH="700" border="0" cellspacing="0" cellpadding="0"> <TR> <TD width="240" valign="top"> <TABLE WIDTH="240" border="0" cellspacing="0" cellpadding="0"> <TR> <TD height="35" valign="top"><SPAN class="subheading"><EM>(continued)</EM></SPAN></TD> </TR> <TR> <TD valign="top"><div align="justify"> <p>largely due to an aging baby-boomer population in need of relief for aching backs in concert with recent high-profile acquisitions in the spine area. Some investors indicated that a feeding frenzy is likely to ensue whenever there are a number of acquisitions in a given sub-sector, due to the near-closed public markets for medical device companies.</p> </div> </TD> </TR> <TR> <TD><IMG src="http://venturereporter.net/media/blank.gif" width="10" height="35"></TD> </TR> <TR> <TD><table style="table-layout: fixed" width="240" border="1" cellpadding="2" cellspacing="0" bordercolor="#666666"> <tr> <td valign="top" bordercolor="FEFDED" bgcolor="FEFDED" class="graph-detail"><a href="https://secure.risingtidestudios.com/getPDF/?c=SPHVOISZ&PromotionalCode=spiced" target="_blank" title="Opens in New Window."><img src="http://venturereporter.net/media/Q1-med.jpg" width="100" height="122" border="0"></a></td> <td bordercolor="FEFDED" bgcolor="FEFDED" class="graph-detail"><em><strong>Medical Devices Investments, Mergers and Acquisitions for Q2 03<br> </strong></em> is available now from <em>Venture Reporter</em>.</td> </tr> <tr> <td colspan="2" valign="top" bordercolor="FEFDED" bgcolor="FEFDED" class="graph-detail"><strong>Pricing Options</strong><br> Q2 03 PDF version <a href="https://secure.risingtidestudios.com/getPDF/?c=URJXQKT1&PromotionalCode=spiced">$295</a><br> Q2 03 Print & PDF version <a href="https://secure.risingtidestudios.com/getPDF/?c=PPG7P5EN&PromotionalCode=spiced">$395</a><br> 4 Quarters PDF version <a href="https://secure.risingtidestudios.com/getPDF/?c=5LDRLEOV&PromotionalCode=spiced">$995</a><br> 4 Quarters Print & PDF version <a href="https://secure.risingtidestudios.com/getPDF/?c=A7ZD60AH&PromotionalCode=spiced">$1495</a></td> </tr> </table></TD> </TR> </TABLE> </TD> <TD width="20"> </TD> <TD width="240" valign="top"> <TABLE WIDTH="240" border="0" cellspacing="0" cellpadding="0"> <TR> <TD valign="top"><P align="justify"> Other investors were simply bullish on the potential for new innovation as multiple technologies converge in the healthcare sector — therapeutics, devices and IT — to create new, innovative products that save patient time and pain, payer cost and hospitalization. Dr. Tom Fogarty of Three Arch Partners said, “If you have a service or an Internet connection that makes [integrating the device] seamless, the patient doesn’t have to call the technician, it represents a higher degree of acceptance for the patient. I think these represent some real significant opportunities.”<br> San Diego, California-based CryoCor, a developer of cardiac cyrotherapy technology that delivers deep freezing shots through a catheter into the heart, helping to isolate arrhythmia-inducing tissue, raised the largest medical device investment of the quarter. CryoCor raised $27.5 million from Beecken Petty & Company, Frantz Medical Ventures, Oakwood Medical Investors, OrbiMed Advisors, Technology Partners and William Blair Capital Partners. The company said it would apply the new funding towards clinical trials of its CryoCor Cardiac Cryoablation System, as well as toward the development of new products. The investment will be dispersed in two installments: $15.3 million on June 4, 2003 and $12.2 million by June 2004. The technology works by freezing heart tissue responsible for arrhythmia. A cold-tipped catheter with a variable temperature setting allows the operating physician to determine how much tissue must be killed to cure the patient. The CryoCor investment demonstrates the trend toward venture capitalist investment in minimally invasive alternatives to more involved surgical procedures. <span class="brown"> </span> <font color="6f5e54"><strong>VR</strong></font></P> </TD> </TR> </TABLE></TD> <TD width="25"> </TD> <TD width="175" valign="top"> <TABLE WIDTH="175" height="137" border="1" cellpadding="0" cellspacing="0" bordercolor="000000"> <TR> <TD valign="top" bgcolor="#000000" class="graph-header" style="border-bottom:1px gray solid"><DIV align="center"><font color="#FFFFFF">Medical Device Investments by Round, Q2 2003</font></DIV> </TD> </TR> <TR> <TD bordercolor="#FFFFFF"> <TABLE STYLE="table-layout: fixed" WIDTH="175" border="0" cellspacing="0" cellpadding="2"> <TR valign="top" bgcolor="F4FAF6"> <TD bgcolor="fefded" class="graph-detail"> <DIV align="center"></DIV> Seed</TD> </TR> <TR valign="top"> <TD bgcolor="fefded" class="graph-detail" style="border-bottom:1px gray solid"><DIV align="right"> <STRONG>1 deals</STRONG><STRONG> </STRONG></DIV> </TD> </TR> <TR