tag:blogger.com,1999:blog-30653454833506086402024-02-02T05:59:50.569+00:00BioSpring BlogNickhttp://www.blogger.com/profile/07085724201316325322noreply@blogger.comBlogger23125tag:blogger.com,1999:blog-3065345483350608640.post-64660786809674779982015-05-20T17:11:00.000+01:002015-05-20T18:05:38.444+01:00Start-up Stories 1: Enhancing wellbeing with beautiful post breast-cancer lingerie<div dir="ltr" style="text-align: left;" trbidi="on">
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<b><u><span style="font-size: large;"><span style="color: black; mso-themecolor: text1;">Creating beautiful post breast-cancer
lingerie</span>, with both support and style</span><o:p></o:p></u></b></div>
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<i>Enhancing the wellbeing of women following breast cancer surgery.<o:p></o:p></i></div>
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<a href="http://www.millielingerie.com/">Millie Lingerie</a></div>
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Sue Pringle, founder</div>
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Sitting in my office at <a href="http://www.biocity.co.uk/">BioCity</a>, Nottingham, my attention is taken by Sue Pringle, as she passionately recounts her story from 2 years previous, of being reduced
to tears in the fitting rooms of a major retailer, by disbelief, frustration
and distress. Why? Weeks before Sue had been discharged from hospital following breast cancer surgery,and her existing wardrobe was no longer suitable, given her changed breast shape and form, and the swelling and sensitive scar tissues that would remain for years to come. So the morning in question she'd bravely set out to restock her
bras.<br />
<o:p></o:p></div>
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It occurred to me that this was no small undertaking, for
someone who had endured so much, with months of pain and discomfort following breast
surgery (she had been spared the chemo/radio therapy endured by many others), and now being given the all clear, boldly steps out to confront the reality of a
changed body image and dented self-confidence. Imagine the impact, when after hours of increasingly
frustrated wandering, and many shops, she is finally confronted with the realisation
that there are <u>no</u> bras available that supply both the specialist support
& comfort required, <u>and</u> the style that helps rebuild her self-confidence, wellbeing and overall health! Hence the tears as the
reality of the situation struck!<br />
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<i>”nobody seems to get it”, <o:p></o:p></i></div>
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Sue recalls, as she blinks back a tear at the memory.<o:p></o:p></div>
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“It’s so frustrating
when you really need to buy and you can’t find anything suitable!”<o:p></o:p></div>
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<i>“I was so…well…. Angry, Nick”<o:p></o:p></i></div>
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There are post-surgical bras that work fine physically, as
Sue went on to explain, but;<o:p></o:p></div>
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<b><i><span style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">“I want to be able to stand in front of the mirror
and <o:p></o:p></span></i></b></div>
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<b><i><span style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">look like me, not Auntie Nora!”<o:p></o:p></span></i></b></div>
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So being the determined and dynamic lady that she is, Sue resolved
to do something about it, by forming Millie Lingerie, and developing a
specialist range of ‘<span style="text-align: center;"><span style="color: black; mso-themecolor: text1;">beautiful post breast-cancer lingerie</span></span>’.<o:p></o:p></div>
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That was almost a year ago, when I was interviewing Sue for
entry into the <a href="http://nextbusinessgeneration.org/home/">Next Business
Generation</a> accelerator programme. There started a roller-coaster ride,
as founder and coach, in which we’ve learnt a great deal! I’ve come to see post-surgical bras as a ‘soft
medical device’ of considerable complexity, and to really appreciate the impact
on self-confidence and wellbeing of stylish lingerie (or rather its lack!).
Sue has worked tirelessly, applying lean start-up approaches to confirm the
need and develop a robust business model. Interviewing and competitor
testing, with many women in a similar position, and confirming that most feel
like her, and have had similar experiences. Seventy percent of over 100
women surveyed confirmed that they were indeed dissatisfied with current
products, and a lot were keen to know when the new products would be available!<o:p></o:p><br />
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<i>“You expect me to wear that”<o:p></o:p></i></div>
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Laura, (during a
shopping trip to test existing products).<o:p></o:p></div>
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Today Millie has an initial design, and Sue is ready to
start development of the first prototype. Next, will be “scaling up”, by
creating the many different sizes that a single product range needs, and manufacturing
process development. Then finally first
product launch. To get there she of course needs funding, and for this
next step to obtain that first prototype, is inviting the community of those
touched by, or who care about, breast cancer, to contribute through a
Kickstarter crowdfunding <a href="http://www.kickstarter.com/projects/millielingerie/1564402198?token=4aecbaef">campaign</a>.
The rewards include cloth bags and tee-shirts carrying Millie’s adopted,
and amazingly appropriate, proverb (31:25);<o:p></o:p></div>
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<i><span style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">“She is
clothed in strength and dignity, <o:p></o:p></span></i></div>
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<i><span style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt;">and laughs
without fear of the future”<o:p></o:p></span></i></div>
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As Sue say’s,<o:p></o:p></div>
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<i>“Imagine in time, thousands of women wearing gorgeous Millie bras,
feeling more confident & comfortable about their clothed bodies, with a
smile on their face.<o:p></o:p></i></div>
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<i>That would be something, wouldn’t it?”<o:p></o:p></i></div>
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It’s been my pleasure and privilege to act as Sue’s coach on
this journey so far, and I am confident that this great future will
arrive. I invite you to have a look at the <a href="https://www.kickstarter.com/projects/millielingerie/1564402198?token=4aecbaef">Kickstarter
campaign page</a>, where Sue’s video explains far better than I, and contribute
as you wish. I have, and intend to stay around to help Sue navigate the
business to success.<o:p></o:p></div>
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The campaign launches 28<sup>th</sup> May, and you can
pledge support in advance <a href="http://millielingerie.kickoffpages.com/">here</a>.
<o:p></o:p></div>
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Nick Pope<o:p></o:p></div>
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<span style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.4799995422363px;">This post is part of an occasional series exploring the </span><span style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.4799995422363px;">founders j</span><span style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.4799995422363px;">ourneys</span><span style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.4799995422363px;"> of Lifescience based / Medical start-up companies. Including participants / alumni of the</span><span style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.4799995422363px;"> </span><a href="http://nextbusinessgeneration.org/" style="color: #888888; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.4799995422363px; text-decoration: none;" target="_blank">Next Business Generation</a> programme <span style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.4799995422363px;">, Nottingham,UK.</span></div>
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Nickhttp://www.blogger.com/profile/07085724201316325322noreply@blogger.com0tag:blogger.com,1999:blog-3065345483350608640.post-38120055366524425272014-04-03T08:31:00.002+01:002014-04-03T08:34:33.001+01:00Lessons for “Lean Start-up” / “Evidence based Entrepreneurs” in Lifesciences: 2<div dir="ltr" style="text-align: left;" trbidi="on">
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<b><u><span style="color: #222222; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Reducing
development & reimbursement risk, <o:p></o:p></span></u></b></div>
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<b><u><span style="color: #222222; font-family: "Arial","sans-serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">whilst achieving
pre-approval sales.</span></u></b><span style="color: #222222; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><o:p></o:p></span></div>
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<b><span style="font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><a href="http://www.intercytex.com/">Intercytex Ltd</a></span></b><span style="color: #222222; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><o:p></o:p></span></div>
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<span style="color: #222222; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Paul Kemp, CEO<o:p></o:p></span></div>
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<span style="color: #222222; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">I spoke recently with Paul Kemp, CEO of cellular therapy company
Intercytex, regarding approaches to reducing time, cost and risk in product
development and reimbursement. Including their “Progressive Translation”
approach and forthcoming Cell2therapy<sup>TM</sup> “Contract Translation Service”.<o:p></o:p></span></div>
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<b><span style="color: #222222; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Development &
pre-approval sales<o:p></o:p></span></b></div>
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<span style="color: #222222; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Paul began by outlining two long standing routes to getting product to
the patient (in UK) before a formal MHRA marketing license:<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="color: #222222; font-family: Symbol; font-size: 10.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-fareast-language: EN-GB;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #222222; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">“<b>Specials</b>” – this applies to any type of medicinal product but has
to be a bone fide request from a clinician and can only be used if a licensed
alternative is not available, the product can be exported if it is legal to
supply unlicensed products to patients in the receiving country.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="color: #222222; font-family: Symbol; font-size: 10.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-fareast-language: EN-GB;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #222222; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">“<b>Hospital Exemption</b>” – for ATMP (i.e. Regen Med & gene therapy) only,
and applies even if a licensed alternative is available, provided that the physician
determines this is better. But is hospital use only, and cannot be
routine, nor exported. .<o:p></o:p></span></div>
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<span style="color: #222222; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">He then mentioned the work of Brian Salter, who believes that the
development of Stem Cell therapeutic products is predominantly;<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="color: #222222; font-family: Symbol; font-size: 10.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-fareast-language: EN-GB;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #222222; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Science led in The West; so that patients/doctors etc. have to wait
until a company delivers a licensed therapy. It’s a very linear
approach, risky and time consuming.<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="color: #222222; font-family: Symbol; font-size: 10.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol; mso-fareast-language: EN-GB;">·<span style="font-family: 'Times New Roman'; font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #222222; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Demand led in The East; with an individual patient focus & based upon
clinical experience and medical innovation, and is a circular (iterative)
processes. (C.f. transplantation in the UK). Hence it’s quicker and less risky. However, this approach cannot achieve broad
application until a marketing license is obtained.<o:p></o:p></span></div>
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<span style="color: #222222; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Intercytex have developed a <b>"Progressive
Translation”</b> approach, which combines the best of both worlds. This arose
during their development of their fibroblast preparation based wrinkle
therapy. They followed the classic linear approach and completed Phase
two trials. Unfortunately the Fibroblast prep was not sufficiently
efficacious using the trial’s protocol to make it economically viable.
Part of problem was that in phase 2b one uses “Dose ranging” to determine
optimal doses ready for phase 3. However, as Paul explained, for cells (cell
based products) this is not that relevant – more important is the overall
protocol such as number of doses over what time i.e. “Protocol ranging” - and
phase 2 approvals don’t allow this! <o:p></o:p></span></div>
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<span style="color: #222222; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">They were in the classic trap of being locked into a product that does
not work (well enough), and nowhere to go – so abandon? Not in their case:
they realised some of their trial physicians were using Fibroblast preps under the
Specials procedure to test out as a therapy for Epidermolysis bullosa and scar
contractures. So they pivoted to these applications, and are taking a
“time-out” from phase 2 trials. The
clinicians are treating patients under Specials, with “very promising results”,
and the information gained is helping to develop a better protocol for use in
later trials. What’s more, clinicians are sometimes able to obtain
reimbursement on a “<b>Named Patient</b>” basis. And all of this is within
existing legislation.<o:p></o:p></span></div>
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<span style="color: #222222; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">The one thing to be particularly careful about, Paul indicated, is that
a company cannot promote a Special product nor make any efficacy claims, so that
care needs to be taken in getting physicians involved. Intercytex are
looking at the optimum way to interact with clinicians with the current
legislative framework<o:p></o:p></span></div>
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<span style="color: #222222; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">They are establishing <u>Cell2therapy<sup>TM </sup>a “Contract
Translation Service"</u>, in collaboration with UHSM at Wythenshawe in
order to provide this to third parties.<o:p></o:p></span></div>
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<span style="color: #222222; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">The other approach Intercytex are taking to de-risk development is “to <b>build change into the product from the
start</b>”. The issue is once you’ve defined and agreed your
product with the regulator, you are locked in. So subsequent changes need
a large effort, to effectively go back to the start. <i> <o:p></o:p></i></span></div>
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<span style="color: #222222; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Paul’s approach now, is to discuss with the regulator, “testing the
water”, to define the minimum aspects necessary to achieve the expected
function of the product (effectively an <i>MVP</i>),
thereby providing sufficient leeway for later stage product modifications.
