Chrystyna M. Bedrij

Chrystyna M. Bedrij, Principal and Director of Research

Ms. Bedrij is a co-Founder, Principal, and Director of Research at Griffin Securities. She specializes in identifying “change the world” ideas that have the potential to create substantial returns. On behalf of Griffin Securities, Chrystyna oversees the group’s research department, which she launched in 2002, which focuses on Healthcare, Technology, and Value companies, currently covering approximately 40 companies ranging from $20 million to $14 billion in market capitalization. The research since inception 2002 through 2010 has returned on average over 40% per annum. She has also led the firm’s business development activities in other companies which were then acquired and has developed and implemented business strategies for a wide range of companies in the healthcare and technology industries. Ms. Bedrij previous successes include: Bone Care (BCII), which was purchased by Genzyme; Bioenvision (BIOV), which was purchased by Genzyme; various business development projects for Telcordia (previously owned by SAIC); Clinical Data (CLDA), which was purchased by Forest Laboratories; Cogenics, which was purchased by Beckman Coulter; Intrexon oncology partnership with Ziopharm (ZIOP); among others. Chrystyna Bedrij holds a B.A. in Economics from Vassar College and M.B.A. in Finance from New York University’s Leonard N. Stern of Business and also attended Harvard University.

cbedrij@griffinsecurities.com  |  direct 212.509.7708  |  cell 917.929.1005

Keith A. Markey, Ph.D

Keith A. Markey, PhD, Scientific Director

Keith Markey is an equities analyst with more than 25 years of experience. In addition to conducting research, he provides advisory services on partnering/licensing, mergers/acquisitions, and financing for companies in the biotechnology, pharmaceutical, and medical device sectors. Previously, Keith held various managerial positions in the Value Line Research Department, supporting the Value Line Investment Survey with original research and by selecting stocks for coverage. He began his career as a biochemist, working in the fields of endocrinology and neuroscience. His research, which resulted in more than 30 publications, contributed to our understanding of regulatory biochemistry and stem cell plasticity. Keith has lectured on scientific and financial subjects and is a member of the Licensing Executive Society and the National Association of Science Writers. He earned a Ph.D. in Neurochemistry from the University of Connecticut and an M.B.A. in Finance from the Leonard N. Stern School of Business at New York University.

kmarkey@griffinsecurities.com  |  direct 212.514.7914  |  cell 908.334.3008

Morris Ajzenman

Morris Ajzenman,CFA, Senior Research Analyst

Morris Ajzenman, CFA, has 30 years of experience specializing in small-capitalization companies. His career includes co-managing $4 billion in assets for Lazard Asset Management, $2 billion at Mitchell Hutchins (division of Paine Webber), as well as managing long/short portfolios at 2 other firms. Morris’ approach is designed to identify companies that are expected to remain profitable, particularly during recessions. Morris focuses on companies that: generate free cash flow; sell at low multiples of C/F; have little debt; have appropriate levels of cash; have conservative accounting practices (e.g. where companies do not delegate liabilities to only footnotes); have a "moat around its castle"; have a catalyst or strategic action by management to unlock value; and, stocks selling at historic low valuations.

morris@griffinsecurities.com  |  direct 646.442.1442  |  cell 516.503.6611

Jay Vleeschhouwer

Jay Vleeschhouwer, Senior Research Analyst

Mr. Vleeschhouwer has over thirty years of research analyst experience. He has covered the technology sector since 1983, including more than 20 years of consistent coverage of the design software market. In addition to software research, he has over the years covered the imaging technology and computer hardware sectors. He was a senior analyst and managing director with Merrill Lynch, prior to which he was with such firms as Josephthal Lyon & Ross, Bear Stearns, and Cantor Fitzgerald. His work has been recognized on numerous occasions in the annual Institutional Investor and Greenwich Associates rankings of analysts, and he has been invited to present at various industry and corporate conferences and events on his perspectives of the software and imaging technology industries. Mr. Vleeschhouwer received his B.A degree, in Economics and Political Science, from the University of California, Los Angeles, and his M.B.A. degree from the University of California, Berkeley.

jvleeschhouwer@griffinsecurities.com  |  direct 646.442.4251  |  cell 917.543.2576

Mark C. Merrill

Mark C. Merrill, Research Analyst

Mark Merrill joined Griffin Securities in 2007. He specializes in evaluating emerging small- and mid-capitalization companies, with specific expertise in financial valuation and business strategy analysis. With the Griffin Securities team, he has provided extensive financial advisory and strategic consulting services for public and private companies and detailed valuation analyses of numerous transactions, including capital raises, mergers and acquisitions, biopharmaceutical licensing & partnership deals, and other business combinations. In addition, he has published numerous research reports on life-science companies. Mark graduated cum laude with a B.A. in Economics, with Distinction, from Carleton College.

mmerrill@griffinsecurities.com  |  direct 646.442.1441  |  cell 917.767.4678

Zachary R. Ajzenman

Zachary R. Ajzenman, Research Associate

Zack Ajzenman joined Griffin Securities in 2010. He specializes in analyzing small- and mid-capitalization investment opportunities, as well as assisting the institutional sales team in developing new client relationships. Zack has a B.S. in Business Administration with a concentration in Finance from The Ohio State University.


zajzenman@griffinsecurities.com  |  direct 646.845.9981  |  office 212.509.9500  |  cell 516.567.0532

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