valign="top" bgcolor="F4FAF6"> <TD bgcolor="#FFFFFF" class="graph-detail"> <DIV align="center"></DIV> First</TD> </TR> <TR valign="top"> <TD class="graph-detail" style="border-bottom:1px gray solid"><DIV align="right"> <STRONG>3 deals</STRONG><STRONG> </STRONG></DIV> </TD> </TR> <TR valign="top" bgcolor="F4FAF6"> <TD bgcolor="fefded" class="graph-detail"> <DIV align="center"></DIV> Second</TD> </TR> <TR valign="top"> <TD bgcolor="fefded" class="graph-detail" style="border-bottom:1px gray solid"><DIV align="right"> <STRONG>3 deals</STRONG><STRONG> </STRONG></DIV> </TD> </TR> <TR valign="top" bgcolor="F4FAF6"> <TD bgcolor="#FFFFFF" class="graph-detail"> <DIV align="center"></DIV> Third</TD> </TR> <TR valign="top"> <TD class="graph-detail" style="border-bottom:1px gray solid"><DIV align="right"> <STRONG>1 deals</STRONG><STRONG> </STRONG></DIV> </TD> </TR> <TR valign="top"> <TD bgcolor="fefded" class="graph-detail">Fourth and Up</TD> </TR> <TR valign="top"> <TD bgcolor="fefded" class="graph-detail" style="border-bottom:1px gray solid"><div align="right"><STRONG>3 deals</STRONG><STRONG> </STRONG></div> </TD> </TR> <TR valign="top"> <TD class="graph-detail"><DIV align="right"> <EM><STRONG> fig. 5</STRONG></EM></DIV> </TD> </TR> </TABLE> </TD> </TR> </TABLE> <br> <br> <TABLE WIDTH="175" border="1" cellpadding="0" cellspacing="0" bordercolor="000000"> <TR> <TD valign="top" bgcolor="#000000" class="graph-header" style="border-bottom:1px gray solid"><DIV align="center"><font color="#FFFFFF">Top Medical Device Acquisitions of Q2 03</font></DIV> </TD> </TR> <TR> <TD bordercolor="#FFFFFF"> <TABLE WIDTH="175" border="0" cellspacing="0" cellpadding="2"> <TR valign="top" bgcolor="F4FAF6"> <TD class="graph-detail" style="border-bottom:1px gray dotted"> <DIV align="center"></DIV> Invitrogen [NY]<br> <em><strong> acquires...</strong></em></TD> </TR> <TR valign="top"> <TD height="25" class="graph-detail" style="border-bottom:1px gray solid"><DIV align="right"> InforMax [MD] for<strong> $42M</strong></DIV> </TD> </TR> <TR valign="top" bgcolor="F4FAF6"> <TD class="graph-detail" style="border-bottom:1px gray dotted"> American Med. Systems [MN]<br> <em><strong> acquires...</strong></em></TD> </TR> <TR valign="top"> <TD height="25" class="graph-detail" style="border-bottom:1px gray solid"><DIV align="right">CryoGen [CA] for <strong>$40M</strong></DIV> </TD> </TR> <TR valign="top" bgcolor="F4FAF6"> <TD class="graph-detail" style="border-bottom:1px gray dotted"> Quinton Cardiology [WA]<br> <em><strong> acquires...</strong></em></TD> </TR> <TR valign="top"> <TD height="25" class="graph-detail" style="border-bottom:1px gray solid"><DIV align="right"> Spacelabs Burdick [WA]<br> for <strong>$24M</strong></DIV> </TD> </TR> <TR valign="top" bgcolor="F4FAF6"> <TD class="graph-detail" style="border-bottom:1px gray dotted"> Medical Action Industries[NY]<br> <em><strong> acquires...</strong></em></TD> </TR> <TR valign="top"> <TD height="25" class="graph-detail" style="border-bottom:1px gray solid"><DIV align="right">Biosafety Division [WV] for <strong>$19.5M</strong> </DIV> </TD> </TR> <TR valign="top"> <TD class="graph-detail"><DIV align="right"> <EM><STRONG> fig. 10</STRONG></EM></DIV> </TD> </TR> </TABLE> </TD> </TR> </TABLE> <br> </TD> </TR> </TABLE> <table width="100%" height="50" border="0" cellpadding="0" cellspacing="0"> <tr> <td><TABLE WIDTH="700" border="0" cellspacing="0" cellpadding="0"> <TR> <TD><HR width="100%" size="1" noshade> </TD> <TD width="25" class="graph-detail"> <DIV align="center"><STRONG>2</STRONG></DIV> </TD> <TD><HR width="100%" size="1" noshade> </TD> </TR> </TABLE></td> </tr> </table></TD> </TR> </TABLE> <BR> <TABLE STYLE="table-layout: fixed" WIDTH="700" border="1" align="center" cellpadding="10" cellspacing="0" bordercolor="#000000" bgcolor="#FFFFFF"> <TR> <TD bordercolor="#FFFFFF"> <P><font size="2" face="Arial, Helvetica, sans-serif">This email is being sent to bioclusters@bioinformatics.org. </font></P> <P><font size="2" face="Arial, Helvetica, sans-serif">If you would rather not receive these infrequent updates simply <A href="http://venturereporter.net/myaccount/k.asp?E=bioclusters@bioinformatics.org">click here</A> and you will be removed instantly.<BR> Alternatively, you may cut and paste the link below into your browser:<BR> <A href="http://venturereporter.net/myaccount/k.asp?E=bioclusters@bioinformatics.org">http://venturereporter.net/myaccount/k.asp?E=bioclusters@bioinformatics.org</A> </font></P> <P><font size="2" face="Arial, Helvetica, sans-serif">Any questions or problems please forward this email to <A href="mailto:corrections@venturereporter.net">corrections@venturereporter.net</A>.<BR> <br> <em><strong>Venture Reporter</strong></em><BR> 307 West 36th Street, 10th Floor<BR> New York, New York 10018<BR> Phone: 646.473.2222</font></P> </TD> </TR> </TABLE> </BODY> </HTML>