This allows process and even product changes, provided “comparability”
can be determined. <o:p></o:p></span></div>
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<span style="color: #222222; font-family: Arial, sans-serif; font-size: x-small;">He also mentioned, that once in phase 3, there are the more widely know approaches to expediting registration/sales, such as conditional licenses,
orphan status, breakthrough product designation….”the national competent
authorities around the world have appreciated that the current standard
clinical trial process provides a huge burden to a therapy developer, and are
working to improve the situation without compromising patient safety.”<o:p></o:p></span></div>
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<b><span style="color: #222222; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Reimbursement games<o:p></o:p></span></b></div>
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<span style="color: #222222; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">A further benefit of the specials etc. approach (achieving pre-approval sales),
is that “you develop some degree of market pricing”, along with evidence for
cost: benefit, which then aids in reimbursement discussions. It’s also the case
that patients can pay for specials, hospital exemptions etc. themselves,
although co-payment is not possible (in UK). This helps to de-risks
reimbursement negotiations. <o:p></o:p></span></div>
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<i><span style="color: #222222; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">“we are learning the reimbursement games”!<o:p></o:p></span></i></div>
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<span style="color: #222222; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">-----<o:p></o:p></span></div>
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<span style="color: #222222; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"> </span><span style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;">This post is part of an occasional series exploring lessons for risk, time and cost reduction, and the application of Lean Start-up techniques and Evidence based Entrepreneurialism to Lifescience based start-up companies. Ideas explored during </span><a href="http://www.scienceofentrepreneurship.co.uk/" style="color: #888888; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px; text-decoration: none;" target="_blank">The Science of Entrepreneurship </a><span style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;">event, and practiced at</span><span style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;"> </span><a href="http://nextbusinessgeneration.com/" style="color: #888888; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px; text-decoration: none;" target="_blank">Next Business Generation</a><span style="color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;">, Nottingham.</span></div>
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<o:p></o:p></div>
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Nickhttp://www.blogger.com/profile/07085724201316325322noreply@blogger.com0tag:blogger.com,1999:blog-3065345483350608640.post-50104981858195535232014-03-18T15:50:00.000+00:002014-03-18T19:47:28.040+00:00Lessons for “Lean Start-up” / “Evidence based Entrepreneurs” in Lifesciences<div dir="ltr" style="text-align: left;" trbidi="on">
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<u><span style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; mso-fareast-language: EN-US;"><b>Tightly
define both your product/service offering</b></span></u></div>
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<u><span style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt; mso-fareast-language: EN-US;"><b> and the customer’s problem that it
solves</b></span></u></div>
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<b><u><a href="http://www.imagen-biotech.com/">Imagen
Biotech</a><o:p></o:p></u></b></div>
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Rod Benson COO<o:p></o:p></div>
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(10/3/14)<o:p></o:p></div>
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<br /></div>
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I spoke recently
with Rod Benson of Imagen Biotech, which he founded in 2007, with the
proposition of being a High Content Screening CRO for Pharma Industry. As
you may recall, around this time HCS was the broadly seen as the new panacea
for all the sector’s R&D ills, and many expected that it would fulfil the
promise of restoring innovation and productivity to Big Pharma R&D (as had
been thought for HTS previously!). So this seemed like a great
idea. <o:p></o:p></div>
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<i>Rod’s lesson for “Evidence
Based Entrepreneurs” (lean start-up) is that <b>a specific tight definition of the problem to be solved and solution to
that problem (that you are offering), gives rise to clear and actionable
interest, whereas broad multivariate offerings are deceptively well received (false
positives), but give little real learning, and do not translate to sales</b>.<o:p></o:p></i></div>
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Initial discussions
with a number of Pharma’s, proposing a service offering based on a broad panel
of many different assays within a HCS platform, gave lots of positive
indications of interest. So a business plan was put together, a working bank
overdraft of 50K obtained based on a letter of intent from AstraZeneca. Early
on they obtained a grant, several small studies and two larger contracts which
made the company look as if it was following a healthy start-up trajectory.
This allowed them to write an upbeat business plan to raise 400K to upgrade
their equipment. However, things started to “go off the rails” after this
400K investment in 2011. Sales leads failed to materialize and this continued
to grow worse during 2012 resulting in a year on year decrease in turnover.
Whilst some of this is likely due to the tough economic conditions and the patent
cliff, Rod contends that although the broad service offering created early
interest, it leads to a woolly sales message….<o:p></o:p></div>
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<br /></div>
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<i>“What companies prefer to be
told is how they can solve a specific problem [assuming this is so] and that
you have a specific answer that will solve this for them”. </i></div>
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<i><br /></i></div>
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With a cash crisis
looming at the end of 2012, they looked around to see what other opportunities
where available with the now more developed technology base. Existing collaborative
work, with The University of Manchester, showed good clear results in testing
for cell death within glioblastoma stem cell cancer samples. And their
own drug discovery program around phenotypic screening of natural product libraries
was showing promise. After an initial aborted fundraising attempt and careful financial modelling of the
personalized medicine idea, they concluded that development of a business
around personalized chemotherapy had all the “upside” of a blockbuster drug but
none of the downside of trying to get a new entity through first phase clinical
trials. Armed with this they wrote a much more focussed plan based solely
on personalized chemotherapy and <b>Pivoted</b>
from a broad general service offering to a specific one focused on offering a
chemosensitivity assay to the NHS and private hospital sector. With this
and a new CEO, they were able to raise investment of ~£1M from a HNW syndicate,
which in Rod’s words “happened only just in time”! Imagen Biotech is now developing this new
service platform with a great deal of specific interest from potential
customers. <o:p></o:p></div>
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<br /></div>
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Could this pivot
have happened much earlier? Actually, not that much. Neither the screens themselves nor the
enabling vision-hardware & software were sufficiently developed at the
start, for this possibility to exit even perceptually. <o:p></o:p></div>
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<br /></div>
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His conclusion, to
reiterate, is that a specific tight definition of the problem to be solved and
solution to that problem (that you are offering), gives rise to clear and
actionable interest, whereas broad multivariate offerings are deceptively well
received (false positives), but give little real learning, and do not translate
to sales.<o:p></o:p></div>
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<br /></div>
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Rod also observed
that “Service businesses just don’t [normally] give enough uplift for VCs”.<o:p></o:p></div>
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<br /></div>
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<br /></div>
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This post is part of an occasional series exploring lessons
for risk, time and cost reduction, and the application of Lean Start-up
techniques and Evidence based Entrepreneurialism to Lifescience based start-up
companies. Ideas that will be explored in the forthcoming <a href="http://www.scienceofentrepreneurship.co.uk/" target="_blank">The Science of Entrepreneurship </a>event, and are practiced at <a href="http://nextbusinessgeneration.com/" target="_blank">Next Business Generation</a>, Nottingham.</div>
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<o:p></o:p></div>
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Nickhttp://www.blogger.com/profile/07085724201316325322noreply@blogger.com0tag:blogger.com,1999:blog-3065345483350608640.post-59815414559986442902013-07-11T14:18:00.002+01:002014-02-07T13:19:19.339+00:00CrowdCure: Combining Philanthropy with Upside Potential<div dir="ltr" style="text-align: left;" trbidi="on">
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Is <a href="http://www.crowdcure.com/" target="_blank">CrowdCure</a> the answer to the tricky dilemma of true crowdfunding for biotech start-ups & drug discovery? To find out I spoke with Charles Groome, founder of the soon to be launched CrowdCure.</div>
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Charles is a
Neuroscience graduate of UCL, who started his career trading pharmaceutical
stocks at financial services firm Knight Capital, and then left to raise a $25
million venture capital fund to invest in early-stage biotech companies focused
on longevity. Despite raising commitments for a third of this sum, he failed to
secure sufficient funds overall. He also worked to raise seed capital for one
of the companies he planned to eventually back, and so encountered most of the
life science VCs on both sides of the Atlantic. His conclusion that VC risk and
time profiles are inappropriate for drug discovery, is shared by many of us
(e.g. see <a href="http://biospring.blogspot.co.uk/2012/10/networked-pharma-finance-f8-networked.html"><span style="color: blue;">Funds & Fundability</span></a>). The success of Kickstarter <i>et al</i> drew his attention, indicating the
success of the crowdfunding approach to specific projects, with its
philanthropic nature and ability to pool small sums of money from large numbers
of people.<o:p></o:p></div>
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<br /></div>
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He’s not
alone in that of course, as many have considered this approach. The issue is generally how to marry long
timescales & high risk with investment to obtain a return. CrowdCure’s solution is first to tap into
philanthropy in the crowd, with the spice of a potential upside <u>if</u> a
particular project is eventually successful.
And secondly, to recognise any success as early as possible, by sharing
collaborative revenues, as well as acquisition proceeds.<o:p></o:p></div>
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<br /></div>
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How does it
work? CrowdCure establishes a “Special
Purpose Vehicle” company for each project.
<o:p></o:p></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhg6AeY-mRTknmpAubJl9ILxv3VBpviJl14S6HGpM1ZnLjsM3sX0ks8ALkd6rm069lUcb2_KLFopNKIa8T7gmEJXe1_Xo3O_s7XfnM_BwB4ixmvlMZq6dvyNT5oGuPZWpvWP842utJcjK0/s1600/crowdcure+diag.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhg6AeY-mRTknmpAubJl9ILxv3VBpviJl14S6HGpM1ZnLjsM3sX0ks8ALkd6rm069lUcb2_KLFopNKIa8T7gmEJXe1_Xo3O_s7XfnM_BwB4ixmvlMZq6dvyNT5oGuPZWpvWP842utJcjK0/s400/crowdcure+diag.png" height="267" width="400" /></a></div>
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<br /></div>
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As part of a
“Research Financing Agreement” the SPV exclusively licenses Project IP from the
Biotech Company seeking funding, and then sub-licenses it back to the Company,
who continue to control asset development. All future Project revenue streams
from licensing are transferred to the SPV. The SPV has two lines of shares;
voting and non-voting. The voting shares are held in trust and the non-voting
shares are distributed as “Research Income Rights”<sup>TM</sup> (RIR) to the crowdfunders
(via the online portal) and to the Biotech company. This is done in line with a
third-party attained valuation.<br />
<br />
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<o:p></o:p></div>
CrowdCure
Ltd receives a commission as a % of funds raised, and “Research Drivers LLP”, the
SPV trustee shareholder and administration entity (which licenses the whole
structure), receives a small % of any future SPV income pre-distribution.
CrowdCure Ltd is an Appointed Representative of an FCA Authorised Firm. <o:p></o:p></div>
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<br /></div>
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If the
biopharma asset develops to the point of commercial value, Big Pharma can
either sub-license it from the SPV or acquire the SPV outright.<o:p></o:p></div>
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<br /></div>
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A SPV
approach was used a lot in the early days of US biotech, and seems similar to
recent approaches taken by <span style="font-family: Calibri, sans-serif; font-size: 11pt; line-height: 115%;"><a href="http://www.fiercebiotech.com/story/new-wave-biotech-roche-versant-partner-fledgling-hearing-loss-drug-develope/2012-10-10">Versant</a>
and <a href="http://www.fiercebiotech.com/story/atlas-rd-group-banks-8m-virtual-development-deal/2012-09-10">Atlas
Ventures</a> (Fierce Biotech articles).</span> Charles is an advocate, pointing out the
benefit for a biotech being able to raise separate funds for each of a portfolio
of single projects, and subsequently selling on the projects when new skill
sets are needed. Whilst recognising that
<b>the crowd are more interested in backing
Projects with a social cause (e.g. cure Alzheimer's) than investing in risky
and obscurely named Biotech companies</b>. Becoming a “Cure Pioneer” recognises their
contribution, and motivates along with the chance for upside. The RIR approach seems to be novel though.<o:p></o:p></div>
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<br /></div>
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So what are
they looking for? Its early stage
pharmaceutical opportunities, pre-clinical, with a validated/proven target
being required, and hit discovery welcomed.
They will also check it out thoroughly, conducting VC’esque Due
Diligence on the science & data, requiring a sound project plan &
budget, and checking out the team & company background, IP etc. It also has to fit with their portfolio,
which will diversify, rarely addressing already invested areas.<o:p></o:p></div>
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<br /></div>
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CrowdCure
sees itself as a global portal “Crowdfunding for Life”, acting as a “Branded Venture
Broker”, enabling sophisticated investors, High Net Worths and “qualified
investors” (anyone who can answer six questions on their site) to all
contribute. They are planning to be the first
UK & USA operating portal.
Appropriate regulatory requirements are in place in UK, and nearing
completion in USA. With launch scheduled
for late July, these are exciting times.<o:p></o:p></div>
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<br /></div>
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They have
big plans – by year 5, to raise over £100m and progress at least one project
into clinical trials. <o:p></o:p></div>
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<br /></div>
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So for the
Biotech, an alternative approach to get that early capital so elusive at
present, and <o:p></o:p></div>
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for VCs,
perhaps a source of future de-risked opportunities, risk-sharing or
co-investment?<o:p></o:p></div>
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For the
investor, this is high risk investing, and Charles is keen to stress that. None the less, if you want to do some good in
the world, and would appreciate a possible upside as well, this could be worth
a look. As Charles points out, you too
can become a “Cure Pioneer”…….<o:p></o:p></div>
</div>
Nickhttp://www.blogger.com/profile/07085724201316325322noreply@blogger.com0tag:blogger.com,1999:blog-3065345483350608640.post-73379775252992818952013-05-14T12:56:00.000+01:002013-05-14T13:02:43.158+01:00Lifescience / Healthcare Start-up Evolution?<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
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<b>Lean Start-up,
Accelerators and Business Model Canvas in Lifescience/Healthcare?<o:p></o:p></b></div>
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Can the Lifesciences / Healthcare sector’s business
start-ups learn from the experience and techniques of the Tech / Digital
sectors? I’m thinking particularly of speed to market, and success rates. If so it this could well boost investment
into this sectors start-ups!<o:p></o:p></div>
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As a starting point to investigating this further I’m
reviewing/benchmarking the use of three “techniques” within
Lifescience/healthcare sector, and would like to ask or your help with this, via
three queries. The aforementioned “techniques”
are listed below along with links to brief Linked-In polls. Many thanks in anticipation of your help - I
will of course freely publish the results on <a href="http://biospring.blogspot.co.uk/">my Blog</a>!<o:p></o:p></div>
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<br /></div>
<div class="MsoListParagraph" style="margin-left: 18.0pt; mso-list: l0 level1 lfo1; text-indent: -18.0pt;">
<!--[if !supportLists]-->1.<span style="font-size: 7pt;"> </span><!--[endif]-->The
rise of the <b>Tech Accelerators</b> such
as the original<a href="http://ycombinator.com/" target="_blank"><span class="apple-converted-space"><span style="border: none windowtext 1.0pt; color: #5a78e9; mso-bidi-font-family: Arial; mso-border-alt: none windowtext 0cm; padding: 0cm; text-decoration: none; text-underline: none;"> </span></span>Y-Combinator </a><span style="color: #222222; mso-bidi-font-family: Arial;">and<span class="apple-converted-space"> </span></span><span class="MsoHyperlink"><a href="http://www.techstars.com/" target="_blank">TechStars</a></span><span style="color: #222222; mso-bidi-font-family: Arial;">, and a number of followers<span class="apple-converted-space"> in USA & Europe, are a testament to the
success of the Accelerator approach (reviewed by </span>NESTA report </span><span class="MsoHyperlink"><a href="http://www.nesta.org.uk/publications/assets/features/the_startup_factories_report_feature" target="_blank">Start Up Factories</a></span>, and utilising community based
approach elaborated by <span style="color: #222222; mso-bidi-font-family: Arial;">Brad
Feld </span><a href="http://www.startuprev.com/">www.startuprev.com</a><span style="color: #222222; mso-bidi-font-family: Arial;">). Until the recent </span><a href="http://healthwildcatters.com/">Health Wildcatters</a> launch in Dallas and
<a href="http://bostonherald.com/business/business_markets/2013/04/harvard_gets_50m_biomedical_gift">Harvard
announcement</a> for funding of a new healthcare accelerator, there appeared to
be none active in our sector. Are you aware of any others existing or planned?<o:p></o:p></div>
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Poll: <a href="http://linkd.in/12wJRSl">http://linkd.in/12wJRSl</a><o:p></o:p></div>
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<br /></div>
<div style="line-height: 14.65pt; margin-bottom: .0001pt; margin: 0cm; vertical-align: baseline;">
<span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">Related are
the “Lean Start-up” , movement developed by Eric Ries (<a href="http://theleanstartup.com/">theleanstartup.com</a>), and the Business
Model Generation techniques of Alexander Osterwalder and Yves Pigneur (<a href="http://www.businessmodelgeneration.com/">www.businessmodelgeneration.com</a>. In particular techniques such as Minimum Viable
Product and Business Model Canvascanvas.
