Ralph Carmichael is the Founder, Chairman and Chief Executive Officer of Carmichael & Company LLC, an investment and merchant bank located in Phoenix, Arizona, providing financial advisory services and principal investing capabilities for middle market companies with enabling technologies. He is also the Managing Member of Carmichael Securities Company LLC, a registered securities broker-dealer. Mr. Carmichael began his career over twenty years ago with Bear, Stearns & Company, Inc. After law school, he worked on a broad range of securities transactions with Cadwalader, Wickersham & Taft, the oldest Wall Street law firm. In 1991, Mr. Carmichael returned to Bear, Stearns & Company and was promoted to Vice President within nine months. In 1993, Mr. Carmichael left Bear, Stearns to establish R.W. Carmichael & Associates, Ltd., a New York venture capital firm with an emphasis on advanced material science, aerospace, and health care manufacturing. In addition, Mr. Carmichael was a General Partner and member of the investment committee of an internationally-based private equity/mezzanine lending fund that in 1992 was funded with $384 million and returned approximately $1.8 billion in value to its investors through 2001.

The author of numerous articles regarding venture capital funding and general investing capabilities, Mr. Carmichael is frequently quoted on the medical device and venture capital industries, as well as on mergers and acquisitions. Given his experience with asset securitization, fixed income markets, corporate finance, debt rating agencies, and the venture capital market, he is a frequent speaker at private equity conferences and industry events and a recognized authority on exit strategies and liquidity alternatives for institutional investors.

Mr. Carmichael received his B.A. and M.B.A. from Michigan State University in 1985. He later received his J.D. from New York Law School in 1989 where he was Editor of the Law Review and was a student clerk for the Honorable John E. Sprizzo, U.S. Judge, Southern District of New York. Mr. Carmichael is a member of the bar of the state of New York, the District of Columbia, and the United States Supreme Court. He is also a member of the Eli Broad School of Management Financial Analysis Laboratory Advisory Board, the Eli Broad College of Business and the Eli Broad Graduate School of Management Campaign Advisory Board. Mr. Carmichael's philanthropic activities include the Beaumont Tower Society of Michigan State University. The University has a strong research program in the biosciences, particularly as they relate to agriculture.

Rose Carmichael is a seasoned senior executive with global experience. Her diverse background is in engineering, operations, financial services, and senior C-level management and board of directors for both USA and international companies.

Dr. Carmichael is currently President and cofounder of medical device manufacturing company BONWRx Ltd.

BONWRx develops and manufactures technologies for orthopedic/neurosurgeons as well as commercialized technologies for the Armed Forces Institute for Regenerative Medicine for the Department of Defense.

Prior to BONWRx, she was co-founder and CEO of Carmichael Securities and Carmichael & Company in New York City with offices in Phoenix, Arizona and London, UK after leaving Deloitte & Touche Corporate Finance in New York as Managing Director. At Deloitte, she advised multinationals on M&A, corporate finance, public listings, and divestitures. Dr. Carmichael opened Deloitte offices across USA.

Dr. Carmichael was founder of ENB International in Frankfurt Germany and London as well as which provided venture capital and securities brokerage to middle market companies. Dr. Carmichael was instrumental in the creation of the European Venture Capital Association.

Prior to ENB, she was with Siemens AG as Executive Director of Strategic Planning & Internal Audit for the global operations in Munich Germany for 6 years. She moved to Siemens AG from Siemens Corporation in New York City where she was the Director of Business Development and responsible for mergers & acquisitions and strategic planning for USA expansion of Siemens business units. She started her career as software engineer at Palo Alto Research Center of Xerox Corporation where she was later in the management training program and top 10 sales managers for Xerox high speed printer products.

Rose graduated with a Bachelor of Science in Engineering from Rochester Institute of Technology and an MBA with NYU and PhD from Ludwig Maximillian University of Munich.

Dr. Carmichael is also a founder and board member of Michigan Bone Health which is a non-profit 501C3, and serves on the board RIT President's Rountable & Dean’s Advisory Council for the College of Engineering at RIT. She is also on the Board of Directors for Replication Medical and TheraB Inc. She is fluent in German and Turkish as well as literate in French and Arabic. She is a Licensed FINRA broker with Series 7 & 63.