Alex Philippidis Senior News Editor Genetic Engineering & Biotechnology News
Who has the most invested in funding up-and-coming biotechs?
The stampede is back on among venture capital firms to raise new money and close more funds, after years of standing pat following the recession and years of sluggish recovery.
Polaris Partners became the latest VC firm in the money on November 24, when it announced it had closed on its $450 million seventh fund, to be focused on healthcare and technology investments. That seventh fund closed $50 million higher than the $400 million “offering amount” that the firm stated back on June 17, when it disclosed its plan to raise the fund in a Form D filing with the U.S. Securities and Exchange Commission.
Polaris isn’t alone. Just last month, Canaan Partners closed on its $675 million tenth fund. Canaan and Polaris are two of nine firms on this year’s List to have closed on new funds this year, raising among them a total $3.935 billion. Another six venture firms disclosed plans to raise new funds totaling an additional reported $2.78 billion; the actual number is undoubtedly higher, since one of those firms would not disclose a figure on its Form D.
So who else joined those firms in investing capital in biotechs this year? Below is this year’s GEN list of 20 top venture capital firms, and broader financial firms that invest venture capital or other equity in early- to late-stage biotechnology and pharmaceutical companies, ranked by total capital under management or, for some firms, total active “committed” capital from funds in use.
This year’s list shows the upward progression of VC firms; the lowest-ranked of this year’s firms had $1.25 billion under management, compared with more than $1.1 billion for the Top 30 Venture Capital Firms of 2013. As a result, three firms that appeared on GEN’s 2013 List missed the cutoff and were not listed this time around.
The firms themselves are the sources of much of the information, though in some instances, amounts of capital under management were calculated by adding the value of newly closed funds with previously disclosed amounts. In a handful of instances, figures and facts came from biographies of the firms’ principals available on the websites of investee companies and publicly available investor presentations posted online.
All non-U.S. currencies were converted into U.S. dollars on November 21–24.
#20. SV Life Sciences
City (cities) where offices are located: Boston; San Francisco; London
Fund size and status: Approximately $1.9 billion under management across five funds
Current fund: $524 million SV Life Sciences Fund V, closed 2010; fund includes $513 million, plus $11 million of co-investments committed by partners and individuals affiliated with SVLS
Current biopharma portfolio companies: Achillion Pharmaceuticals, Adimab, Affibody, Affinium Pharmaceuticals, Alba Therapeutics, Alinea Pharmaceuticals, AlloCure, Allos Therapeutics, Antiva, Archemix, Arsanis Biosciences, Atopix Therapeutics/Oxagen, Autifony Therapeutics, Auxilium, Avera Pharmaceuticals, Avitide, Axys, Bicycle Therapeutics, Calchan Holdings, Catabasis Pharmaceuticals, Cellzome, Convergence Pharmaceuticals, Coral Therapeutics, Cyterix Pharmaceuticals, Delenex Therapeutics, Dynogen Pharmaceuticals, EUSA Pharma, Good Start Genetics, Ikano Therapeutics, Imagen Biotech, Itero Biopharmaceuticals, Juvaris Biotherapeutics, KalVista Pharmaceuticals, Karus Therapeutics, Link Medicine, Logical Therapeutics, Lux Biosciences, Micromet, Mpex Pharmaceuticals, NeurogesX, Neurotech, NKT Therapeutics, Oncoethix, Ophthotech, PanOptica, Pulmocide, Rempex Pharmaceuticals, Shire Pharmaceuticals, Sutro Biopharma, Thesan Pharmaceuticals, TopiVert, Vantia Pharmaceuticals, VHsquared, X2-Pharma
Year established: Established 1993 as Schroder Ventures Life Sciences.