These are reviewed in brief article by </span><span style="color: #222222; font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: Arial; mso-hansi-theme-font: minor-latin;">Steve
Blank<b>, </b>Why the Lean Start-Up Changes
Everything (</span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><a href="http://hbr.org/2013/05/why-the-lean-start-up-changes-everything/ar/1">hbr.org/2013/05/why-the-lean-start-up-changes-everything/ar/1</a>).</span><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;"><o:p></o:p></span></div>
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<br /></div>
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<span class="apple-converted-space"><span style="color: #222222; mso-bidi-font-family: Arial;"> Are you aware of these techniques being used in
Lifesciences / Healthcare sub-sectors?<o:p></o:p></span></span></div>
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<!--[if !supportLists]-->2.<span style="font-size: 7pt;"> </span><!--[endif]--><b>Lean Start-up</b> Poll: <a href="http://linkd.in/17oPuHR">http://linkd.in/17oPuHR</a><o:p></o:p></div>
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<!--[if !supportLists]-->3.<span style="font-size: 7pt;"> </span><!--[endif]--><b>Business Model Canvas</b> Poll: <a href="http://linkd.in/17oPl7b">http://linkd.in/17oPl7b</a><o:p></o:p></div>
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I look forward to receiving your input.<o:p></o:p></div>
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Many thanks<o:p></o:p></div>
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Nick<o:p></o:p><br />
<a href="mailto:nickpope@biospring.co.uk">nickpope@biospring.co.uk</a><br />
<br /></div>
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Nickhttp://www.blogger.com/profile/07085724201316325322noreply@blogger.com0tag:blogger.com,1999:blog-3065345483350608640.post-91428180061733267392013-02-11T16:07:00.003+00:002013-02-11T16:09:29.558+00:00NHS Open for Business ?<div dir="ltr" style="text-align: left;" trbidi="on">
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<u><b>East Midlands AHSN</b></u></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span style="background-color: transparent;">There will soon be a new "kid on the Block", with the aim of opening the NHS for business!</span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span style="background-color: transparent;">I thought readers may well be interested to hear of these new organisation that will make the NHS much more user friendly for business - be it research, trials, or marketing!</span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">So here’s a “heads up” on the forthcoming launch of one - the East Midlands AHSN.<o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">EMAHSN’s vision is “The transformation of patient access, experience and outcomes...through innovation and enterprise working” (<a href="http://www.emahsn.ac.uk/">www.emahsn.ac.uk</a> provides a general overview). Working with Industry, and facilitating such, is central to their approach. They aim to be a one stop shop for industry interaction with the NHS in EM, for all purposes: be that adoption of new products, user testing / product development, clinical trials, or clinical research; or indeed assisting NHS derived innovations to be commercialised and the promotion of clinical needs to industry to expedite the development of new interventions. The organisation will become ‘live’ April 2013.<o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">A specialist industry support unit will facilitate the one-stop-shop for industry, assisted by a web-portal, and a small seed funding activity will help new innovative ideas get started. A series of events to highlight the NHS’ clinical “Priority Needs” and enabling networking between industry and clinicians is being planned, and regular Networking events will follow, as will attendance at Biotech/Pharma/MedTech sector events.<o:p></o:p></span></div>
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<span style="background-color: transparent; line-height: 18px;"><span style="color: #222222; font-family: Arial, Helvetica, sans-serif;">personally</span></span><span style="font-family: Arial, Helvetica, sans-serif;"><span style="background-color: transparent;"><span style="color: #222222;"><span style="line-height: 18px;">, I'm proud to be involvement as the Commercial Adviser for this industry facing component, and as such I would be delighted to provide more information on request ? </span></span></span></span></div>
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<span style="color: #222222; font-family: Arial, Helvetica, sans-serif; line-height: 18px;">Nick</span></div>
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<span style="color: #222222; font-family: Arial, Helvetica, sans-serif; line-height: 18px;"><a href="mailto:nickpope@biospring.co.uk">nickpope@biospring.co.uk</a></span></div>
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Nickhttp://www.blogger.com/profile/07085724201316325322noreply@blogger.com0tag:blogger.com,1999:blog-3065345483350608640.post-79909372769394878612012-11-27T18:22:00.002+00:002012-11-27T18:30:07.702+00:00Open Innovation (in Biotech/Pharma) <div dir="ltr" style="text-align: left;" trbidi="on">
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<b><span style="font-family: "Arial","sans-serif";"><br /></span></b>
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<h2>
<span style="font-family: Arial, sans-serif;">BIA
breakfast meeting 28/11/12, BioCity, Nottingham</span></h2>
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<span style="font-family: "Arial","sans-serif";">One of a series of BIA Breakfast events around the UK; Chaired by
BIA CEO Steve Bates, with panel members Clare O’Neil, Original Ventures and
Nick Pope, BioSpring Ltd.<o:p></o:p></span><br />
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<b><u><span style="font-family: "Arial","sans-serif"; line-height: 115%;">Suppo</span></u><u><span style="font-family: "Arial","sans-serif"; line-height: 115%;">rting
material for Nick’s contribution:</span></u></b></div>
</div>
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<b><span style="font-family: "Arial","sans-serif"; line-height: 115%;">Definitions<o:p></o:p></span></b></div>
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<u><span style="font-family: "Arial","sans-serif"; line-height: 115%;">Innovation</span></u><span style="font-family: "Arial","sans-serif"; line-height: 115%;"> is “using
a novel approach to satisfy a real market need”, and so inherently requires
commercialisation. OI tends to be thought of as the ideation and research end
only, whereas the later stages are also important. <o:p></o:p></span></div>
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<u><span style="font-family: "Arial","sans-serif"; line-height: 115%;">Open</span></u><span style="font-family: "Arial","sans-serif"; line-height: 115%;"> can
mean one, or both, of: <o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif"; line-height: 115%;">1.
Collaborative v’s competitive, trusting, operating with a “Win Win” ethos, or</span><o:p></o:p></div>
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<span style="font-family: "Arial","sans-serif"; line-height: 115%;">2.
Open to outside ideas (Big Pharma)</span><o:p></o:p></div>
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<u><span style="font-family: "Arial","sans-serif"; line-height: 115%;">Open
Innovation</span></u><span style="font-family: "Arial","sans-serif"; line-height: 115%;"> is generally more open, trusting, with networking at its core, and with True
“win-win” working (not just pretending so!). Hence it needs personal and
organisational alignment to succeed (see Success Factors).</span><o:p></o:p></div>
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<br /></div>
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<span style="font-family: "Arial","sans-serif";">On the
surface, it’s fairly similar to what small co.’s often have done anyway, but to
a much greater extent, enabled by the speed, ease and global reach of communications
the digital age makes possible. Ownership of resources is no longer key, rather
it’s the networks to be able to access the resources that is! (e.g. drug
molecule screening <i>in silico</i>, now run
in the cloud. Computers are not important, its algorithms & molecules that
are). <o:p></o:p></span></div>
<ul style="margin-top: 0cm;" type="disc">
<li class="MsoNormal" style="margin-bottom: 0.0001pt;"><span style="font-family: "Arial","sans-serif";">Ideas, IP, Knowledge and knowhow can easily flow!<o:p></o:p></span></li>
</ul>
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<span style="font-family: "Arial","sans-serif";">Open Innovation
brings a New Paradigm and New ways of managing innovation:<o:p></o:p></span></div>
<ul style="margin-top: 0cm;" type="disc">
<li class="MsoNormal" style="margin-bottom: 0.0001pt;"><span style="font-family: "Arial","sans-serif";">fail quick and learn fast<o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 0.0001pt;"><span style="font-family: "Arial","sans-serif";">innovation ecosystems rather than Assets, <o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 0.0001pt;"><span style="font-family: "Arial","sans-serif";">“connectors” (access points) as well as the research
itself.<o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 0.0001pt;"><span style="font-family: "Arial","sans-serif";">An easy way to tap into other skill-sets when you
need them. <o:p></o:p></span></li>
</ul>
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<b><span style="font-family: "Arial","sans-serif"; line-height: 115%;">Examples</span></b></div>
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<span style="font-family: "Arial","sans-serif"; line-height: 115%;">There
is a Spectrum of OI, <o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l3 level1 lfo1; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: "Arial","sans-serif"; line-height: 115%;">a.<span style="font-family: 'Times New Roman'; line-height: normal;"> </span></span><span style="font-family: "Arial","sans-serif"; line-height: 115%;">Open
access journals (e.g. nature’s web journal), Structural Genomics Consortium making structure data
freely available & GSK giving access to its trials data, <o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: "Arial","sans-serif"; line-height: 115%;">b.<span style="font-family: 'Times New Roman'; line-height: normal;"> </span></span><span style="font-family: "Arial","sans-serif"; line-height: 115%;"><a href="http://www.easyaccessip.org.uk/">Easy Access IP</a> initiative, where
Bristol, UCL & Glasgow Universities have opened their “difficult to
commercialised” IP to everyone,<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l3 level1 lfo1; text-indent: -18.0pt;">
<!--[if !supportLists]-->c. <!--[endif]--><span style="font-family: "Arial","sans-serif"; line-height: 115%;">Specific company initiatives using portals or
agreements to </span><o:p></o:p></div>
<ol start="3" style="margin-top: 0cm;" type="a">
<ol start="1" style="margin-top: 0cm;" type="a">
<li class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l3 level2 lfo1;"><span style="font-family: "Arial","sans-serif"; line-height: 115%;">access new molecules (Lilly’s <a href="https://openinnovation.lilly.com/dd/">OIDD portal</a>, or <a href="http://www.unilever.com/innovation/collaborating-with-unilever/open-innovation/">Unilever</a>)
or </span><o:p></o:p></li>
<li class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; mso-list: l3 level2 lfo1;"><span style="font-family: "Arial","sans-serif"; line-height: 115%;">new applications for (old / failed)
molecules (AZ/MRC deal, & NCATS initiative), </span><o:p></o:p></li>
</ol>
</ol>
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<!--[if !supportLists]-->d. <span style="font-family: "Arial","sans-serif"; line-height: 115%;">Sponsored challenges with funds and a problem,
often posted on third party portals such as <a href="http://www.innoget.com/">www.innoget.com</a>,
<a href="http://www.innocentive.com/">www.innocentive.com</a>, <a href="http://www.kaggle.com/">www.kaggle.com</a></span><o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l3 level1 lfo1; text-indent: -18.0pt;">
<!--[if !supportLists]-->e. <span style="font-family: "Arial","sans-serif"; line-height: 115%;">True crowdsourced e.g. <a href="http://www.zooniverse.org/">www.Zooniverse.org</a> & mechanical turk (<a href="https://www.mturk.com/mturk/welcome">https://www.mturk.com/mturk/welcome</a>).
