The Walden Group, Inc.

Principals

James A. Walden
The founder of the firm, Mr. Walden is a prominent figure in healthcare industry mergers and acquisitions.

Earlier in his career, he was associated with Phillips Appel & Walden Inc. for more than 24 years, beginning as a registered representative and eventually becoming the Chief Executive Officer and Chairman of the Board of Directors. During his tenure there, Mr. Walden expanded the firm from six employees to over 1,000 employees in six separate offices, making the firm the largest non-clearing member firm of the New York Stock Exchange. At various times, Mr. Walden headed the underwriting department, which brought more than 40 companies public; the syndications department which organized the firm's participation in thousands of underwritings; and the retail brokerage department which grew under his direction from 10 salespeople to more than 600. In 1982 he engineered the sale of Phillips Appel & Walden to a firm associated with Merrill Lynch & Co. In 1987, he founded The Walden Group.

Richard S. Cohen
Mr. Cohen has been President of The Walden Group for more than 10 years and has orchestrated more than 50 merger and acquisition transactions there. He is an expert on healthcare strategic dynamics and valuation.

Frequently, Mr. Cohen is called upon to lecture at major healthcare conferences and universities on the subject of mergers and acquisitions and related topics. He has chaired an entire conference, entitled "E-Commerce Strategies for Medical Device Manufacturers", as part of the annual Medical Design and Device convention in New York City. He has recently been named to Editorial Advisory Board of MX Magazine, a leading journal serving healthcare executives.

Mr. Cohen began his career as a corporate and securities attorney at Wachtell, Lipton, Rosen & Katz, a prominent law firm specializing in mergers and acquisitions. He then was associated with The Trump Group, a corporate acquisitions firm, where he was a senior officer. He has been an officer and director of several public and private companies, including president of manufacturing and distribution companies. As president, he ran a manufacturer of security devices for five years. Mr. Cohen has been associated with several medical supply companies for more than 20 years. He has a B.A. degree from Cornell University, a J.D. degree from The New York University School of Law, where he was an editor of the law review, and attended the Leonard M. Stern Graduate School of Business, New York University.

As a member of the Licensing Executive Society, Mr. Cohen served on the boards of several philanthropic institutions, and has been a guest lecturer at Columbia University's Graduate School of Business. In 2006, he received a Distinguished Service Award for his work for one philanthropy.