Issue link: https://nebusinessmedia.uberflip.com/i/790956
10 Hartford Business Journal • February 27, 2017 www.HartfordBusiness.com THE LIST mortgage limit of 43 percent, has no reserves and a FICO score just below 680 would not be eligible for a qualified mortgage, even though the bank likely considers that indi- vidual a safe bet. Ironically, in conjunction with a first-time homebuyer loan program, that individual would be viewed as a "safe buyer," Geitz said. Of the 577 mortgage loans that Simsbury Bank made in 2016 totaling $138.5 million, as many as 10 percent were not qualified mort- gages, Geitz said. It's not a big number, but it adds legal exposure, which the bank has taken steps to mitigate, he said. What Geitz and others would like to see is new criteria stating that any mortgage made and held in a bank portfolio — not sold to another lender — should be considered a qualified mortgage. "That should be the test because the bank has an incentive to make sure they're making a good mortgage," Abernathy said. Savings Institute's Brouillard said he isn't turning mortgage prospects away because of the existing qualified-mortgage rule, but it has caused other lenders to stop making residential loans. Basing the rule on sound underwriting principles would solve that problem, he said. Compliance costs Geitz and Brouillard would also like to see changes that make oversight and compliance more manageable and affordable. Today, Geitz spends $150,000 a year on salaries for the equivalent of three full-time compliance officers, and a "meaningful" amount he would not specify for auditors and legal oversight. The complexity of Dodd-Frank is to blame, he said. Brouillard said he spends $1 million a year on compliance, because he has had to double staff from two to four people and invest heav- ily in software and technology to comply with the rules. Whether those costs can be alleviated as revisions are put into place remains to Dodd-Frank Notable Connecticut venture capital investments (Ranked by 2016 total investment amount) Rank Company 2016 total investment/ No. of deals Investment stage Industry type/ Investors Top executive/ Title 1 Biohaven Pharmaceuticals Inc. 234 Church St. New Haven, CT 06510 475-227-3006; biohavenpharma.com $80,000,000 1 Other Biotechnology Aisling Capital, Aperture Venture Partners, Connecticut Innovations Inc., Greg Bailey, John Childs, Knoll Capital Management, Litmore Capital, Osage University Partners, RA Capital Management, Rock Springs Capital, Venrock, Vivo Capital Vlad Coric CEO 2 etouches Inc. 13 Marshall St. Norwalk, CT 06854 203-403-9470; www.etouches.com $20,000,000 1 Later stage Internet Connecticut Innovations Inc., Level Equity Oni Chukwu President & CEO 3 Oxford Performance Materials 30 South Satellite Road South Windsor, CT 06074 860-698-9300; www.oxfordpm.com $15,780,000 1 Other Manufacturing Hexcel Scott DeFelice CEO 4 Spine Wave Inc. Three Enterprise Drive, Suite 210 Shelton, CT 06484 203-944-9494; www.spinewave.com $11,000,000 1 Later stage Health Care Acadia Woods Partners, California Technology Ventures, Collinson Group, Compass Global Fund, Industry Ventures, MB Venture Partners, New Enterprise Associates Mark LoGuidice John Pafford Founders 5 Intensity Therapeutics 8 Wright St., Suite 107 Westport, CT 06880 203-682-2434; www.intensitytherapeutics.com $10,000,000 1 Early stage Health Care Batterson Venture Capital, Declan Doogan, FastForward Innovations, Jim Mellon, SalvaRx