</span><o:p></o:p></div>
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<br /></div>
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<span style="font-family: "Arial","sans-serif";">Then
there is <b>Crowdfunding </b>e.g.<b><o:p></o:p></b></span></div>
<ol start="1" style="margin-top: 0cm;" type="a">
<li class="MsoNormal" style="color: #009933; margin-bottom: 0.0001pt;"><span style="color: windowtext; font-family: "Arial","sans-serif";">Seedrs (UKFSA regulated)
</span><span style="background-color: white; background-position: initial initial; background-repeat: initial initial; font-family: "Arial","sans-serif";"><a href="http://www.seedrs.com/">www.seedrs.com</a><o:p></o:p></span></li>
<li class="MsoNormal" style="margin-bottom: 0.0001pt;"><span style="font-family: "Arial","sans-serif";">Wiseed (F) <a href="http://www.wiseed.fr/">www.wiseed.fr/</a>; <o:p></o:p></span></li>
</ol>
<div class="MsoNormal" style="margin: 0cm 0cm 0.0001pt 54pt;">
<span style="font-family: "Arial","sans-serif";">“First biotech seed
crowdfunding” – Anabio (<a href="http://www.antabio.com/en">www.antabio.com/en</a>)<o:p></o:p></span></div>
<ol start="3" style="margin-top: 0cm;" type="a">
<li class="MsoNormal" style="margin-bottom: 0.0001pt;"><span style="font-family: "Arial","sans-serif";">BIA Citizens Innovation Fund (<a href="http://www.bioindustry.org/document-library/citizens-innovation-funds-report/">citizens-innovation-funds-report/</a>)<o:p></o:p></span></li>
</ol>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "Arial","sans-serif"; line-height: 115%;">And
where Big Pharma are opening up to early stage science through a variety of
approaches, including incubatorse.g. GSK & </span><span style="font-family: "Arial","sans-serif"; line-height: 115%;"><a href="http://www.stevenagecatalyst.com/">Stevenage BioScience Catalyst</a></span><span style="font-family: "Arial","sans-serif"; line-height: 115%;">, and
Merck &</span><span style="font-family: Arial, sans-serif; line-height: 115%;"> not-for-profit </span><a href="http://www.calibr.org/" style="font-family: Arial, sans-serif; line-height: 115%;">Calibr</a><span style="font-family: Arial, sans-serif; line-height: 115%;">.</span></div>
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<br /></div>
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<b><span style="font-family: "Arial","sans-serif"; line-height: 115%;">IP</span><o:p></o:p></b></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "Arial","sans-serif"; line-height: 115%;">Same
requirements as usual, but more pragmatic – they are only applied once a
project gets to commercial/competitive phase. Not just for the sake of it. <u>But</u>,
<u>put clear agreements in place from the start</u>, to deal with IP when it
becomes relevant. <o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: "Arial","sans-serif";">Avoid
joint IP (it will be if no agreement is in place from start), as in the UK (not
USA) jointly owned IP requires <u>All</u> owners to agree to the exploitation
by any of the owners! (unless explicitly agreed otherwise). This can cause big problems if not dealt with
in advance.<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<b><span style="font-family: "Arial","sans-serif"; line-height: 115%;">Success factors</span><o:p></o:p></b></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "Arial","sans-serif"; line-height: 115%;">Clear
understanding, alignment and agreement by all parties from the start.</span><o:p></o:p></div>
<div style="margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l2 level1 lfo4; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Symbol;">·<span style="font-family: 'Times New Roman';"> </span></span><span style="font-family: "Arial","sans-serif";">Personal
& organisational alignment – the “soft aspects” that often derail
collaborations! - lessons can be learned from other industries, and techniques
borrowed (<a href="http://www.networkedpharma.com/" target="_blank">networkedpharma</a>).<o:p></o:p></span></div>
<div style="margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l2 level1 lfo4; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Symbol;">·<span style="font-family: 'Times New Roman';"> </span></span><!--[endif]--><span style="font-family: "Arial","sans-serif";">A
well-structured agreement Formal agreement embodying all of this, and incl.<o:p></o:p></span></div>
<div style="margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 54.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l2 level1 lfo4; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Symbol;">·<span style="font-family: 'Times New Roman';">
</span></span><!--[endif]--><span style="font-family: "Arial","sans-serif";">Clear
Mutual understanding of what each party wants out of it – objectives<o:p></o:p></span></div>
<div style="margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 54.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l2 level1 lfo4; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Symbol;">·<span style="font-family: 'Times New Roman';">
</span></span><!--[endif]--><span style="font-family: "Arial","sans-serif";">Clear
IP ownership and commercial exploitation rights agreement<o:p></o:p></span></div>
<div style="margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 54.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l2 level1 lfo4; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Symbol;">·<span style="font-family: 'Times New Roman';">
</span></span><!--[endif]--><span style="font-family: "Arial","sans-serif";">Agreement
project management structure and process aimed at Effective monitoring and
management of projects <o:p></o:p></span></div>
<div style="margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm;">
<span style="font-family: "Arial","sans-serif";">e.g.
Lilly’s web based OI portal for sourcing new molecules establishes a master
agreement with each new University/institution as a faculty member wants to
submit ideas. This is then in place for
all subsequent members from same institution.<o:p></o:p></span></div>
<div style="margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l2 level1 lfo4; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Symbol;">·<span style="font-family: 'Times New Roman';"> </span></span><span style="font-family: "Arial","sans-serif";">High
level champion in each organisation<o:p></o:p></span></div>
<div style="margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l2 level1 lfo4; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Symbol;">·<span style="font-family: 'Times New Roman';"> </span></span><!--[endif]--><span style="font-family: "Arial","sans-serif";">Clear
open communications (co-location helps)<o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol;">·<span style="font-family: 'Times New Roman';"> </span></span><!--[endif]--><span style="font-family: "Arial","sans-serif";">Focused
approach<o:p></o:p></span></div>
<div style="margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.0pt; margin-right: 0cm; margin-top: 0cm; mso-list: l2 level1 lfo4; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: Symbol;">·<span style="font-family: 'Times New Roman';"> </span></span><span style="font-family: "Arial","sans-serif";">Willingness
and system to “fail fast, learn quick” <o:p></o:p></span></div>
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<!--[if !supportLists]--><span style="font-family: Symbol;">·<span style="font-family: 'Times New Roman';"> </span></span><span style="font-family: "Arial","sans-serif";">Network
with multiple connections<o:p></o:p></span></div>
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<span style="font-family: "Arial","sans-serif";">Sources:
<o:p></o:p></span></div>
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<br />
<ol style="text-align: left;">
<li><span style="font-family: Arial, sans-serif;">NetworkedPharma
</span><a href="http://www.networkedpharma.com/funding" style="font-family: Arial, sans-serif;">Funds & Fundability</a><span style="font-family: Arial, sans-serif;">
workshop June 2012 (report available Mid December).</span></li>
<li><span style="font-family: Arial, sans-serif; line-height: 115%;">Above hyperlinks.</span></li>
</ol>
</div>
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<span style="font-family: "Arial","sans-serif"; line-height: 115%;"><br /></span>
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<span style="font-family: Arial, Helvetica, sans-serif;"><a href="http://www.biospring.co.uk/" style="color: #888888; text-decoration: initial;">BioSpring Ltd</a> is a member of <a href="http://www.networkedpharma.net/" style="color: #888888; text-decoration: initial;">Networked Pharma Partnership</a>, a not for profit organisation dedicated to assisting development of a new paradigm for drug discover & development<o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><b><a href="http://www.networkedpharma.com/" target="_blank">Networked Pharma</a> Partnership</b>; <i>Building Innovative Networks in Drug Discovery & Development</i><o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">A series of workshops are being run to bringing together all stake-holders (Corporate Pharmas, SMEs, CROs, Universities, VCs, CVCs, Research Councils, Charities, Regulators & Government bodies etc.) to help formulate the new business model(s) for the future success of the industry.<o:p></o:p></span></div>
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<b><span style="font-family: Arial, Helvetica, sans-serif;">Follow us:<o:p></o:p></span></b></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Twitter @NWkPharma, #NWkRx</span><br />
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Nickhttp://www.blogger.com/profile/07085724201316325322noreply@blogger.com1tag:blogger.com,1999:blog-3065345483350608640.post-3237609033400531452012-10-02T17:34:00.001+01:002012-10-12T09:46:23.060+01:00Funding for Innovative Drug Discovery: UK 2012 <div dir="ltr" style="text-align: left;" trbidi="on">
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<b><u><span style="font-size: 12.0pt; mso-bidi-font-size: 11.0pt;"><br /></span></u></b></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgsUqmXtqpLvNpcleX3n7dUoo9KETYqE1DrBYFlFd3yz98q4smG40P9Ct8RukZcxqAfne7O5h_9E-BULIzlTOWsCjPpdBUpc3F-Mcz0-f66oEXW8oGRjgAusX72g83mvbUY4Y7WYKV2LXM/s1600/1a13e4a.png" imageanchor="1" style="clear: left; display: inline !important; margin-bottom: 1em; margin-right: 1em; text-align: center;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgsUqmXtqpLvNpcleX3n7dUoo9KETYqE1DrBYFlFd3yz98q4smG40P9Ct8RukZcxqAfne7O5h_9E-BULIzlTOWsCjPpdBUpc3F-Mcz0-f66oEXW8oGRjgAusX72g83mvbUY4Y7WYKV2LXM/s1600/1a13e4a.png" /></a><b><b><span style="font-size: 16pt; line-height: 24px;">Networked Pharma – Finance</span></b><span style="font-size: 12pt; line-height: 18px;"> (NWkRx F8)</span></b></div>
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<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif;"> </span><b style="text-align: center;">Networked Pharma’s Workshop</b></div>
<div style="text-align: center;">
<span style="line-height: 115%;"><span style="font-family: Times, Times New Roman, serif; font-size: large;"><b>Funds and Fundability, 28<sup>th</sup> June
2012</b></span></span></div>
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</div>
</div>
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<u><span style="font-size: large;"><b>Executive Summary</b></span></u></div>
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<br /></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Networked Pharma’s “Funds and Fundability” workshop examined the
evolving <u>funding</u> ecosystem (equity, collaboration & grant) and the
future role of <u>open innovation</u> (OI) for early stage drug discovery.<o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Key opinion leaders were joined by 60 participants from diverse
stakeholder backgrounds, for presentations and facilitated discussions (report
available on <a href="mailto:nickpope@biospring.co.uk" target="_blank">request</a>). <a href="http://www.networkedpharma.com/funding">Workshop website.</a><o:p></o:p></span></div>
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<br /></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><b>Key Findings</b><o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 0.0001pt 18pt; text-indent: -18pt;">
<span style="font-family: Arial, Helvetica, sans-serif;">A. Investor consensus surprisingly positive for
biotech/pharma sector.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 0.0001pt 1cm; text-indent: -10.9pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;">o<span style="font-size: 7pt;"> </span><!--[endif]-->There are
hidden / ‘below the radar’ fundraisings occurring, <o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 0.0001pt 1cm; text-indent: -10.9pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;">o<span style="font-size: 7pt;"> </span><!--[endif]-->Although
the old investment model is dead in UK, and the public markets closed, there is
now a new model of a single large investment sufficient to go all the way to
achieve an exit by trade sale.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 0.0001pt 1cm; text-indent: -10.9pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;">o<span style="font-size: 7pt;"> </span><!--[endif]-->Funds are emerging
with “Patient” Capital (i.e. they are prepared to wait long enough for value
creation to occur). However, more are
needed.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 0.0001pt 18pt; text-indent: -18pt;">
<span style="font-family: Arial, Helvetica, sans-serif;">B. UK is good at producing lean companies with 1 or
2 products that are sold-off too soon for early exit and financial return:<o:p></o:p></span></div>
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<i><span style="font-family: Arial, Helvetica, sans-serif;">“You
Brits are very good a creating ‘Veal’ ready for slaughter”<o:p></o:p></span></i></div>
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<span style="font-size: 9.0pt; mso-bidi-font-size: 11.0pt;"><span style="font-family: Arial, Helvetica, sans-serif;">Participant quoting a USA colleague <o:p></o:p></span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Rather than being
prepared to wait and build a self-sufficient multi-product company and so
realise the full potential value. <o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0.0001pt 18pt; text-align: center;">
<span style="font-family: Arial, Helvetica, sans-serif;"><i>“We need the fodder
to build ‘Beef’”</i><span style="font-size: 9.0pt; mso-bidi-font-size: 11.0pt;"> Serial biotech entrepreneur<o:p></o:p></span></span></div>
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<br /></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">More Patient
capital is needed for this and probably the public markets. <o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="margin: 0cm 0cm 0.0001pt 18pt; text-align: center;">
<span style="font-family: Arial, Helvetica, sans-serif;"><i>“Are we prepared to
be patient?”</i><span style="font-size: 9.0pt; mso-bidi-font-size: 11.0pt;"> VC</span><i><o:p></o:p></i></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span style="font-size: 9.0pt; mso-bidi-font-size: 11.0pt;"><br /></span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><b>Sector needs</b> <o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 0.0001pt 18pt; text-indent: -18pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;">1.<span style="font-size: 7pt;"> </span><!--[endif]-->A
new / “better” way to capture information on fundraisings. Many current investments are “under the
radar” as different types of investor are now involved, and there is no need
for publicity. This will enable us all to know what is actually happening and
to recognise successes.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 0.0001pt 18pt; text-indent: -18pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;">2.<span style="font-size: 7pt;"> </span><!--[endif]-->A
better way to recognise our UK pharma/biotech company successes, and new
measures to assist with this (not just financial).<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 0.0001pt 18pt; text-indent: -18pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;">3.<span style="font-size: 7pt;"> </span><!--[endif]-->Support
for entrepreneurs to decide which of the funding sources to approach: i.e. Fill
the information gap between funders (of all types including government/research
bodies) and those looking for funding <o:p></o:p></span></div>
<ol start="1" style="margin-top: 0cm;" type="A">
<li class="MsoNormal" style="margin-bottom: 0.0001pt;"><span style="font-family: Arial, Helvetica, sans-serif;">Which of the three “silos” of equity
investor’s to approach, and who to contact therein? </span><span style="font-family: Arial, Helvetica, sans-serif;">The three silos
rarely interact: 1. VC/CVC, 2. Angels/regional funds, & 3. Public-listed
funds.</span></li>
<li class="MsoNormal" style="margin-bottom: 0.0001pt;"><span style="font-family: Arial, Helvetica, sans-serif;">Which grant funding and other non-equity
sources are applicable to given types/stages of projects/companies, and
who to contact?</span></li>
</ol>
<div class="MsoNormal" style="margin: 0cm 0cm 0.0001pt 18pt; text-indent: -18pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;">4.<span style="font-size: 7pt;"> </span><!--[endif]-->More
equity funds that straddle the three silos.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 0.0001pt 18pt; text-indent: -18pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;">5.<span style="font-size: 7pt;"> </span><!--[endif]-->The
creation of some biotech/pharma Sector Champions (“Beef”) in UK, and more
investors prepared to be “patient” (prepared to wait 10+ years to develop full
value and achieve such champions).<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 0.0001pt 18pt; text-indent: -18pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;">6.<span style="font-size: 7pt;"> </span><!--[endif]-->Engagement
