SMART DRUG SYSTEMS
Mystic, CT
Melbourne, VIC		  
  Smart Drug Systems (SDS) has solved one of the fundamental problems in animal health -- the long-term delivery of drugs to grazing animals, fish and companion animals.  SDS offers not only unique proprietary delivery technology for animal health pharmaceuticals and biologics, but also very low development risk relative to most life sciences startups.  The Company takes advantage of the low-cost development and animal testing expertise available in Australia. SDS' headquarters and operations are in Connecticut.  Bay City Capital and Gresham Rabo Management (Australia) provided $5 million of start-up capital in September 1999.  Rothschild Biosciences (Melbourne Victoria) led a $6 million Series B round at the end of 2003 in which TASCF invested beside the original investors.