#19. Alta Partners
City (cities) where offices are located: San Francisco
Fund size and status: $2 billion under management across eight funds
Current fund: $500 million Alta Partners VIII, a first stage-independent life sciences fund closed 2006
Current biopharma portfolio companies: 7TM Pharma, Ablynx, AcelRx Pharmaceuticals, Achaogen, Aegerion Pharmaceuticals, Aerie Pharmaceuticals, Aerovance, Alba Therapeutics, Allakos, Applied Genetic Technologies, Astex Pharmaceuticals, aTyr Pharma, Azelon Pharmaceuticals, Cara Therapeutics, Ceregene, Cerenis Therapeutics, ChemoCentryx, Chimerix, Corcept Therapeutics, CymaBay Therapeutics, Cytokinetics, DiscoveRx, Esperion Therapeutics, Excaliard Pharmaceuticals, Genedata, Immune Design, Intarcia Therapeutics, Kiadis Pharma, Kite Pharma, Lumena Pharmaceuticals, MacroGenics, Neothetics, Nereus Pharmaceuticals, Pathwork Diagnostics, Portola Pharmaceuticals, Proacta Therapeutics, Prolacta Bioscience, SARcode Bioscience, Scynexis, Silence Therapeutics, Sonexa Therapeutics, Sunesis Pharmaceuticals, Sutro Biopharma, Threshold Pharmaceuticals, Trevena, Veloxis Pharmaceuticals, ViroBay, VitrOmics, Zafgen, ZS Pharma
Year established: 1996
#16 (tie). Third Security
City (cities) where offices are located: Radford, VA; San Francisco; Palm Beach, FL
Fund size and status: More than $2 billion under management through nine affiliated investment funds, consisting of seven New River Management Funds and two regional funds
Current New River Management Funds: $120 million New River Management VII, closed 2012; $15 million Valleys’ Ventures, launched 2013 to invest in companies that intend to commence operations in, or are willing to relocate to an area within 100 miles of Montgomery, Roanoke or Botetourt counties of southwestern Virginia
Current biopharma portfolio companies: Agilis, AmpliPhi Biosciences, AveXis, Fibrocell Science, Halozyme Therapeutics, Intrexon, Oragenics, OvaScience, Soligenix, Synthetic Biologics
Year established: 1999
#16 (tie). Mohr Davidow Ventures
City (cities) where offices are located: Menlo Park, CA
Fund size and status: More than $2 billion under management in nine funds
Most recent fund: $670 million MDV IX fund, first closed 2007 at $580 million.(1)
Current biopharma portfolio companies: Adamas, Balance Therapeutics, CardioDx, Crescendo Bioscience, DVS Sciences, Pacific Biosciences, Personalis, RainDance Technologies, Sequenta
Year established: 1983
#16 (tie). Frazier Healthcare
City (cities) where offices are located: Seattle and Menlo Park, CA
Fund size and status: More than $2 billion under management across seven funds
Current fund: $377 million Frazier Healthcare VII, closed 2013
Current biopharma portfolio companies: Achaogen, Alcresta, Allena Pharmaceuticals, Amicus Therapeutics, Anaptys, Attercor, Cadence Pharmaceuticals, Chimerix, Cidara Therapeutics, Collegium Pharmaceutical, Portola Pharmaceuticals, QuatRx Pharmaceuticals, Rempex Pharmaceuticals, Semnur Pharmaceuticals, Silvergate Pharmaceuticals, Tobira Therapeutics, VentiRx Pharmaceuticals
Year established: 1991
#14 (tie). Morgenthaler Ventures–Life Sciences Team
City (cities) where offices are located: Palo Alto, CA; Boston; Boulder, CO
Fund size and status: More than $2.5 billion under management
Current fund: $400 million Fund IX, closed 2008 and used in part for investment in life-sciences companies. (3)(2)
Current biopharma portfolio companies: Calithera Biosciences, Catalyst Biosciences, Elcelyx Therapeutics, Galleon Pharmaceuticals, GlobeImmune, Mosaic Biosciences, NaZura, OncoMed Pharmaceuticals, Orexigen, Principia Biopharma, Promedior Pharmaceuticals, Ra Pharmaceuticals, Replidyne, Ribozyme Pharmaceuticals, Scioderm, Stemgent, Threshold Pharmaceutical, Tragara Pharmaceuticals, Trellis Bioscience, Vical
Year established: 1968
#14 (tie). Essex Woodlands Health Ventures
City (cities) where offices are located: Palo Alto, CA; Houston; New York; London; Shanghai