of the public markets with biotech.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 0.0001pt 18pt; text-indent: -18pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;">7.<span style="font-size: 7pt;"> </span><!--[endif]-->More
specific information and better information sources on OI & Crowdsourcing
within Drug discovery, and where entrepreneurs can go for advice.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 0.0001pt 18pt; text-indent: -18pt;">
<!--[if !supportLists]--><span style="font-family: Arial, Helvetica, sans-serif;">8.<span style="font-size: 7pt;"> </span><!--[endif]-->Support
for entrepreneurs to establish effective collaborative relationships, utilising
open innovation /crowdsourcing, collaborative projects and (open) networks.<o:p></o:p></span></div>
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<b><span style="font-family: Arial, Helvetica, sans-serif;">Action<o:p></o:p></span></b></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="font-family: Arial, Helvetica, sans-serif;">NetworkedPharma is now establishing collaborative networks to address the
above, and welcomes approaches from those interested in the possibility of
working together for the good of the sector. As a not-for-profit organisation we are also
interested in discussions with potential patrons / sponsors / supporters. <o:p></o:p></span></div>
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">Our next workshop on Open Innovation& Crowd Sourcing will be in April 2013.</span><br />
<br />
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<span style="font-family: Arial, Helvetica, sans-serif;"><a href="http://www.biospring.co.uk/" style="color: #888888; text-decoration: none;">BioSpring Ltd</a> is a member of <a href="http://www.networkedpharma.net/" style="color: #888888; text-decoration: none;">Networked Pharma Partnership</a>, a not for profit organisation dedicated to assisting development of a new paradigm for drug discover & development<o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><b>Networked Pharma Partnership</b>; <i>Building Innovative Networks in Drug Discovery & Development</i><o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">A series of workshops are being run during 2012, leading to an international congress in mid 2013, which will bring together all stake-holders (Corporate Pharmas, SMEs, CROs, Universities, VCs, CVCs, Research Councils, Charities, Regulators & Government bodies etc.) to formulate the new business model(s) for the future success of the industry.<o:p></o:p></span></div>
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<b><span style="font-family: Arial, Helvetica, sans-serif;">Follow us:<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;">Twitter @NWkPharma, #NWkRx</span></div>
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Nickhttp://www.blogger.com/profile/07085724201316325322noreply@blogger.com0tag:blogger.com,1999:blog-3065345483350608640.post-89245411946457621922012-09-11T11:23:00.002+01:002012-09-11T11:25:14.103+01:00BioSpring Website being redesigned, so temp redirect to here.<div dir="ltr" style="text-align: left;" trbidi="on">
Should be completed in couple of weeks. Blog will remain here.</div>
Nickhttp://www.blogger.com/profile/07085724201316325322noreply@blogger.com0tag:blogger.com,1999:blog-3065345483350608640.post-15235098616318354162012-06-26T19:12:00.001+01:002012-06-26T19:24:36.573+01:00The Changing Nature of investing in early Pharma / Biotech: Poll Result<div dir="ltr" style="text-align: left;" trbidi="on">
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<b><b><span style="font-size: 16pt; line-height: 24px;">Networked Pharma – Finance</span></b><span style="font-size: 12pt;"> (NWkRx F7)</span></b></div>
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<span style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: 13px; line-height: 14px;">I ran the Linked In Poll below as a prelude to Thursday's Funds & Fundability workshop in London </span><a href="http://www.networkedpharma.com/funding" style="background-color: white; color: #888888; font-family: Arial, Helvetica, sans-serif; font-size: 13px; line-height: 14px; text-decoration: none;">http://www.networkedpharma.com/funding</a><span style="background-color: white; color: #222222; font-family: Arial, Helvetica, sans-serif; font-size: 13px; line-height: 14px;">,</span><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: x-small; line-height: 18px;">:</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPMwyng3AHBWhmnTT13iX3kJRPDhxqJlTZ9Gj-LQvJi6WmDfrT1tgpUC3-DWRPkcq__u_9ylTwx_Zu7pfbT5PaMRUhL0xbK731dPWHqKOUxZLV9OBE6E0qFTbhHYOERAUg634RYIsJ6gI/s1600/Presentation1.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="300" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPMwyng3AHBWhmnTT13iX3kJRPDhxqJlTZ9Gj-LQvJi6WmDfrT1tgpUC3-DWRPkcq__u_9ylTwx_Zu7pfbT5PaMRUhL0xbK731dPWHqKOUxZLV9OBE6E0qFTbhHYOERAUg634RYIsJ6gI/s400/Presentation1.gif" width="400" /></a></div>
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<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;">According to those that responded Open Innovation and Crowd-funding will have greatest impact on drug discovery,more than even Corporate VC investment, and perhaps most interesting VCs where seen as the least significant!</span></div>
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I await with anticipation the outcomes form the workshop itself! </div>
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NB there will be some register on the day places available <a href="http://www.networkedpharma.com/funding" style="background-color: white; color: #888888; font-family: Arial, Helvetica, sans-serif; line-height: 14px; text-decoration: none;">http://www.networkedpharma.com/funding</a></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><a href="http://www.biospring.co.uk/" style="color: #888888; text-decoration: none;">BioSpring Ltd</a> is a member of <a href="http://www.networkedpharma.net/" style="color: #888888; text-decoration: none;">Networked Pharma Partnership</a>, a not for profit organisation dedicated to assisting development of a new paradigm for drug discover & development<o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><b>Networked Pharma Partnership</b>; <i>Building Innovative Networks in Drug Discovery & Development</i><o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">A series of workshops are being run during 2012, leading to an international congress in early 2013, which will bring together all stake-holders (Corporate Pharmas, SMEs, CROs, Universities, VCs, CVCs, Research Councils, Charities, Regulators & Government bodies etc.) to formulate the new business model(s) for the future success of the industry.<o:p></o:p></span></div>
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</div>Nickhttp://www.blogger.com/profile/07085724201316325322noreply@blogger.com0tag:blogger.com,1999:blog-3065345483350608640.post-14640548383020540102012-06-20T12:02:00.001+01:002012-06-20T12:02:07.520+01:00Future View of VC investing in early Pharma / Biotech: The CVC Perspective<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgsUqmXtqpLvNpcleX3n7dUoo9KETYqE1DrBYFlFd3yz98q4smG40P9Ct8RukZcxqAfne7O5h_9E-BULIzlTOWsCjPpdBUpc3F-Mcz0-f66oEXW8oGRjgAusX72g83mvbUY4Y7WYKV2LXM/s1600/1a13e4a.png" imageanchor="1" style="clear: left; display: inline !important; margin-bottom: 1em; margin-right: 1em; text-align: center;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgsUqmXtqpLvNpcleX3n7dUoo9KETYqE1DrBYFlFd3yz98q4smG40P9Ct8RukZcxqAfne7O5h_9E-BULIzlTOWsCjPpdBUpc3F-Mcz0-f66oEXW8oGRjgAusX72g83mvbUY4Y7WYKV2LXM/s1600/1a13e4a.png" /></a><b><b><span style="font-size: 16pt; line-height: 24px;">Networked Pharma – Finance</span></b><span style="font-size: 12pt; line-height: 18px;"> (NWkRx F6)</span></b></div>
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<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif;"> I recently spoke with </span><span style="font-family: Arial, Helvetica, sans-serif;">one of the more active Corporate VCs (CVC)
regarding the existence <o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">of the funding gap in early pharma discovery, the reasons for it, and what the future holds.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><b>There is a funding gap in early
drug discovery</b> - but not an insurmountable one!<o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Previously the investment model in Europe for general VCs assumed
funding to a proof of principle and then floatation on a public market or trade
sale to Pharma company. However as the
public markets do not understand biotech (nor do generalist VCs) share prices
are highly volatile and single poor trial results are catastrophic for share
prices. Hence appetite for biotechs
became poor in early 2000’s, and so VCs could see no exit that way. Also Big Pharma have stringent requirements
for in licensing and often VCs were not able (insufficient funds) or unwilling
(required cost of capital by their investors necessitates shorter timescales)
to continue funding sufficiently to achieve the proof needed by Pharma.<o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Part of the problem was “naive money” ie from general VC’s
inexperienced in the sector. There is
now a gap in early funding as the general VCs have pulled out of the sector,
although some still have portfolio company legacies.<o:p></o:p></span></div>
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<b><i><span style="font-family: Arial, Helvetica, sans-serif;">Being a “Biotech VC is completely different
from other VCs, including Tech.”<o:p></o:p></span></i></b></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><b>So what of the specialist funds?</b> There are (in the interviewees view) a small group
of “tier one” specialist biotech VCs that are, or will be, active:<o:p></o:p></span></div>
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<span style="background-color: white; font-family: Arial, Helvetica, sans-serif; text-indent: -18pt;">·</span><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; text-indent: -18pt;"> </span><span style="background-color: white; font-family: Arial, Helvetica, sans-serif; text-indent: -18pt;"><b>VC:</b></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Abbingworth, Imperial
Innovations, Index, MVM, Phase4ventures (ex.Nomura), Sofinova, SVLS (Shroders).
<o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">·<span style="font-size: 7pt;"> </span>Corporate VC<b> (CVC)</b> – those that are wholly or
largely independent from Pharma HQ influence:<o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Lundbeck, Novartis,
Novo, Pfizer, SR One.<o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">These generally have longer timescales and larger pots of money for
investment. However at present most of
the Biotech VC have either run out of money, or are at 5yr+ stage of 10 year
fund and so have to keep funds for follow-on investment. So few are investing (e.g. Sofinova &
SVLS who both have ~7 years left on their funds, and Imperial with its longer
term approach). The rest are actively
fundraising early stage funds. Hence the
gap is [at least in part] temporary, awaiting fundraisings. The CVCs are
actively investing and moving to earlier stage opportunities.<o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><b>Another issue has been that
companies spin-out too soon</b>, with small investment from small funds, Angels
etc and then have to find more money to develop further. The incumbent investors have insufficient
funds and as the technology is still not sufficiently demonstrated, so<o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">1.<span style="font-size: 7pt;"> </span>Larger
VCs are not interested or only so with terms which dilute the existing
shareholders so much that they will not agree,<o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">2.<span style="font-size: 7pt;"> </span>Pharma
is not yet interested in licensing, or a very poor set of terms is achieved,
and/or<o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">3.<span style="font-size: 7pt;"> </span>Company
has to switch to a much lower-value service model to survive.<o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">None of which is a desirable situation for anyone.<o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">The CVC would prefer companies to be incubated longer in universities
“until they are really ready”, perhaps with a £50-100k “investment” from a CVC
to enable some critical proof of concept work (with a gentlemen’s agreement for
first chance to discuss next steps assuming success), and then spin out with
major investment by party(ies) with deep enough pockets to see it through to
exit (trade sale).<o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><b>So what are they looking to
invest in?</b> Something really new,
which may be a service business, but more likely a <u>game changing innovation</u>
that has potential to satisfy unmet medical need, is likely a new mode of
action, and most certainly is not only <u>approvable but also reimbursable</u>! The latter needs a step change in clinical
outcomes. So no longer improvements on
existing drugs e.g. new delivery methods or me-toos, as Big Pharma will do this
themselves. Regarding reprofiling: there
is still a short window of opportunity, but eventually Big Pharma will be doing
this. <o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><u>What Big Pharma ultimately want to acquire is the game changing new
drug, and so that is what the VCs want to invest in</u>. This will be high value, with a high hurdle
rate, necessitating large investment. The
VC has to consider all risk, not just the technological (R&D) risk that is
mainly considered- including ability to exit, and shareholder dynamics risk
(sufficient funds, dilution etc). <u>Hence
there will be fewer investments, of great amounts, with funds being more
focussed.</u> <o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><span style="background-color: white; line-height: 115%;">Imperial, MVM and SR One are all speaking at
Networked Pharma’s Funds & Fundability workshop on June 28</span><sup style="background-color: white; line-height: 115%;">th</sup><span style="background-color: white; line-height: 115%;"> in
London </span><a href="http://www.networkedpharma.com/funding" style="background-color: white; line-height: 115%;">http://www.networkedpharma.com/funding</a><span style="background-color: white; line-height: 115%;">,
and will share the panel discussion with serial entrepreneurs Andy Richards and
Julian Gilbert.</span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><a href="http://www.biospring.co.uk/"><span style="line-height: 18px;">BioSpring Ltd</span></a><span style="line-height: 18px;"> is a member of </span><a href="http://www.networkedpharma.net/"><span style="line-height: 18px;">Networked Pharma Partnership</span></a><span style="line-height: 18px;">, a not for profit organisation dedicated to assisting development of a new paradigm for drug discover & development<o:p></o:p></span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><b><span style="line-height: 18px;">Networked Pharma Partnership</span></b><span style="line-height: 18px;">; <i>Building Innovative Networks in Drug Discovery & Development</i><o:p></o:p></span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif; line-height: 18px;">A series of workshops are being run during 2012, leading to an international congress in early 2013, which will bring together all stake-holders (Corporate Pharmas, SMEs, CROs, Universities, VCs, CVCs, Research Councils, Charities, Regulators & Government bodies etc.) to formulate the new business model(s) for the future success of the industry.<o:p></o:p></span></div>
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<b><span style="font-family: Arial, Helvetica, sans-serif; line-height: 18px;">Follow us:<o:p></o:p></span></b></div>
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<span style="font-family: Arial, Helvetica, sans-serif; line-height: 18px;">Twitter @NWkPharma, #NWkRx</span></div>
</div>Nickhttp://www.blogger.com/profile/07085724201316325322noreply@blogger.com0tag:blogger.com,1999:blog-3065345483350608640.post-38235527012340529942012-06-19T16:52:00.002+01:002012-06-19T16:52:53.014+01:00Open Innovation in early Pharma: #2<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="background-color: white;">I recently spoke with</span><span style="background-color: white;"> Harry Wilson of </span><a href="http://www.innocentive.com/" style="background-color: white;">Innocentive</a><span style="background-color: white;">’s
UK office about Open Innovation & Crowdsourcing in Pharma discovery.</span><br />
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<o:p></o:p></div>
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Innocentive originally spun out from Lilly, and their UK office was
obtained by acquiring Omnicomplete (itself a spinout of LBS). They operate as a platform where “seekers”
can post their R&D “Challenges”, and solvers post their responses. The
seeker often stays anonymous and the responses are held confidentially. Solvers
are selected on a basis of submitted plans, with the financial reward only
being paid out if solvers meet the pre-defined criteria. In this way, seekers
only pay for results, not research time.<span style="color: red;"> </span><o:p></o:p></div>
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Most of their work so far has been pharmaceutical, although they are
now diversifying. Seekers are companies,
charities, and other organisation. <o:p></o:p></div>
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There are three levels of challenge available to a seeker (with
increasing price for the service), Brainstorm (self-service using their
platform), Premium (which involves their experts) and a Grand Challenge which
is “transformative” in the world and is phased with intermediate challenges.
