<SEC-DOCUMENT>0001104659-12-053666.txt : 20120905
<SEC-HEADER>0001104659-12-053666.hdr.sgml : 20120905
<ACCEPTANCE-DATETIME>20120802141557
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-12-053666
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20120802

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			H&Q HEALTHCARE INVESTORS
		CENTRAL INDEX KEY:			0000805267
		IRS NUMBER:				046564285
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2 LIBERTY SQUARE
		STREET 2:		9TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6177728515

	MAIL ADDRESS:	
		STREET 1:		2 LIBERTY SQUARE
		STREET 2:		9TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			H&Q LIFE SCIENCES INVESTORS
		CENTRAL INDEX KEY:			0000884121
		IRS NUMBER:				043147016
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2 LIBERTY SQUARE
		STREET 2:		9TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6177728515

	MAIL ADDRESS:	
		STREET 1:		2 LIBERTY SQUARE
		STREET 2:		9TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>


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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">August&nbsp;2, 2012</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ms.&nbsp;Christina DiAngelo</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Staff Accountant</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Division of Investment Management</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Office of Disclosure Review</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100 F Street, NE</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, DC 20549</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re:</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">H&amp;Q Healthcare Investors (SEC File Number:&#160; 811-4889)</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">H&amp;Q Life Sciences Investors (SEC File Number:&#160; 811-6565)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Ms.&nbsp;DiAngelo:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This letter sets forth the responses of H&amp;Q Healthcare Investors (&#147;HQH&#148; or a &#147;Fund&#148;) and H&amp;Q Life Sciences Investors (&#147;HQL&#148; or a &#147;Fund&#148;) to your comments received via telephone on June&nbsp;25, 2012, regarding (i)&nbsp;the November&nbsp;28, 2011 NSAR filing for each Fund (the &#147;NSAR&#148;) and (ii)&nbsp;the audited financial statements of each Fund for its fiscal year ended September&nbsp;30, 2011(the &#147;2011 Financial Statements&#148;), as included in its 2011 Annual Report filed with Form&nbsp;N-CSR (the&#148;NCSR&#148;) on December&nbsp;5, 2011.&#160; For ease of reference, each of your comments is set forth below, followed by the Funds&#146; response with respect to each comment.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We acknowledge that (i)&nbsp;the Funds are responsible for the adequacy and accuracy of the disclosure in their filings and (ii)&nbsp;comments of the staff of the U.S. Securities and Exchange Commission (&#147;SEC&#148;) or changes to disclosure in response to staff comments in the filings reviewed by the staff do not foreclose the SEC from taking any action with respect to the filing; and (iii)&nbsp;the Funds may not assert SEC staff comments as a defense in any proceeding initiated by the SEC under the federal securities laws of the United States.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Comment</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On the Report of Independent Registered Public Accounting Firm filed as an exhibit to the NSAR, the city and state which should appear below the public accounting firm&#146;s signature is missing.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Response</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">The city and state of the public accounting firm is at the top of the page, as it was in the letter provided to us by our public accounting firm.&#160; This will be moved to the bottom in future filings.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Comment</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 4.e.2. of the NCSR states &#147;<b><i style="font-weight:bold;">All</i></b> of the services described in each of paragraphs (b)&nbsp;through (d)&nbsp;of the Item were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C)&nbsp;of Rule&nbsp;2-01 of Regulation S-X.&#148;&#160; Is this correct?</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Response</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">No.&nbsp; The response should have been &#147;<b>None</b> of the services described in each of paragraphs (b)&nbsp;through (d)&nbsp;of the Item were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C)&nbsp;of Rule&nbsp;2-01 of Regulation S-X.&#148;&#160; All services described in paragraphs (b)&nbsp;through (d)&nbsp;of the NCSR were approved in advance by the Audit Committee of each Fund.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Comment</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 8 of the NCSR states that a component of the discretionary compensation component of the portfolio management team is based on &#147;investment performance of accounts managed by the team relative to an appropriate benchmark and/or peer funds&#148;.&nbsp; This statement should be more specific as to which benchmark is used, over what period the comparison is performed, and other more specific criteria.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Response</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">The disclosure will be made more specific in future filings.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Comment</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 9 of the NCSR of HQL should include the shares repurchased by HQL pursuant to its 2011 tender offer.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Response</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">This activity was not included in the NCSR but was included in the 2011 Financial Statements and will be included in future Form&nbsp;N-CSR filings, if applicable.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Comment</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 9 of the NCSR should include a footnote giving certain information about the repurchase program pursuant to the instructions to paragraphs (b)(3)&nbsp;and (b)(4)&nbsp;of Item 9.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Response</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">This footnote was included in subsequent Form&nbsp;N-CSR filings and will be included in future Form&nbsp;N-CSR filings, if applicable.