Bertram Capital

We were engaged to provide valuation services to this private equity group. Bertram invests in low to middle market companies and is focused on achieving long term growth and market expansion. The private equity group guaranteed certain loans of their portfolio companies and is required to book the fair value liability on the firm’s balance sheet. We were engaged to determine the fair value of loan guarantees under the FASB ASC 460 Guarantees.


Apthera is a biotech company developing a HER-2 adjuvant therapy. Apthera was in negotiations with an acquiring entity but required audited financial statements to proceed in the negotiation process. We were engaged to provide common stock valuations from 2006 to 2011 to determine the fair value of issued stock options and warrants so the auditors could complete the audit and time was of the essence.

As a Phase 2 development stage company, the company has no current revenue or profits and no near term outlook to achieve revenue. Consequently, our valuations were based on unwinding prior preferred stock and convertible debt investments to determine the indicated fair value of common stock at the time of the investments. We then extrapolated from each transaction to the next transaction using changes in the market value of peer companies with consideration of milestone developments achieved by the company.