The latter involves therapy area experts, and is typified by the recently
successfully completed $1m Prize4Life which sought to identify a <u>biomarker
for ALS</u> (needed to reduce timescale and costs of clinical trials). See their <a href="http://www.innocentive.com/case-study-prize4life">case study</a> blog.<o:p></o:p></div>
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Recent developments are;<o:p></o:p></div>
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<li class="MsoNormal" style="margin-bottom: 0.0001pt;">Combining Crowsourcing with Crowdfunding, via
the peer-to-peer philanthropy marketplace <a href="http://www.globalgiving.org/aboutus/">GlobalGiving</a>, and the
Rockefeller Foundation, to crowdsource solutions to problems facing vulnerable
communities. <a href="http://www.innocentive.com/blog/2012/02/07/crowdsourcing-meets-crowdfunding-to-improve-lives/">Blog</a>.<o:p></o:p></li>
<li class="MsoNormal" style="margin-bottom: 0.0001pt;">Discussing with VCs the possibility of
combining activities in “<a href="http://www.innocentive.com/blog/2012/04/17/prize-venture-a-new-way-to-fund-challenges/">Prize
Venturing</a>” <o:p></o:p></li>
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Although neither of these are specifically pharmaceutical, they are
interesting as new approaches worth considering.<o:p></o:p></div>
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Siobhan Gibney Gomis, Senior Director of Operations Grand Challenges,
and Deputy Head of EMEA, <span style="background-color: white;">InnoCentive, will be attending the Networked Pharma Funds &
Fundability workshop on 28</span><sup style="background-color: white;">th</sup><span style="background-color: white;"> June in London </span><a href="http://www.networkedpharma.com/funding" style="background-color: white;">http://www.networkedpharma.com/funding</a><span style="background-color: white;">.</span></div>
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<a href="http://www.biospring.co.uk/" style="color: #888888; text-decoration: none;"><span style="font-size: 12pt;">BioSpring Ltd</span></a><span style="font-size: 12pt;"> is a member of </span><a href="http://www.networkedpharma.net/" style="color: #888888; text-decoration: none;"><span style="font-size: 12pt;">Networked Pharma Partnership</span></a><span style="font-size: 12pt;">, a not for profit organisation dedicated to assisting development of a new paradigm for drug discover & development<o:p></o:p></span></div>
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<b><span style="font-size: 12pt;">Networked Pharma Partnership</span></b><span style="font-size: 12pt;">; <i>Building Innovative Networks in Drug Discovery & Development</i><o:p></o:p></span></div>
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<span style="font-size: 12pt;">A series of workshops are being run during 2012, leading to an international congress in early 2013, which will bring together all stake-holders (Corporate Pharmas, SMEs, CROs, Universities, VCs, CVCs, Research Councils, Charities, Regulators & Government bodies etc.) to formulate the new business model(s) for the future success of the industry.<o:p></o:p></span></div>
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<b><span style="font-size: 12pt;">Follow us:<o:p></o:p></span></b></div>
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<span style="font-size: 12pt;">Twitter @NWkPharma, #NWkRx</span></div>
</div>Nickhttp://www.blogger.com/profile/07085724201316325322noreply@blogger.com0tag:blogger.com,1999:blog-3065345483350608640.post-26436605596947278942012-06-17T12:54:00.001+01:002012-06-19T09:43:43.359+01:00Open Innovation in early Pharma: #1<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgsUqmXtqpLvNpcleX3n7dUoo9KETYqE1DrBYFlFd3yz98q4smG40P9Ct8RukZcxqAfne7O5h_9E-BULIzlTOWsCjPpdBUpc3F-Mcz0-f66oEXW8oGRjgAusX72g83mvbUY4Y7WYKV2LXM/s1600/1a13e4a.png" imageanchor="1" style="clear: left; color: #888888; display: inline !important; margin-bottom: 1em; margin-left: 1em; text-align: center; text-decoration: none;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgsUqmXtqpLvNpcleX3n7dUoo9KETYqE1DrBYFlFd3yz98q4smG40P9Ct8RukZcxqAfne7O5h_9E-BULIzlTOWsCjPpdBUpc3F-Mcz0-f66oEXW8oGRjgAusX72g83mvbUY4Y7WYKV2LXM/s1600/1a13e4a.png" style="-webkit-box-shadow: rgba(0, 0, 0, 0.0976563) 1px 1px 5px; border: 1px solid rgb(238, 238, 238); box-shadow: rgba(0, 0, 0, 0.0976563) 1px 1px 5px; padding: 5px; position: relative;" /></a><b><b><span style="font-size: 16pt; line-height: 24px;">Networked Pharma – Finance</span></b><span style="font-size: 12pt;"> (NWkRx F4)</span></b></div>
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I recently spoke with Jordi Rafols of Innoget, regarding open
innovation and the Innoget platform. <span style="background-color: white;">We began by Jordi distinguished
OI from crowdsourcing as follows:</span></div>
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<o:p></o:p></div>
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Crowdsourcing: <o:p></o:p></div>
<ul style="margin-top: 0cm;" type="disc">
<li class="MsoNormal" style="margin-bottom: 0.0001pt;">Operates on a shared responses basis, with
no confidentiality nor contractual agreements. Individuals post responses
to a request and all can see all responses. <o:p></o:p></li>
<li class="MsoNormal" style="margin-bottom: 0.0001pt;">Good for ideas generation, consumer
insights, marketing innovation.<o:p></o:p></li>
</ul>
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Open innovation:<o:p></o:p></div>
<ul style="margin-top: 0cm;" type="disc">
<li class="MsoNormal" style="margin-bottom: 0.0001pt;">Operates on confidential response basis.
Does not pool responses.<o:p></o:p></li>
</ul>
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Innoget’s website <a href="http://www.innoget.com/">http://www.innoget.com/</a>
acts as a portal for open innovation, where technology requests or technology
offerings can be posted, anonymously if desired, and responses are then made
via the website.</div>
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<o:p></o:p></div>
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<br /></div>
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Jordi will elaborate further on this approach and its application to
pharma discovery during Networked Pharma’s Networked Pharma <a href="http://www.networkedpharma.com/funding.">Funds & Fundability workshop</a>
at Holiday Inn, Regents Park, London, on 28<sup>th</sup> June.<o:p></o:p></div>
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The workshop will examine who is funding, what they are funding and
what makes a fundable investment, as well as the rise of open innovation &
crowdsourcing. Jordi will be joined by speakers from biotech, VC, CVC, Pharma,
CROs, BBSRC, the Wellcome Trust, TSB/KTN and others. For more information and
to register see <a href="http://www.networkedpharma.com/funding">www.networkedpharma.com/funding</a>.<o:p></o:p></div>
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<a href="http://www.biospring.co.uk/" style="color: #888888; text-decoration: none;"><span style="font-size: 12pt;">BioSpring Ltd</span></a><span style="font-size: 12pt;"> is a member of </span><a href="http://www.networkedpharma.net/" style="color: #888888; text-decoration: none;"><span style="font-size: 12pt;">Networked Pharma Partnership</span></a><span style="font-size: 12pt;">, a not for profit organisation dedicated to assisting development of a new paradigm for drug discover & development<o:p></o:p></span></div>
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<b><span style="font-size: 12pt;">Networked Pharma Partnership</span></b><span style="font-size: 12pt;">; <i>Building Innovative Networks in Drug Discovery & Development</i><o:p></o:p></span></div>
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<span style="font-size: 12pt;">A series of workshops are being run during 2012, leading to an international congress in early 2013, which will bring together all stake-holders (Corporate Pharmas, SMEs, CROs, Universities, VCs, CVCs, Research Councils, Charities, Regulators & Government bodies etc.) to formulate the new business model(s) for the future success of the industry.<o:p></o:p></span></div>
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<b><span style="font-size: 12pt;">Follow us:<o:p></o:p></span></b></div>
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<span style="font-size: 12pt;">Twitter @NWkPharma, #NWkRx</span></div>
</div>Nickhttp://www.blogger.com/profile/07085724201316325322noreply@blogger.com0tag:blogger.com,1999:blog-3065345483350608640.post-33327974148489648862012-06-15T17:17:00.000+01:002012-06-15T17:22:30.594+01:00The Changing Nature of investing in early Pharma / Biotech: Serial Entrepreneurs' Perspective<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-size: 12px;"><a href="http://www.blogger.com/blogger.g?blogID=3065345483350608640" name="5873905416877620532"></a></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgsUqmXtqpLvNpcleX3n7dUoo9KETYqE1DrBYFlFd3yz98q4smG40P9Ct8RukZcxqAfne7O5h_9E-BULIzlTOWsCjPpdBUpc3F-Mcz0-f66oEXW8oGRjgAusX72g83mvbUY4Y7WYKV2LXM/s1600/1a13e4a.png" imageanchor="1" style="clear: left; color: #888888; display: inline !important; margin-bottom: 1em; margin-left: 1em; text-align: center; text-decoration: none;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgsUqmXtqpLvNpcleX3n7dUoo9KETYqE1DrBYFlFd3yz98q4smG40P9Ct8RukZcxqAfne7O5h_9E-BULIzlTOWsCjPpdBUpc3F-Mcz0-f66oEXW8oGRjgAusX72g83mvbUY4Y7WYKV2LXM/s1600/1a13e4a.png" style="-webkit-box-shadow: rgba(0, 0, 0, 0.0976563) 1px 1px 5px; border: 1px solid rgb(238, 238, 238); box-shadow: rgba(0, 0, 0, 0.0976563) 1px 1px 5px; padding: 5px; position: relative;" /></a><b><b><span style="font-size: 16pt; line-height: 24px;">Networked Pharma – Finance</span></b><span style="font-size: 12pt;"> (NWkRx F3)</span></b></div>
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<span style="line-height: 22px;"><br /></span></div>
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I spoke with Andy Richards earlier today (15<sup>th</sup> June 2012) regarding
the perceived funding gap for drug discovery.<o:p></o:p></div>
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Andy’s view is that although there is a gap, it is not as large as
generally perceived. There is much more money
available, people interested in investing, and [equity] funding going on, than
is generally thought. It’s just that it
is coming from alternative (non-VC) sources which are not recorded in the
generally used statistics, such as High Net Worth individuals, CVCs, sovereign wealth
funds and pension funds.<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
Also such investment is being used to grow assets/products for selling
off, rather than to build big companies (a point also made by Julian Gilbert in
a recent discussion). Consequently there is little infrastructure building or
PR activities undertaken, and so such companies and investment deals are much
less visible than in previous times!<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
Both Andy and Julian will elaborate on their perspectives during the
Networked Pharma <a href="http://www.networkedpharma.com/funding.">Funds & Fundability workshop</a> at Holiday Inn, Regents Park, London, on 28<sup>th</sup>
June.<o:p></o:p></div>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt;">
The workshop will examine who is funding, what they are funding and
what makes a fundable investment, as well as the rise of open innovation &
crowdsourcing. Andy & Julian will be joined by speakers from VC and CVC, Pharma,
CROs, BBSRC, the Wellcome Trust, TSB/KTN and others. For more information and
to register see <a href="http://www.networkedpharma.com/funding">www.networkedpharma.com/funding</a>.<span style="font-size: x-small;"><o:p></o:p></span></div>
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<a href="http://www.biospring.co.uk/" style="color: #888888; text-decoration: none;"><span style="font-size: 12pt;">BioSpring Ltd</span></a><span style="font-size: 12pt;"> is a member of </span><a href="http://www.networkedpharma.net/" style="color: #888888; text-decoration: none;"><span style="font-size: 12pt;">Networked Pharma Partnership</span></a><span style="font-size: 12pt;">, a not for profit organisation dedicated to assisting development of a new paradigm for drug discover & development<o:p></o:p></span></div>
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<br /></div>
<div class="MsoNormal" style="font-size: 13px; line-height: 1.4;">
<b><span style="font-size: 12pt;">Networked Pharma Partnership</span></b><span style="font-size: 12pt;">; <i>Building Innovative Networks in Drug Discovery & Development</i><o:p></o:p></span></div>
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<span style="font-size: 12pt;">A series of workshops are being run during 2012, leading to an international congress in early 2013, which will bring together all stake-holders (Corporate Pharmas, SMEs, CROs, Universities, VCs, CVCs, Research Councils, Charities, Regulators & Government bodies etc.) to formulate the new business model(s) for the future success of the industry.<o:p></o:p></span></div>
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<b><span style="font-size: 12pt;">Follow us:<o:p></o:p></span></b></div>
<div class="MsoNormal" style="font-size: 13px; line-height: 1.4;">
<span style="font-size: 12pt;">Twitter @NWkPharma, #NWkR<br />x</span></div>
</div>
</div>
</div>
</div>
</div>
</div>Nickhttp://www.blogger.com/profile/07085724201316325322noreply@blogger.com0tag:blogger.com,1999:blog-3065345483350608640.post-58739054168776205322012-02-27T12:03:00.000+00:002012-02-27T12:03:50.039+00:00Future View of VC investing in early Pharma / Biotech: Imperial Innovations<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgsUqmXtqpLvNpcleX3n7dUoo9KETYqE1DrBYFlFd3yz98q4smG40P9Ct8RukZcxqAfne7O5h_9E-BULIzlTOWsCjPpdBUpc3F-Mcz0-f66oEXW8oGRjgAusX72g83mvbUY4Y7WYKV2LXM/s1600/1a13e4a.png" imageanchor="1" style="clear: left; display: inline !important; margin-bottom: 1em; margin-right: 1em; text-align: center;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgsUqmXtqpLvNpcleX3n7dUoo9KETYqE1DrBYFlFd3yz98q4smG40P9Ct8RukZcxqAfne7O5h_9E-BULIzlTOWsCjPpdBUpc3F-Mcz0-f66oEXW8oGRjgAusX72g83mvbUY4Y7WYKV2LXM/s1600/1a13e4a.png" /></a><b><b><span style="font-size: 16.0pt; line-height: 115%; mso-bidi-font-size: 12.0pt;">Networked Pharma – Finance</span></b><span style="font-size: 12pt; line-height: 115%;"> (NWkRx F2)</span></b></div>