</font></i></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2<a name="PB_2_064153_7056"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Comment</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the 2011 Financial Statements, Milestone Interests are included in the Schedule of Investments.&#160; What are these securities and are they derivatives?</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Response</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">The Milestone Interests represent consideration payable to each of the Funds in connection with the sale of three privately held companies pursuant to a merger or acquisition agreement.&nbsp; In future financial statements in which a Fund reports these Milestone Interests, the Fund will revise its financial statement footnote relating to the Milestone Interests to add the following disclosure:</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;The contractual obligations with respect to the TargeGen Milestone Interest provide for payments at various stages of the development of TargeGen&#146;s principal product candidate as of the date of the sale.&nbsp; The contractual obligations with respect to the Interlace Medical Milestone Interest provide for two annual payments following the sale, each to be calculated as a multiple of the incremental revenue growth of the company over the prior year.&nbsp; The contractual obligations with respect to the Xoft Milestone Interest provide for a payment based upon the cumulative net revenue of certain of the company&#146;s products over a three-year period following the sale.&#148;</font></i></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:4.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">The treatment of an interest, such as the Milestone Interests, as a derivative or a financial instrument for financial reporting purposes depends upon the nature of the &#147;milestone&#148; to be achieved.&nbsp; One of the scope exceptions of FAS 133, &#147;Accounting for Derivative Instruments and Hedging Activities&#148;, in paragraph 10.e.(3), provides that the underlying factor on which settlement is based cannot be &#147;[s]pecified volumes of sales or service revenues of one of the parties to the contract.&#148;&nbsp; Therefore, Fund management determined, in consultation with each Fund&#146;s independent registered public accountant, that one of the three Milestone Interests in the 2011 Annual Report should be treated as a derivative and two should be treated as financial instruments for financial reporting purposes.&nbsp; However, additional disclosures required for derivatives were made in the 2011 Annual Report for each of the two financial instruments in order to provide each Fund&#146;s shareholders with more complete information regarding the financial instruments and to report all of the Milestone Interests in a consistent manner.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Comment</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the 2011 Financial Statements, what assets are included in the Other Assets category in the Statement of Assets and Liabilities?&#160; What are these, how long does each Fund expect to hold them, and how are they valued?</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Response</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Other Assets represents escrow accounts related to the sale of private companies.&#160; The age of these escrow accounts ranges from 8 months to three years and they are considered collectible.&#160; Each escrow is subject to our fair value policies and procedures which consider, in addition to other factors, the probability and timing of payment.</font></i></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3<a name="PB_3_064225_5335"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Comment</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the 2011 Financial Statements, the Financial Highlights indicate that there was a return of capital distribution in 2009.&#160; How was the return of capital communicated to shareholders?</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Response</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">The amount and the best estimate of the nature of each distribution is communicated to shareholders quarterly through written notice pursuant to Section&nbsp;19(a)&nbsp;of the Investment Company Act of 1940, a press release and on the Funds&#146; website.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Comment</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">When was the Exemptive Order for the distribution of capital gains given?</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Response</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">The Exemptive Order for distributions of capital gains was published on January&nbsp;31, 2000.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Comment</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the 2011 Financial Statements, is the &#147;Distribution Policy&#148; section of Footnote 1 meant to meet the requirements of Item 10.e. of Form&nbsp;N-2?</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Response</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">No.&nbsp; As the Funds&#146; management advised you in 2006, distributions made pursuant to the fixed distribution policy (the &#147;Policy&#148;) are not made pursuant to a dividend reinvestment plan.&#160; As such, the requirements of Item 10.e. of Form&nbsp;N-2 are not applicable.&#160; The disclosure in the 2011 Financial Statements is consistent with the disclosure relating to the Policy set forth in my letter dated August&nbsp;24, 2006, to you.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you wish to discuss these matters further, please contact Laura Woodward of Tekla Capital Management LLC at 617.772.8515.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sincerely,</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   Daniel R. Omstead</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Daniel   R. Omstead, President</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">H&amp;Q   Healthcare Investors</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">H&amp;Q   Life Sciences Investors</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">cc:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Laura   Woodward</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Joseph   R. Fleming</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Brian   S. Vargo</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4<a name="PB_4_064328_5796"></a></font></p>
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