We invest in medical device companies with "proof of concept" for the key products. The human physiology and mechanism of action must be well understood, and there must be a high degree of confidence in the predictability of the animal models. Generally, we seek to fund product development and clinical trials, not core research.  From a clinical perspective, we target products that represent a significant therapeutic improvement for the patient compared with therapies already on the market or in development.  Finally, we consider market adoption issues in the context of current physician practices.