Fund size and status: More than $2.5 billion under management across eight funds (4)
Current fund: $900 million Fund VIII, closed 2009 (4)
Current biopharma portfolio companies: Acura Pharmaceuticals, Biotoscana, Bioventus, Catalyst Biosciences, Chroma Therapeutics, Corium, Curis, Echo Therapeutics, Elusys Therapeutics, Horizon Pharma, IntegenX, LightSciences Oncology, Medicinova, Molecular Partners, Open Monoclonal Technology, Oraya Therapeutics, Revance Therapeutics, Symphogen, Ziopharm Oncology
Year established: 1985
#13. Venrock
City (cities) where offices are located: Cambridge, MA; New York; Palo Alto, CA
Fund size and status: $2.6 billion under management across seven funds
Current funds: $450 million Venrock VII, closed July 2014 and intended to invest in technology and healthcare companies; $350 million Venrock VI, closed 2010 (5)
Current biopharma portfolio companies: Acceleron Pharma, Achaogen, Anacor Pharmaceuticals, Ariosa Diagnostics, Avalanche Biotech, AVEO Pharmaceuticals, Celladon, Cerulean, Constellation Pharmaceuticals, CymaBay Therapeutics, Fate Therapeutics, Hua Medicine, Infinity Pharmaceuticals, Intarcia Therapeutics, Ironwood Pharma, Juno Therapeutics, QuatRx Pharmaceuticals, Receptos, Vitae Pharmaceuticals
Year established: 1969
#12. MPM Capital
City (cities) where offices are located: Boston (6); South San Francisco, CA; Gainesville, FL; Munich
Fund size and status: More than $2.6 billion committed capital under management across five funds
Current fund: Approximately $300 million MPM BioVentures V L.P., closed 2010 (7)
Current biopharma portfolio companies: 23andMe, Amphivena Therapeutics, Anthera Pharmaceuticals, Aratana Therapeutics, Astute Medical, Celladon, Cerecor, Chiasma, Conatus Pharmaceuticals, Epizyme, Iconic Therapeutics, Mitokyne, Proteon Therapeutics, Radius Health, Rhythm Pharmaceuticals, SAI, Selexys Pharmaceuticals, Sideris Pharmaceuticals, Solasia Pharma, Syndax Pharmaceuticals, Theraclone Sciences, True North Therapeutics, Vascular Pharmaceuticals, Verastem
Year established: 1996
#11. Domain Associates
City (cities) where offices are located: Princeton, NJ, and San Diego
Fund size and status: More than $2.7 billion under management across eight funds
Current fund: $500 million Domain Partners VIII, closed 2009
Current biopharma portfolio companies: Achaogen, Achillion Pharmaceuticals, Adynxx, Afferent Pharmaceuticals, Aldeyra Therapeutics, Alimera Sciences, Applied Proteomics, Ariosa Diagnostics, Ascenta Therapeutics, Asmacure, Astute Medical, Atara Biotherapeutics, aTyr Pharma, BioNano Genomics, Cantex Pharmaceuticals, Celator Pharmaceuticals, Clovis Oncology, CoDa Therapeutics, CoLucid Pharmaceuticals, Dicerna Pharmaceuticals, Domain Elite Holdings, Domain Russia Investments, Eddingpharm International Holdings, Epic Sciences, Esperion Therapeutics, Evoke Pharma, Five Prime Therapeutics, IntegenX, Marinus Pharmaceuticals, Meritage Pharma, NovaDigm Therapeutics, Ocera Therapeutics, Oraya Therapeutics, Orexigen Therapeutics, Otonomy, ProteinSimple, Regardo Biosciences, Sera Prognostics, Syndax Pharmaceuticals, Tobira Therapeutics, Tragara Pharmaceuticals, VentiRx Pharmaceuticals, Veracyte, Zogenix
Year established: 1985
#10. InterWest Partners
City (cities) where offices are located: Menlo Park, CA
Fund size and status: $2.8 billion under management across 10 funds
Current fund: $650 million InterWest Partners X, closed 2008
Current biopharma portfolio companies: Applied Genetic Technologies (AGTC), Alvine Pharmaceuticals, Arcion Therapeutics, Carbylan Therapeutics, Cebix, Centrexion, Cidara Therapeutics, Drais Pharmaceuticals, Eiger BioPharmaceuticals, Lycera, MacroGenics, Ocera Therapeutics, On Demand Therapeutics, Paratek Pharmaceuticals, PMV Pharma, QuatRx Pharmaceuticals, RadioRx, Tesaro, Trius Therapeutics, USDS, Xenon Pharmaceuticals
Year established: 1979
#9. Atlas Venture
City (cities) where offices are located: Cambridge, MA
Fund size and status: More than $3 billion in committed capital across nine funds.
