Slater Technology Fund Announces $1.0 Million in Funding Commitments to Five R.I.-Based Ventures

Fund Made Initial Investments in Two New Ventures and Provided Follow-On Financing to Three Previously Funded Companies

Providence, R.I, December 15, 2010 – The Slater Technology Fund announced today a total of $1,000,000 in funding commitments to five Rhode Island-based technology ventures for the fiscal year that ended June 30, 2010. Two of the five companies represented new investments for Slater, while the other three received follow-on funding.

Companies receiving initial funding commitments from Slater include (amounts in parentheses):

• Alektrona ($250,000) – a developer of software and hardware solutions for advanced metering infrastructure, demand side management and other energy-related applications.

• Mnemosyne Pharmaceuticals ($250,000) – a drug discovery venture aiming to develop small molecule therapeutics to treat schizophrenia and other neuropsychiatric disorders.

Companies receiving follow-on funding commitments from Slater include (amounts in parentheses):

• Mofuse ($150,000) – a developer of software for mobile content management systems. Following an initial investment of $100,000 announced in September 2008, this commitment brings Slater’s total investment in Mofuse to $250,000.

• Dynadec ($100,000) – a software company based on research spun out of Brown University that develops next-generation business decision optimization solutions that enable enterprises to solve their most challenging and complex operational problems. Following an initial investment of $250,000 announced in December 2009, this commitment brings Slater’s total investment in DynaDec to $350,000.

• RxVantage ($250,000) – a medical software developer based in Providence that offers a web-based vendor relationship management platform for health care providers. Following an initial investment of $500,000 announced in December 2009, this commitment, which is pending and subject to a minimum co-investment condition, will bring Slater’s total investment in RxVantage to $750,000.

“While fiscal austerity in state budgeting continued to impact our ability to maintain what had been an aggressive pace of investment through 2008, this past fiscal year presented in addition the prospect of a gubernatorial election and attendant uncertainties with respect to priorities in economic development,” stated Richard G. Horan, senior managing director of the Slater Technology Fund. “Accordingly, our posture in direct investment was even more conservative during fiscal 2010 compared with fiscal 2009.”

“With the transition underway to a new administration, we are optimistic about the prospects of renewed support for our mission in support of entrepreneurship and investment in startup companies,” Mr. Horan continued. “In parallel, we will be re-doubling efforts at developing additional funding mechanisms that can serve as more significant and more stable funding sources for the entrepreneurs and investors whom we serve.”

About Slater Technology Fund
The Slater Technology Fund is a state-backed venture capital fund that invests in compelling new ventures committed to basing and building their businesses in Rhode Island. Slater focuses its resources on the support of entrepreneurs who have the vision, leadership and commitment to build substantial commercial enterprises. Slater typically invests at the inception stage in the development of a new venture, often based upon ideas and technologies originating in academic institutions and/or government research laboratories located within the region. In most cases, investments are premised upon the possibility of raising substantial follow-on financing, from venture capital investors or from strategic partners, with a view toward accelerating the generation of significant numbers of high-value, high-wage jobs over the intermediate to longer-term. For more information, visit www.slaterfund.com.

For More Information:

Laura Nelson or Kaycee Roberts
SVM Public Relations
(401) 490-9700K
laura.nelson@svmpr.com
kaycee.roberts@svmpr.com