Slater-Backed Venture Acquired by W.L. Gore & Associates

Providence, R.I., December 12, 2006 – Slater Technology Fund today announced that Selva Medical Inc., was acquired by W.L. Gore & Associates’ Medical Products Division. The terms of the transaction were not disclosed.

Selva Medical is a medical device company that is developing a minimally invasive, laser-based treatment for the treatment of stroke and other cardiovascular conditions. Led by CEO Robert Rabiner, a serial entrepreneur who relocated from Massachusetts to Rhode Island after receiving a commitment of $500,000 in seed funding from Slater, the company had established headquarters in Tiverton, RI. With the acquisition, the company’s development programs will be integrated into Gore’s internal operations. On completion of the acquisition, Slater earned a significant return on that portion of the Slater funding commitment which had been advanced as of the closing date.

The Medical Products Division of W.L. Gore & Associates has provided therapeutic solutions to complex medical problems for over three decades. The privately-held company generates annual revenues in excess of $2 billion and has global operations in 45 locations around the world. The company’s products include vascular grafts, endovascular and interventional devices, surgical meshes for hernia repair and sutures for use in vascular, cardiac and general surgery.

Mr. Rabiner, who will relinquish responsibilities as CEO of Selva, will remain in Rhode Island following the acquisition. “In my dealings with Slater, I’ve been greatly impressed,” said Rabiner. “The economic development community here in Rhode Island has created a very promising environment for entrepreneurs, and the state has much to recommend it as a location to build a medical device business. I’m looking forward to working with Slater in launching my next venture.”

“Our experience with Selva Medical is on balance a success worth noting,” said Richard G. Horan, senior managing director of the Slater Technology Fund. “A successful exit is always a gratifying outcome, and the return realized will contribute nicely to our longer-term goal of making Slater a self-sustaining organization. There is also meaningful validation of our strategy of investing in companies capable of attracting additional funding from world-class investors. The real win for us in the Selva situation, however, is the opportunity to have attracted a capable entrepreneur like Bob Rabiner to Rhode Island. We look forward to working together on additional startup companies.”

About Slater Technology Fund
The Slater Technology Fund supports the development of emerging industries with potential for significant long-term growth within the State of 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
Laura Nelson
SVM Public Relations
(401) 490-9700
laura.nelson@svmpr.com