Current fund: $265 million Atlas Venture IX, closed in 2013 (8)
Current biopharma portfolio companies: Annovation Biopharma, Arteaus Therapeutics, Ataxion, Bicycle Therapeutics, CoStim Pharmaceuticals, Egalet, F-star, Harbour Antibodies, Horizon Pharma, InfaCare Pharmaceutical, Lysosomal Therapeutics, MiRagen Therapeutics, Mnemosyne Pharmaceuticals, Navitor Pharmaceuticals, Nimbus Discovery, Numerate, Padlock Therapeutics, RaNA Therapeutics, Rodin Therapeutics, Spero Therapeutics, Synlogic, Vitae Pharmaceuticals, Zafgen
Year established: 1980
#8. Index Ventures
City (cities) where offices are located: London, Geneva, San Francisco, and St. Helier, Jersey
Fund size and status: $3.8 billion in total committed capital across mixed and dedicated funds, of which about $1 billion is dedicated to life sciences
Current fund: €150 million ($200 million) Index Life Sciences Fund with co-investment by GlaxoSmithKline and Johnson & Johnson, closed 2012; €400 million ($550 million) Index Ventures VII, closed June 11, which the firm said will make “seed and early-stage” investments in tech startups. (9)
Current biopharma portfolio companies: CoMentis, Egalet, Epsilon 3 Bio, FF Pharma, GenSight Biologics, GlycoVaxyn, Levicept, Minerva Neurosciences, Molecular Partners, Novocure, Oncoethix, Sequenta, Versartis, XO1
Year established: 1996; successor to Index Securities, founded 1976
#7. Polaris Partners
City (cities) where offices are located: Boston; Waltham, MA; San Francisco; Dublin; Also, @dogpatchlabs location in Dublin for biotechnology and technology startups
Fund size and status: About $4 billion under management across seven funds (10)
Current fund: $450 million Polaris Venture Partners VII, closed Nov. 24; firm says on its website it continues to invest its sixth fund, $375 million Polaris Venture Partners VI, closed 2010 (10)
Current biopharma portfolio companies: 480 Biomedical, Acceleron Pharma, Adimab, Advion, AgBiome, Alector, Alimera Sciences, Arsanis Biosciences, Arsenal Medical, aTyr Pharma, Cerulean Pharma, Editas, Fate Therapeutics, Genocea Biosciences, Hydra Biosciences, Ironwood, Kala Pharmaceuticals, KinDex Pharmaceuticals, Navitor Pharmaceuticals, NextCODE, Ocular Therapeutix, Promedior, Pulmatrix, Receptos, Scholar Rock, Selecta Biosciences, T2 Biosystems, Trevena, Visterra, Xtuit Pharmaceuticals
Year established: 1996
#6. Bessemer Venture Partners
City (cities) where offices are located: Cambridge, MA; New York; Menlo Park, CA; São Paulo, Brazil; Herzliya Pituach, Israel; Bangalore, India
Fund size and status: More than $4 billion under management across eight funds (11)
Current fund: $1.6 billion Bessemer Venture Partners VIII, closed 2011 (11)
Current biopharma portfolio companies: Acceleron Pharma, AffyMax, Allena Pharmaceuticals, Cerulean Pharma, Flex Pharma, On-Q-ity, OvaScience, Oxagen, Proteon Therapeutics, Transave Inhalation Biopharmaceuticals, Verastem
Year established: 1911
#4 (tie). Highland Capital Partners
City (cities) where offices are located: Cambridge, MA; Palo Alto, CA; Shanghai; London; and Geneva
Fund size and status: $4.2 billion under management across 12 funds. (12)
Current fund: €250 million ($310 million) Highland Capital Growth Fund, closed in May; and the $400 million Highland Capital Partners IX L.P., closed 2013
Current biopharma portfolio companies: Hyperion Therapeutics, OpGen,
Year established: 1988
#4 (tie). Canaan Partners
City (cities) where offices are located: Menlo Park, CA; Westport, CT; New York; Gurgaon, India; Herzliya Pituach, Israel
Fund size and status: $4.2 billion under management across nine funds
Current fund: $675 million Canaan Partners X, announced Oct. 16
Current biopharma portfolio companies: Aldea Pharmaceuticals, Arvinas, Axial Exchange, Chimerix, Chrono Therapeutics, CytomX, Dermira, Durata Therapeutics, Envisia Therapeutics, LQ3 Pharma, Marinus Pharmaceuticals, Novira Therapeutics, Sample6, Semnur Pharmaceuticals, Spinifex Pharmaceuticals, Theraclone Sciences, Tobira Therapeutics, VaxInnate
