Dr Caroline Barelle MBA

Giving birth to a biotech........where’s

the pain relief ?!

University

Fibrinolysis - PhD

BSc Biochem

University

Academia

Medical mycology

University

Academia

PI

University

Biotech

Academia

Stop Press………October 2007 Wyeth acquires Haptogen

From the ocean to the clinic……………..

7

University

Biotech

Pharma

Academia

A shot from the blue………………..

9

University

Biotech

Pharma

The biggest Pharma

Academia

University

Biotech

Pharma

The biggest Pharma

Academia

?

University

Biotech

Pharma

The biggest Pharma

Academia

Asset portfolio

IP/domains

University

Biotech

Pharma

The biggest Pharma

Academia

Investment

Pushmi-Pullyu/Need-Desire………………

The Business of Biotech………………

15

Takes a long time and a lot of money

The Model………………

Medical devices,

Clinical Diagnostics,

Lower risk, lower return

Potential for early revenues

Exit often trade-sale

Drug discovery

High risk

Makes nothing, sells nothing

99% chance of failure

Consumes loads of cash

Returns are staggering if successful

The Model………………

Medical devices,

Clinical Diagnostics,

Lower risk, lower return

Potential for early revenues

Exit often trade-sale

Drug discovery

High risk

Makes nothing, sells nothing

99% chance of failure

Consumes loads of cash

Returns are staggering if successful

Money, money, money………………..

Seed Series A Series B Series C

• IP from University/parent body• Technology validation – “Proof of

Concept”• Commercial prototype and early pre –

clinical trials.

Idea generation

and validation

• Technology platform and IP broadening• Management team & Scientific group

hiring• Partnership and building company

infrastructure

Early Stage – Start up

• Continue with clinical development (Launching of product) and prepare exit (Eg., IPO)

• Aim for cash flow, break – even and lastly profit

Late stage – Expansion/public offering

The Process………………

The Conception………………..

Asset portfolio

Proposals

Pre-commercialisation cash

Build team and company value

The Development………………..

Science

Commercial

Investor ready

Value proposition

BP

IP

InvestorsConsultants

Milestones

CROs

Reporting

Meetings

Customers

Secure seed/series A

Value build

Conferences

Collaborations

The Labour………………..

22

• Lead the Science

• Operations

• Business Development

• Commercialisation/Corporate

• Alliance management

• Reports

• Due Diligence

• IP

• Papers

• Conferences

• BioPartnering

• Budget

The Birth………………..

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• Articles of association

• Shareholding

• Legal

• Employee contracts

• Facilities

• Finance

• IP

• Consultants

• SAB

• Chair

• Directors

• NEDs

• Marketing

• Website

• HR

• Organizational Development

• Press

The next tranche of cash!

The Pain Relief………………..

24

• A good team

• External support

• Be realistic

• Enjoy

25Questions??