Ron Cohen, M.D. CEO, Acorda Therapeutics, Inc. Nature Biotechnology - Meet the Author May 6, 2009.
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Ron Cohen, M.D.CEO, Acorda Therapeutics, Inc.
Nature Biotechnology - Meet the Author May 6, 2009
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The Promise of Biotech
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The Reality of Biotech
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Inspiration
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Bright Ideas Are Not Enough...
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Have a Business Plan
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Engage the Right People
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Obtain Survival Gear
• Business plan • Savvy business and financial advisor(s)
– Board of Directors
• Corporate counsel• Scientific Advisory Board• Accessories
– Thick rubber soles– Thick skin
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Find the Funding
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The Funding Environment
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A Funding Hierarchy
• Grants• Loans/Credit cards• Corporate partnerships• VCs
• “Low hanging fruit”• Friends & family• Parties interested in company’s
mission
• Men with attache cases and strange accents
Grants
• SBIR/STTR• ATP• Orphan Drug• NIH• DARPA• CRADA• State and local grant programs• Private foundations
Remember what you and your investor are facing
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All financial sources have the same fear
.
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A Visit to the VC
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Typical VC Partnership
How to Ask for Funding
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Due Diligence
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Global Biotech IPOs
Year # IPOs $$ Raised2004 52 $2.60B2005 45 $1.90B2006 49 $2.00B 2007 51 $2.90B2008 6 $0.13B
1Q:09 0 $0.00B
Source: BioCentury
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2008-09 Global Biotech IPOs
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Global Biotech VC Investment
Year $$ Raised2004 $5.30B2005 $5.30B2006 $5.70B 2007 $6.7B2008 $5.40B
1Q:09 $1.40B
Source BioCentury
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2008-09 Biotech VC Investment
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Virtue #1: Perseverance
Q ui ckTi me™ and a Ci nepak decompressor are needed to see thi s pi cture.
Virtue #2: Patience
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Virtue #3: Optimism
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Optimism is Warranted
“In the short term, people tend to grossly overestimate what they can do…. in the long term, however, 25 years or greater I’d say, people underestimate what they can do.”
Leroy Hood
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Resources• Publications: e.g., BioCentury/BioWorld Today
• Onlinesites-e.g., Bioentrepreneur (nature.com/bioent/index.html); Evelexa.com
• University tech transfer office• Friends & family contacts• Biotech industry organizations
– NYBA – BIO
• Biotech company staff• Executive recruiters• VC’s
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Good Reading• Alternate Careers in Science: Leaving the Ivory Tower
– Cynthia Robbins-Roth, Ph.D.
• From Alchemy to IPO: The Business of Biotechnology– Cynthia Robbins-Roth, Ph.D.
• The Billion Dollar Molecule– Barry Werth
• Gene Dreams – Robert Teitelman
• Growing Pains: Transitioning from an Entrepreneurship to a Professionally Managed Firm– Eric G. Flamholtz, Yvonne Randle
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