The Fenwick & West Venture Capital Barometer showed a 24% average price increase for companies receiving venture capital financing in Q1 2005 compared to such companies previous financing round. This increase was lower than the 36% increase recorded in Q4 2004, but Q4 2004 was our largest increase to date, and the Q1 2005 increase was higher than the 17% increase recorded in Q3 2004. The amount invested by venture capitalists in the US in Q1 2005 decreased when compared to Q4 2004 by 10-15%. The sector seeing the largest decline was life sciences. There were only 8 venture backed IPOs in the US in Q1 2005, only 1 of which was from the IT industry.