Contents -- Preface -- Executive Summary -- 1 Introduction -- 2 Study Methodology -- 3 Venture Funding for NIH Phase II Winners, 1992-2002 -- 4 Focus on the Top 200 Award Winners -- 5 Other Sources of Data on the Participation of Venture-owned Firms -- 6 Comparing Project Outcomes -- 7 Impact of the SBA Ruling on the NIH SBIR Program -- Appendixes -- Appendix A: Venture-funded Firms Among the 200 Most Prolific Winners of NIH Phase II Awards 1992-2002 -- Appendix B: NRC Non-participant Survey -- Appendix C: NIH List of Firms Excluded on the Grounds of Venture Capital Ownership -- Appendix D: Venture-funded Firms: Data from Hoover's Small Business Database and VentureSource -- Appendix E: Analysis of the Evidence Submitted by BIO -- Appendix F: SBA Administrative Ruling on Appeal of Cognetix, Inc. -- Appendix G: Letter from Elias A. Zerhouni, Director, National Institutes of Health to Hector V. Barreto, Administrator, U.S. Small Business Administration, June 28, 2005 -- Appendix H: Testimony by Steven C. Preston, SBA Administrator, to the House Small Business Committee, March 13, 2008 -- Appendix I: Bibliography.