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<div class="MsoNormal">
<span style="font-size: 12pt; line-height: 115%;">I recently
spoke with Nigel Pitchford, Managing
Director of Healthcare, for Imperial Innovations (</span><a href="file:///C:/Users/Nick/Documents/Biospring/Network%20Pharma%20Conf/www.imperialinnovations.co.uk"><span style="font-size: 12.0pt; line-height: 115%;">www.imperialinnovations.co.uk</span></a><span style="font-size: 12pt; line-height: 115%;">), one of a new breed of early stage Biotech VC investors,
regarding the future funding model and open innovation for Pharma innovation /
Biotech start-ups. Before joining
Imperial in 2011, Nigel was a traditional venture capitalist in the biotech
space, at 3i Cambridge and latterly DFJ Esprit.</span></div>
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<span style="font-size: 12.0pt; line-height: 115%;">Below is a
summary of our discussion. The take-home
messages are;<o:p></o:p></span></div>
<ul style="margin-top: 0cm;" type="disc">
<li class="MsoNormal"><span style="font-size: 12.0pt; line-height: 115%;">Early stage funding model for biotech’s needs to
change<o:p></o:p></span></li>
<li class="MsoNormal"><span style="font-size: 12.0pt; line-height: 115%;">“Patient Capital” (as in prepared to wait) is
necessary for successful “biotech” investment.<o:p></o:p></span></li>
<li class="MsoNormal"><span style="font-size: 12.0pt; line-height: 115%;">Tax incentives for investors and more
translational funding are required.<o:p></o:p></span></li>
<li class="MsoNormal"><span style="font-size: 12.0pt; line-height: 115%;">A new approach to translational project funding
in universities is needed, that avoids excessive overheads or the need to
spin-out.<o:p></o:p></span></li>
<li class="MsoNormal"><span style="font-size: 12.0pt; line-height: 115%;">Open innovation is generally a good idea, and
would be greatly facilitated by a new form of marketing exclusivity for
first exploiters of products arising from such initiatives. <o:p></o:p></span></li>
</ul>
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<div class="MsoNormal">
<b><span style="font-size: 12.0pt; line-height: 115%;">Funding models<o:p></o:p></span></b></div>
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<span style="font-size: 12.0pt; line-height: 115%;">Nigel agreed
that the early funding model [for biotechs] needs to change. Without access to
public markets VCs are left with the dilemma of funding biotech companies for
longer and with ever increasing amounts of capital, hopefully towards a trade
sale exit. This continued funding model is directly at odds with what most of
their Limited Partners want to see – creating a problem for VCs themselves when
it comes to both fundraising, and then later in deploying that capital. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 115%;">There is a
fundamental mismatch, of both timescales and quantity of money needed, between
the needs of early stage biotech’s to discover and develop drugs and so build a
company to a reasonable business/valuation; and the requirements of the VC’s Limited Partners. Hence once new
companies were established, insufficient funds were available for follow-on
funding rounds (resulting in dilution or fire-sales) and exit was required too
soon, so that decent companies with good critical mass could not be built and
“the buyers got a good deal”! <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 115%;">One reason
why Nigel joined Imperial Innovations, is it is an evergreen fund with<o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<b><i><span style="font-size: 12.0pt; line-height: 115%;">“Patient Capital”</span></i></b><b><span style="font-size: 12.0pt; line-height: 115%;"> </span></b><span style="font-size: 12.0pt; line-height: 115%;">(i.e. willing to wait)<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 115%;">They invest
off of their own balance sheet, and have investors that are patient (willing to
wait), so that sufficient time is available to develop the drugs, and sufficient
funds available for later funding rounds, allowing a solid company to be grown,
and “with size comes value”.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 115%;">Similarly,
the Major Pharma Corporate VCs (“CVC”), who are funded by corporate parents,
and invest with alignment with their strategic imperatives, have both<o:p></o:p></span></div>
<div align="center" class="MsoNormal" style="text-align: center;">
<b><i><span style="font-size: 12.0pt; line-height: 115%;">“Patient & Plentiful Capital”<o:p></o:p></span></i></b></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 115%;">And so are
more open to funding early stage innovation.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 115%;">Regarding
future funding of early stage innovation, Nigel made several observations;<o:p></o:p></span></div>
<ul style="margin-top: 0cm;" type="disc">
<li class="MsoNormal"><span style="font-size: 12.0pt; line-height: 115%;">Further tax incentives for early-stage investors would
assist with bringing vital start-up capital to fledgling biotech companies.<o:p></o:p></span></li>
<li class="MsoNormal"><span style="font-size: 12.0pt; line-height: 115%;">More translational funding is required for the
gap between the scientific discovery and sufficient proof of concept for
either spin-out or licensing to take place. Previously there has been tendency to
spin-out too soon, but trend is now to keep in-house (university etc)
longer, which is good thing.<o:p></o:p></span></li>
<li class="MsoNormal"><span style="font-size: 12.0pt; line-height: 115%;">However, if VC or CVC wants to fund some
translational or earlier work, it costs more than twice what a research
council would pay, because of FEC (full economic costing) and/or start-up
costs for spin-out including legal fees etc. [This is nonsensical, given the risk
profile and dearth of risk capital, as money is wasted that could have
been used for another opportunity].
A new approach to project funding with a sensible [equitable]
costing structure is needed.<o:p></o:p></span></li>
</ul>
<div class="MsoNormal" style="margin-left: 18.0pt;">
<br /></div>
<div class="MsoNormal" style="margin-left: 18.0pt;">
<b><span style="font-size: 12.0pt; line-height: 115%;">Open Innovation<o:p></o:p></span></b></div>
<div class="MsoNormal" style="margin-left: 18.0pt;">
<span style="font-size: 12.0pt; line-height: 115%;">Nigel believes open innovation to be a good idea, not
competitive to VCs, and that the sharing of failures would be very beneficial -
e.g. avoiding a company repeating another’s mistake (with a drug etc) [or
showing up a profiling opportunity].<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-left: 18.0pt;">
<br /></div>
<div class="MsoNormal" style="margin-left: 18.0pt;">
<span style="font-size: 12.0pt; line-height: 115%;">However, IPR ownership is of course key. Or rather, it’s the ability to exploit
exclusively that is necessary (to get ROI).
Traditionally this is via ownership of IPR, but increasingly there are
now mechanisms for marketing exclusivity other than IPR ownership - namely
Patent term extension and orphan drug legislations which provide for marketing
exclusivity. Nigel’s suggestion is for the
government to introduce a form of market exclusivity for products / services
arising from open innovation [where IP ownership is complex or unclear, or IPR
absent] – perhaps a form of first to exploit protection.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-left: 18.0pt;">
<br /></div>
<div style="border-bottom: solid windowtext 1.0pt; border: none; margin-left: 18.0pt; margin-right: 0cm; mso-border-bottom-alt: solid windowtext .75pt; mso-element: para-border-div; padding: 0cm 0cm 1.0pt 0cm;">
<div class="MsoNormal" style="border: none; mso-border-bottom-alt: solid windowtext .75pt; mso-padding-alt: 0cm 0cm 1.0pt 0cm; padding: 0cm;">
<br /></div>
</div>
<div class="MsoNormal" style="margin-left: 18.0pt;">
<br /></div>
<div class="MsoNormal">
<a href="http://www.biospring.co.uk/"><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">BioSpring Ltd</span></a><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;"> is a
member of </span><a href="http://www.networkedpharma.net/"><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Networked
Pharma Partnership</span></a><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">, a not for profit organisation dedicated to assisting
development of a new paradigm for drug discover & development<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Networked
Pharma Partnership</span></b><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">; <i>Building
Innovative Networks in Drug Discovery & Development</i><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">A series of workshops are being run during 2012, leading to
an international congress in early 2013, which will bring together all
stake-holders (Corporate Pharmas, SMEs, CROs, Universities, VCs, CVCs, Research
Councils, Charities, Regulators & Government bodies etc.) to formulate the
new business model(s) for the future success of the industry.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Follow us:<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 11.0pt;">Twitter @NWkPharma,
#NWkRx<o:p></o:p></span></div>
</div>Nickhttp://www.blogger.com/profile/07085724201316325322noreply@blogger.com0tag:blogger.com,1999:blog-3065345483350608640.post-2889580526368206302012-02-23T08:46:00.001+00:002012-02-27T11:46:49.198+00:00Future View of VC investing in Pharma / Biotech Innovation: MVM Life Science Partners LLP<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<div class="MsoNormal">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgsUqmXtqpLvNpcleX3n7dUoo9KETYqE1DrBYFlFd3yz98q4smG40P9Ct8RukZcxqAfne7O5h_9E-BULIzlTOWsCjPpdBUpc3F-Mcz0-f66oEXW8oGRjgAusX72g83mvbUY4Y7WYKV2LXM/s1600/1a13e4a.png" imageanchor="1" style="clear: left; display: inline !important; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgsUqmXtqpLvNpcleX3n7dUoo9KETYqE1DrBYFlFd3yz98q4smG40P9Ct8RukZcxqAfne7O5h_9E-BULIzlTOWsCjPpdBUpc3F-Mcz0-f66oEXW8oGRjgAusX72g83mvbUY4Y7WYKV2LXM/s1600/1a13e4a.png" /></a><b style="font-family: Arial, Helvetica, sans-serif;"><span style="font-size: 16pt; line-height: 115%;">Networked Pharma – Finance</span></b><span style="font-family: Arial, Helvetica, sans-serif; font-size: 12pt; line-height: 115%;"> (NWkRx F1)</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;"><span style="font-size: 12pt; line-height: 115%;">I recently
spoke with Hugo Harrod, partner of MVM Life Science Partners LLP (</span><a href="http://www.mvmlifescience.com/"><span style="font-size: 12pt; line-height: 115%;">www.mvmlifescience.com</span></a><span style="font-size: 12pt; line-height: 115%;">), one of the established biotech VC investors, about the
current state of investing into and sourcing innovation / novel drugs within
the Pharma / Biotech sector.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-size: 12pt; line-height: 115%;"><span style="font-family: Arial, Helvetica, sans-serif;">Below is a
summary of our discussion. The take-home
messages are;<o:p></o:p></span></span></div>
<ul style="margin-top: 0cm; text-align: left;" type="disc">
<li class="MsoNormal"><span style="font-size: 12pt; line-height: 115%;"><span style="font-family: Arial, Helvetica, sans-serif;">Future demand side (market) fundamentals for
therapies are strong.<o:p></o:p></span></span></li>
<li class="MsoNormal"><span style="font-size: 12pt; line-height: 115%;"><span style="font-family: Arial, Helvetica, sans-serif;">Successful VCs need to invest in non-traditional
approaches to drive returns. These will encompass personalised medicines,
novel biologics, medical devices, healthcare IT and creatively de-risked
pharma programmes.<o:p></o:p></span></span></li>
<li class="MsoNormal"><span style="font-size: 12pt; line-height: 115%;"><span style="font-family: Arial, Helvetica, sans-serif;">Replicating big pharma drug discovery is a difficult
model for venture capital.<o:p></o:p></span></span></li>
<li class="MsoNormal"><span style="font-size: 12pt; line-height: 115%;"><span style="font-family: Arial, Helvetica, sans-serif;">There is a shrinking pool of traditional venture
capital but limited funding is also available from other sources. Some of these
sources are less focused on financial return but VCs bring the discipline
to grow value.</span></span></li>
</ul>
<div class="MsoNormal">
<b><span style="font-size: 12pt; line-height: 115%;"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></b><br />
<b><span style="font-size: 12pt; line-height: 115%;"><span style="font-family: Arial, Helvetica, sans-serif;">Future view for Pharma /Biotech
Sector?<o:p></o:p></span></span></b></div>
<div class="MsoNormal">
<b><span style="font-size: 12pt; line-height: 115%;"><span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></span></b></div>
<div class="MsoNormal">
<span style="font-size: 12pt; line-height: 115%;"><span style="font-family: Arial, Helvetica, sans-serif;">In general,
the future for the industry is positive because of the need to innovate to
improve the efficiency of healthcare;</span></span></div>
<div class="MsoNormal">
</div>
<ul style="margin-top: 0cm;" type="disc">
<li class="MsoNormal"><span style="font-size: 12pt; line-height: 115%;"><span style="font-family: Arial, Helvetica, sans-serif;">Shrinking healthcare resources in the West will force
adoption of innovative cost-saving technologies (eg Cheetah Medical’s
fluid management technology and Accuvein’s vein location device).</span></span></li>
<li class="MsoNormal"><span style="font-family: Arial, Helvetica, sans-serif;"><span style="font-size: 12pt; line-height: 115%;">The rise of the emerging markets is particularly
relevant to biotech. This is because people throughout the world are
increasingly suffering from Western diseases and demand the same products.
