ORBIMED ADVISORS LLC AND AFFILIATES
NOTICE REGARDING PRIVACY OF FINANCIAL INFORMATION
Pursuant to the Gramm-Leach-Bliley Act, Public Law No. 106-102, and the rule issued by the Federal Trade Commission regarding the Privacy of Consumer Financial Information, 16 C.F.R. Part 313 (the "FTC Privacy Rule"), institutions that provide certain financial products or services to individuals to be used for personal, family, or household purposes are required to provide written notices to their customers regarding disclosure of nonpublic personal information.
We have been advised that we may be subject to such requirement. This notice is being provided to you to comply with the FTC Privacy Rule and so that you will know the type of information we collect about you and the circumstances in which that information may be disclosed to third parties.
It is the policy of OrbiMed Advisors LLC and its affiliates (the "Adviser") to safeguard the privacy of non-public, personal information regarding the Adviser's individual clients ("Investors"). Under no circumstances does the Adviser sell any of the personal information collected in connection with the establishment or maintenance of an Investor's account. The Adviser will disclose non-public personal information about Investors only as permitted by federal law, to affiliates and service providers and to non-affiliated companies hired to perform administrative and recordkeeping services on behalf of the Adviser, as further described below. Inactive Investor accounts are to be accorded the same protection with regard to privacy of Investor information as active accounts.
In addition, although our practice to date has been to provide individual capital account statements to our investors, we are aware that it is industry practice to distribute certain personally-identifiable financial information such as the schedule of investors to a fund agreement and capital account information, to all investors in a specific fund and we may do so in the future.
I. Security of Nonpublic Personal Information
We restrict access to nonpublic personal information about you to those employees who need to know that information to provide services to our funds and their investors. We maintain physical, electronic, and procedural safeguards to guard your nonpublic personal information. In addition, we will continue to assess new technology for protecting information with regard to our investors.
II. Collection and Disclosure of Information
In order to accurately and efficiently conduct any fund's investment program, we must collect, maintain, use and disclose certain non-public information about you and the fund's other investors.
III. Disclosures to Affiliates & Service Providers
We collect, and may disclose to our affiliates and service providers (e.g., our attorneys, accountants, entities that assist us with the distribution of stock to our investors and placement agents for future fundraising activities) on a "need to know" basis, certain nonpublic personal information about you from the following sources:
- Information we receive from you as set forth in your subscription agreement, investor questionnaire or similar forms, such as your name, address, and social security or tax identification number; and
- Information about your transactions with us, our affiliates and service providers, or others, such as your participation in each of our funds, such as your capital account balance, contributions and distributions and, in the case of an investor that is an individual retirement account, information with regard to such account.
In connection with fundraising efforts for future funds, we may disclose information about existing investors to one or more placement agents for use in marketing efforts, including communication with prospective future investors.
IV. Disclosures to Unaffiliated Third Parties
We may disclose the following information to unaffiliated third parties other than our service providers and placement agents, such as financial companies, non-financial companies or others (for example prospective investors in future funds):
- Information we receive from you as set forth in your subscription agreement, investor questionnaire or similar forms, such as your name, address, and social security or tax identification number; and
- Information about your transactions with us, our affiliates and service providers, or others, such as your participation in each of our funds, such as your capital account balance, contributions and distributions and, in the case of an investor that is an individual retirement account, information with regard to such account.
V. Opt Out
If you prefer that we not disclose nonpublic personal information about you to unaffiliated third parties (other than our service providers and placement agents), you may opt out of those disclosures, that is, you may direct us not to make those disclosures (other than disclosures permitted by law). If you wish to opt out of disclosures to such unaffiliated third parties, you may do so by calling Eric Bittelman (the "Compliance Officer"), at (212)739-6400 or alternatively, sending an e-mail to him at compliance@orbimed.com. Please note that this notice, as well as the ability to opt-out of certain disclosures, applies only to individuals and individual retirement accounts. Institutional and entity investors do not have the right to opt out of disclosures.
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We will provide notice of our privacy policy annually, as long as you maintain an investment with us. The policy may change from time to time, but you can always review our current policy by asking us for a copy. Any questions with respect to these procedures should be directed to the Compliance Officer.
This notice applies to all of the OrbiMed sponsored funds, including all such funds bearing the OrbiMed and Caduceus fund names
Dated: August 22, 2007