Group, VCapital Lewis H. Bender Founder & CEO 6 Ancera 21 Business Park Drive Branford, CT 06405 203–819-2322; www.ancera.com $9,990,000 2 Seed stage, Early stage Health Care Lux Capital, Glass Capital Management, Packers Sanitation Services Arjun Ganesun CEO 7 IsoPlexis Inc. 23 Business Park Drive Branford, CT 06405 203-208-4111; www.isoplexis.com $5,750,000 1 Expansion stage Health Care Connecticut Innovations Inc., Spring Mountain Capital Sean Mackay CEO 8 Cadenza Innovation 3 Morse Road Oxford, CT 06478 203-463-8358; cadenzainnovation.com $5,230,000 1 Early stage Electronics Connecticut Innovations Inc., Eric Redman, Golden Seeds, Mark Torrance, Scale Investors Christina Lampe-Onnerud Founder & CEO 9 Thetis Pharmaceuticals LLC 167 Old Post Road, 2nd Floor Southport, CT 06890 203-470-7772; www.thetispharma.com $3,330,000 1 Other Health Care Axiom Venture Partners Frank C. Sciavolino President 10 RiskMatch 5 Greenwich Office Park Greenwich, CT 06831 203-340-0138; www.riskmatch.com $3,000,000 1 Seed stage Internet 8VC, Lightbank, Wildcat Venture Partners Kabir Syed Founder & CEO 11 Umbie DentalCare (1) 222 Pitkin St., Suite 117 East Hartford, CT 06108 860-880-0624; umbiedentalcare.com $2,590,000 1 Seed stage Internet Connecticut Innovations Inc. Jeremy Hamel Founder 12 Tru Optik Data Corp. 422 Summer St. Stamford, CT 06901 203-816-8499; truoptik.com $2,410,000 1 Other Internet Undisclosed firms Andre Swanston CEO 13 Diameter Health Inc. 400 Farmington Ave. Farmington, CT 06032 978-717-1401; www.diameterhealth.com $1,950,000 2 Seed stage Software Connecticut Innovations Inc., Milestone Investment Partners, New York Digital Health Accelerator Eric Rosow CEO 14 eBrevia Inc. 6 Landmark Square, 4th Floor Stamford, CT 06901 203-870-3000; www.ebrevia.com $1,830,000 2 Early stage Software Connecticut Innovations Inc., undisclosed firm Ned Gannon CEO 15 LiQuifix Inc. 54 Research Drive, Suite 9 Stamford, CT 06906 203-653-4689; liquifix.com $1,500,000 1 Early stage Industrial Connecticut Innovations Inc. D. Matthew Lacerenza President 16 Soft Tissue Regeneration LLC 142 Temple St., Suite 206 New Haven, CT 06510 973-879-6367; softtissueregeneration.com $1,490,000 1 Other Medical devices and equipment Undisclosed firms Joseph Reilly President & CEO 17 Sirona Medical Technologies Inc. 360 Bloomfield Ave., Suite 301 Windsor, CT 06095 617-348-0208; N/A $1,300,000 1 Seed stage Health Care Connecticut Innovations Inc. David Cohen Director 18 Actualmeds Corp. 222 Pitkin St. East Hartford, CT 06108 888-838-9053; adheretx.com $1,250,000 1 Early stage Internet Connecticut Innovations Inc. Patricia S. Meisner CEO 19 RightCapital Inc. Woodbridge, CT 06525 888-982-9596; www.rightcapital.com $1,000,000 1 Seed stage Internet Bruce Ferris, Camellia Venture Capital, Chanjuan Pan, Jac Herschler Shuang Chen Co-founder & CEO 20 Cornovus Pharmaceuticals Inc. 400 Farmington Ave. Farmington, CT 06032 860-679-7894; N/A $980,000 1 Seed stage Health Care Connecticut Innovations Inc. Robert Mark Van Allen President 21 C8 Sciences 5 Science Park at Yale University New Haven, CT 06511 N/A; www.c8sciences.com $330,000 1 Other Software Undisclosed firms Ken Coleman Executive vice president Source: PricewaterhouseCoopers/National Venture Capital Association MoneyTree Report, Data: Thomson Reuters. Note: NA = Not available. (1) A division of Umbie Health Corp. —Compiled by Stephanie R. Meagher. To view the full list, please visit HartfordBusiness.com