Year established: 1987
#3. OrbiMed Advisors
City (cities) where offices are located: New York; San Francisco; Mumbai; Shanghai; Herzliya, Israel
Fund size and status: Approximately $12 billion under management in five public funds, as well as private equity funds in North America/Europe, Asia, and Israel; and a Royalty Opportunities Fund launched 2011 to invest in healthcare royalty streams
Current fund: $325 million OrbiMed Asia Partners II, closed September; $735 million OrbiMed Private Investments V, closed October 2013
Current biopharma portfolio companies: Acceleron Pharma, Adaptimmune, Aerocrine, Adimab, Aerpio, Affimed, Alector, Amarin, Ambit Biosciences, Anthera, arGEN-X, ARMO BioSciences, Arsanis Biosciences, Arteaus, Audentes Therapeutics, Avitide, Bharat Serums and Vaccines, Biodel, BioLineRx, Cardioxyl, cCAM Biotherapeutics, Cerenis Therapeutics, Cleave Biosciences, Clementia, Dimension Therapeutics, Durata Therapeutics, Eddingpharm, GC-Rise Pharmaceutical, Good Start Genetics, Igenica, Intercept Pharmaceuticals, Invitae, Iroko Pharmaceuticals, Loxo Oncology, Mirati Therapeutics, Otic Pharma, Otonomy, OxOnc Development, PharmAbcine, Pieris, Principia Biopharma, ProNAi, RDD Pharma, RedHill Biopharma, Relypsa, Response BioMedical, Roka BioScience, Sage Therapeutics, Selecta Biosciences, Shasun, singulex, Symbionics Therapeutics, Waterstone Pharmaceuticals
Year established: 1989
#2. Kleiner Perkins Caufield & Byers (KPCB)
City (cities) where offices are located: Menlo Park, CA; San Francisco; Beijing; Shanghai
Fund size and status: More than $7 billion in assets under management across 19 funds (13)
Current fund: $525 million KPCB XV, closed 2012 (13)
Current biopharma portfolio companies:(14) ApniCure, Armo BioSciences, Atara Bio, Auxogyn, Crescendo Bioscience, Elcelyx, Epizyme, FivePrime Therapeutics, Focal, Foundation Medicine, Oculeve, Onyx Pharmaceuticals, Orexigen, Pacific Biosciences, Pharmacopeia, Pharmacyclics, Practice Fusion, Rapid Micro Biosystems, Tesaro, True North Therapeutics
Year established: 1972
#1. New Enterprise Associates (NEA)
City (cities) where offices are located: Menlo Park, CA; Chevy Chase, MD; Timonium, MD; New York, Chicago; Cambridge, MA; as well as affiliate operations in Beijing; Shanghai; Bangalore; Mumbai.
Fund size and status: More than $14 billion in committed capital across 14 funds
Current fund: $2.6 billion New Enterprise Associates 14 L.P., closed 2012
Current biopharma portfolio companies: 3-V Biosciences, Acadia Pharmaceuticals, Adaptimmune, Alimera Sciences, Amicus Therapeutics, Ardelyx, Blend Therapeutics, BrainCells, Cadence Pharmaceuticals, Cardioxyl Pharmaceuticals, Cerecor, Cleave Biosciences, Clovis Oncology, Cydan, Dermira, Edimer Pharmaceuticals, Envisia Therapeutics, Epizyme, Galera Therapeutics, Glycomimetics, Hydra Biosciences, Hyperion Therapeutics, Intarcia Therapeutics, Intrinsic Therapeutics, Liquidia Technologies, Loxo Oncology, Lumos Pharma, Mersana Therapeutics, Mirna Therapeutics, Nexchem, NexImmune, Novast Holdings, Predictive Biosciences, Prosensa, Proteostasis Therapeutics, Psyadon Pharmaceuticals, Ra Pharma, Rhythm Pharmaceuticals, Rigel Pharmaceuticals, Roka Bioscience, Satori Pharmaceuticals, Sunesis Pharmaceuticals, Supernus Pharmaceuticals, Targacept, Tesaro, Transcept Pharmaceuticals, Tracon Pharmaceuticals, Trevena, Zyngenia
Year established: 1977
1 The firm was ending investments in life sciences, and raising a fund “in the $200 million range,” according to an April 4 news report in Venture Capital Dispatch, a blog of The Wall Street Journal, in which the firm declined comment. See: http://blogs.wsj.com/venturecapital/2014/04/04/refocused-mohr-davidow-ventures-is-raising-a-new-fund/
2 A $175 million fund focused on software and tech services, which closed in 2013, was to have been the 10th fund, but instead spun out of Morgenthaler by three of its partners under the name Canvas Venture Fund, with a new management company, Morgenthaler Technology Investment Co.
