We hope this quarterly update finds you both personally well and professionally stable. As you may have predicted, the first quarter of 2023 was marked by intense and creative resource management by our portfolio companies. While this type of work is difficult and does not create the type of exciting headlines that we all crave, it is also an unavoidable fact of life when working in cutting edge, immensely resource intensive industries like life sciences. Considering the continuing demise of companies across the industry, we are confident that this approach has been and continues to be the proper course of action.

In a testament to our portfolio companies’ ability to make meaningful progress even in the current environment, we are pleased to highlight two noteworthy achievements by GeneTether that we believe will be advantageous as the company continues its exploration of strategic alternatives:

  1. The results of a series of recently completed experiments conducted by a highly specialized contract research organization confirm the efficacy of the GeneTether platform in binding Lacl-Cas9 fusion proteins to template DNA. This validation specifically highlights the high level of template binding efficiency of the GeneTether platform. 
  2. GeneTether’s cell-based experiments, conducted internally as well as by third parties, confirm that a GeneTether LacI-Cas9 fusion protein retains the ability to recognize and cut DNA when compared to unmodified Cas9. These studies were performed using several cell types and gene targets.

We are also pleased to report that our annual JP Morgan dinner in San Francisco was well attended and provided a valuable opportunity for networking and discussing the current state of the industry among our friends and peers in person for the first time in several years. 

Despite the challenges we are all facing, we remain optimistic about the opportunities available in the current market. We are currently in merchant banking/venture formation mode and actively seek to in-license, acquire, and option assets that fit within our investment strategy. We believe that our focus on identifying high-potential assets and our commitment to prudent risk management will continue to serve us and our investing partners well in the coming months and years. We remain optimistic about the future and are confident that we will emerge from this challenging period stronger and more resilient than ever.

We thank you for your continued support and urge you to call or email if you have any questions or concerns, or if you find yourself in need of assistance during these difficult times.