3 The general partners of the Life Sciences team and Advanced Technology Ventures joined investors from both in 2012 to create a new firm, Lightstone Ventures. On May 1 of this year, Lightstone announced it closed its first fund at $172 million. Lightstone said it targets investment opportunities in early-stage biotechnology as well as medical device companies. See: http://finance.yahoo.com/news/lightstone-ventures-closes-first-fund-123257593.html
4 On July 1, the firm submitted a Form D stating that its partners had raised $221.5 million toward a planned ninth fund of $750 million, to be named Esssex Woodlands Fund IX. See: http://www.sec.gov/Archives/edgar/data/1612343/000161234314000001/xslFormDX01/primary_doc.xml
5 The firm’s Venrock Healthcare Capital Partners II fund submitted a Form D on March 11 stating that it planned to raise $200 million. See: https://www.sec.gov/Archives/edgar/data/1602264/000160226414000001/xslFormDX01/primary_doc.xml
6 On Nov. 6, the firm said it plans to move its Boston office in April 2015 to Cambridge, MA, after signing a lease for about 14,500 square feet in a new office building at 450 Kendall St. The firm cited the presence in Cambridge of Pfizer and the planned move there of Baxter International.
7 On May 29, partners submitted a Form D stating their intent to raise a $380 million sixth fund, to be named MPM BioVentures 2014. See: http://www.sec.gov/Archives/edgar/data/1609495/000160949214000002/xslFormDX01/primary_doc.xml MPM BioVentures was “approaching the end of fundraising,” according to an unnamed “market source,” Reuters PE Hub reported on Sept. 18.
8 Firm has disclosed on its website that it will soon split into two firms “focused on technology and life sciences early stage investing.” The life-sci firm “will retain the Atlas brand, and plans to raise a new fund next year that would be similar in size to the $265 million Atlas raised for its ninth fund,” Fortune reported on Oct. 2. See: http://fortune.com/2014/10/02/exclusive-atlas-venture-is-splitting-up/
9 See announcement on the firm’s blog, http://indexventures.com/news-room/blog/our-new-fund-for-building-iconic-businesses
10 Figure calculated based on adding the value of the new $450 million fund with the $3.5 billion previously disclosed by the firm. Polaris describes the seventh fund as “a partnership investing in technology and healthcare.” See: http://myemail.constantcontact.com/Announcing-Fund-VII.html?soid=1106633098844&aid=84wvr4fxTTs
11 On Nov. 14, the firm submitted a Form D filing stating that partners were raising funds toward a ninth fund, to be named Bessemer Venture Partners IX Institutional. No money was reported to have been raised, and a size was not disclosed for the fund. See: http://www.sec.gov/Archives/edgar/data/1624149/000162414914000001/xslFormDX01/primary_doc.xml
12 Figure calculated based on adding the value of the two current funds with the $3.5 billion previously disclosed by the firm.
13 Includes all companies denoted on firm’s website as “recent ventures” in the “life sciences” focus area, within the Diagnostics and Therapeutics categories. Also includes one “tools & services” company, Rapid Micro Biosystems, which focuses on detection of microbial contamination in the manufacture of pharmaceutical, biotechnology, and personal care products.
14 On June 27, KPCB submitted Form D filings with the U.S. Securities and Exchange Commission disclosing plans to raise an early-stage growth fund of $450 million, known as KPCB XVI, as well as a later-stage fund of $750 million known as KPCB Digital Growth. See: http://www.sec.gov/Archives/edgar/data/1611731/000161173114000001/xslFormDX01/primary_doc.xml