These products are protected by global (and widely upheld) IP rights. Suddenly
biotech is looking at markets of 3bn people versus 600m in the traditional USA
+ Europe+ Japan Pharma geographic reach.</span><span style="font-size: 12pt; line-height: 115%;"> </span></span></li>
</ul>
<br />
<div class="MsoNormal">
<b><span style="font-size: 12pt; line-height: 115%;"><span style="font-family: Arial, Helvetica, sans-serif;">What is the future of VC Investment in
biotech?<o:p></o:p></span></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-size: 12pt; line-height: 115%;"><span style="font-family: Arial, Helvetica, sans-serif;">The old
model of funding novel targets from discovery through to clinical proof of
principle (PoP, phase 2a) has driven mixed returns for VCs. In retrospect this
is not surprising given the success rate in drug development over the last few
years. In part this is because the easier to treat diseases have now been
addressed and there is generic competition, so that we are left with more
challenging indications e.g. cancer, Alzheimer’s. <o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;"><u><span style="font-size: 12pt; line-height: 115%;">So what
is the future for VCs that address this sector? </span></u><span style="font-size: 12pt; line-height: 115%;"> The sector will be slimmed down, with survivors
adapted to survive; looking at non-traditional creative approaches in which
pharma is less strong (eg BioVex’s oncolytic viruses). We are going to see
innovation come from some unlikely sources. For example, medical device based
approaches are appearing in previous bastions of pharmaceutical therapy such as
renal denervation in hypertension and deep brain stimulation in Parkinson’s. <o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-size: 12pt; line-height: 115%;"><span style="font-family: Arial, Helvetica, sans-serif;">Innovation / discovery Funding in the
Future<o:p></o:p></span></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-size: 12pt; line-height: 115%;"><span style="font-family: Arial, Helvetica, sans-serif;">The supply
of venture capital is shrinking, and Big Pharma is downsizing, outsourcing
innovation, and reducing discovery funding.
<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<u><span style="font-size: 12pt; line-height: 115%;"><span style="font-family: Arial, Helvetica, sans-serif;">So, where
is all this drug innovation and the funding for it going to come from?<o:p></o:p></span></span></u></div>
<div class="MsoNormal">
<span style="font-size: 12pt; line-height: 115%;"><span style="font-family: Arial, Helvetica, sans-serif;">Some of the
slack will be picked up by non-traditional ventures investors, such as corporate
VCs and disease-focused charities. Governments have had a poor track record of
stimulating discovery but they could do a better job through tax incentives and
other tools that incentivize investors.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-size: 12pt; line-height: 115%;"><span style="font-family: Arial, Helvetica, sans-serif;">What is
clear is that product demand in emerging markets and cost-cutting imperatives
in established ones will create terrific opportunities for new technology.
Those VCs that survive will thrive in the new world order.<o:p></o:p></span></span></div>
<div style="border-bottom: solid windowtext 1.0pt; border: none; mso-border-bottom-alt: solid windowtext .75pt; mso-element: para-border-div; padding: 0cm 0cm 1.0pt 0cm;">
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<br />
<div style="text-align: center;">
<u> </u></div>
<br /></div>
</div>
<div class="MsoNormal">
<br />
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;"><b><span style="font-size: 12pt; line-height: 18px;">Networked Pharma</span></b><span style="font-size: 12pt; line-height: 18px;">; <i>Building Innovative Networks in Drug Discovery & Development</i><o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
</div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;"><a href="http://www.biospring.co.uk/"><span style="font-size: 12pt; line-height: 115%;">BioSpring Ltd</span></a><span style="font-size: 12pt; line-height: 115%;"> is a
member of </span><a href="http://www.networkedpharma.net/"><span style="font-size: 12pt; line-height: 115%;">Networked
Pharma</span></a><span style="font-size: 12pt; line-height: 115%;">, a not for profit organisation dedicated to assisting
development of a new paradigm for drug discover & development<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-size: 12pt; line-height: 115%;"><span style="font-family: Arial, Helvetica, sans-serif;">A series of workshops are being run during 2012, leading to
an international congress in early 2013, which will bring together all
stake-holders (Corporate Pharmas, SMEs, CROs, Universities, VCs, CVCs, Research
Councils, Charities, Regulators & Government bodies etc.) to formulate the
new business model(s) for the future success of the industry.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-size: 12pt; line-height: 115%;"><span style="font-family: Arial, Helvetica, sans-serif;">Follow us:<o:p></o:p></span></span></b></div>
<div class="MsoNormal">
<span style="font-size: 12pt; line-height: 115%;"><span style="font-family: Arial, Helvetica, sans-serif;">Twitter @NWkPharma,
#NWkRx</span><o:p></o:p></span></div>
</div>Nickhttp://www.blogger.com/profile/07085724201316325322noreply@blogger.com0tag:blogger.com,1999:blog-3065345483350608640.post-13252611724400239242012-02-14T11:15:00.000+00:002012-02-27T11:45:49.113+00:00Motivation: Money is not enough<div dir="ltr" style="text-align: left;" trbidi="on">
Just watched a YouTube video covering a Dan Pink talk on motivation.<br />
<br />
Surprising findings - or are they really !<br />
<br />
In a nut shell:<br />
<div style="text-align: left;">
</div>
<ul style="text-align: left;">
<li>Money motivates for physical tasks</li>
<li>Money does not motivate and more money is in fact counterproductive where cognitive functions are required.</li>
</ul>
Provided salary is sufficient (so no longer an issue) motivation comes from:<br />
<div style="text-align: left;">
</div>
<ol style="text-align: left;">
<li>Autonomy / self-direction</li>
<li>Mastery of activities,becoming expert etc</li>
<li>Purpose, such as making a difference in the world!</li>
</ol>
<div>
Hence why Wikipedia, Linux etc succeed.</div>
<div>
<br /></div>
<div>
Further when profit maximisation and purpose maximisation align, companies succeed e.g. Apple, and when they decouple sub-optimal or even inappropriate outcomes result. I leave the reader to consider an example of the latter!</div>
<div>
<br /></div>
<div>
Aligns with what I have always believed - run a great business delivering what people need and doing good, and profit will follow as just reward.</div>
<div>
<br /></div>
<div>
<a href="http://www.youtube.com/watch?v=u6XAPnuFjJc&feature=player_embedded">http://www.youtube.com/watch?v=u6XAPnuFjJc&feature=player_embedded</a></div>
<div>
<br /></div>
<div>
<br /></div>
<div>
<br /></div>
</div>Nickhttp://www.blogger.com/profile/07085724201316325322noreply@blogger.com0tag:blogger.com,1999:blog-3065345483350608640.post-69676117004312490722011-11-21T12:12:00.001+00:002012-02-27T11:45:10.462+00:00<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<div class="MsoNormal">
<b><span style="line-height: 115%;">Another
take on the “Effectual Reasoning” / “Search Process” of Entrepreneurs<o:p></o:p></span></b></div>
<div class="MsoNormal">
<br /></div>
<ul style="margin-top: 0cm; text-align: left;" type="disc">
<li class="MsoNormal"><span style="line-height: 115%;">Do the doable, then
push it<o:p></o:p></span></li>
<li class="MsoNormal"><span style="line-height: 115%;">Woo partners first<o:p></o:p></span></li>
<ul style="margin-top: 0cm;" type="circle">
<li class="MsoNormal"><span style="line-height: 115%;">Don’t bother with
market research, customers are your market research<o:p></o:p></span></li>
</ul>
<li class="MsoNormal"><span style="line-height: 115%;">Worry about competitors later<o:p></o:p></span></li>
<li class="MsoNormal"><span style="line-height: 115%;">Don't limit yourself<o:p></o:p></span></li>
</ul>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
From Inc Magazine<o:p></o:p></div>
<div class="MsoNormal">
<a href="http://www.inc.com/magazine/20110201/how-great-entrepreneurs-think.html">http://www.inc.com/magazine/20110201/how-great-entrepreneurs-think.html</a><o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Plus <a href="http://effectuation.org/">http://effectuation.org/</a><o:p></o:p></div>
</div>Nickhttp://www.blogger.com/profile/07085724201316325322noreply@blogger.com0tag:blogger.com,1999:blog-3065345483350608640.post-39001170676270244742011-11-10T17:14:00.000+00:002012-02-27T11:44:25.411+00:00Life Science Leader - Effective Interactions<div dir="ltr" style="text-align: left;" trbidi="on">
The art of actively listening - catch the communication sent to you !<br />
<br />
<a href="http://www.lifescienceleader.com/index.php?option=com_content&task=view&id=1949&Itemid=174">Life Science Leader - Effective Interactions</a></div>Nickhttp://www.blogger.com/profile/07085724201316325322noreply@blogger.com0tag:blogger.com,1999:blog-3065345483350608640.post-14861877863653230282011-11-06T21:12:00.000+00:002012-02-27T11:43:08.239+00:00How to be an Entrepreneur?<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<div align="center" class="MsoNormal" style="text-align: center;">
<b><u><span style="font-size: 12pt; line-height: 115%;">How to be an entrepreneur?<o:p></o:p></span></u></b></div>
<div class="MsoNormal">
I attended an excellent “<a href="http://www.sciencecitybristol.com/pages/2-venturefest-bristol-2011" target="_blank">Venturefest Bristol</a>” 3<sup>rd</sup>
November 2011</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Paul Magelli, a serial entrepreneur (including being CEO of
Apertio, which he sold to Nokia Siemens Networks in 2008), was keynote
speaker. His experience and tips on
being an entrepreneur were very enlightening. They follow (as I understood them):<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The difference between a ‘professional’ and an ‘amateur’
entrepreneur, is the number of mistakes you’ve made ! More is better !<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Think global, maintain pace & know your proposition
(what your customer will buy! Sales is
helping customer to see the benefit).<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<ol start="1" style="margin-top: 0cm;" type="1">
<li class="MsoNormal">Entrepreneurship is a <b>Search,</b> NOT a <b>Serial</b> process<br />A process of matching the seed of
a capability with an unsatisfied need.<br /><i>[This aligns with ‘Effectual’ and ‘Causal’ reasoning from 'What makes
Entrepreneurs Entrepreneurial?’ <a href="http://papers.ssrn.com/sol3/papers.cfm?abstract_id=909038##" target="_blank">Saras D. Sarasvathy 2005</a></i><i>]</i></li>
</ol>
<ol start="2" style="margin-top: 0cm;" type="1">
<li class="MsoNormal">Entrepreneurs Conceive,
convince & consummate – all skills for this needed as part of your
team. Form the team and practice!</li>
</ol>
<ol start="3" style="margin-top: 0cm;" type="1">
<li class="MsoNormal">Basic ingredients for success: Technology (a science), Team (good
teamwork/fit paramount – a craft), and Timing (the art of being ready or in
right place at right time).</li>
</ol>
<ol start="4" style="margin-top: 0cm;" type="1">
<li class="MsoNormal">The team you start with
will not necessary be team at exit – manage expectation from start.</li>
</ol>
<ol start="5" style="margin-top: 0cm;" type="1">
<li class="MsoNormal">Responsiveness: the
ability to execute fast, within others decision loops, is one of your best
advantages.</li>
</ol>
<ol start="6" style="margin-top: 0cm;" type="1">
<li class="MsoNormal">Knowing which decisions
need all the data, 80% of, or only 20% of, is a key skill.</li>
</ol>
<ol start="7" style="margin-top: 0cm;" type="1">
<li class="MsoNormal">VCs want to see the value
of their investment grow – which is not necessarily the same as the value
of the company growing !</li>
</ol>
<ol start="8" style="margin-top: 0cm;" type="1">
<li class="MsoNormal">You are the best judge of
value – do not abdicate that responsibility!</li>
</ol>
<ol start="9" style="margin-top: 0cm;" type="1">
<li class="MsoNormal">Always have 4 alternatives
– not just a plan B! Always plan
for success and failure.</li>
</ol>
<ol start="10" style="margin-top: 0cm;" type="1">
<li class="MsoNormal">Enjoy the journey; the
exit is not the only reward. But, if there is no economic reward, then it’s
a hobby !</li>
</ol>
<ol start="11" style="margin-top: 0cm;" type="1">
<li class="MsoNormal">You can succeed!<o:p></o:p></li>
</ol>
</div>Nickhttp://www.blogger.com/profile/07085724201316325322noreply@blogger.com0tag:blogger.com,1999:blog-3065345483350608640.post-90711873277246528722011-10-25T13:42:00.000+01:002012-02-27T11:43:27.575+00:00<div dir="ltr" style="text-align: left;" trbidi="on">
<b>Useful list of principles for success from Steve Jobs !</b><br />
<br />
<span class="Apple-style-span" style="background-color: white; color: #252525; font-family: Arial, Helvetica, sans-serif; font-size: 14px;"></span><br />
<div class="Dtitle" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: none; outline-width: initial; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">
<h1 style="color: #505050; font-size: 30px; font-weight: bold; line-height: 36px; margin-bottom: 5px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: none; outline-width: initial; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">
Steve Jobs and the Seven Rules of Success</h1>
</div>
<div class="cb byline h12" style="color: #777777; font-size: 12px; height: 28px; line-height: 18px; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: none; outline-width: initial; overflow-x: hidden; overflow-y: hidden; padding-bottom: 10px; padding-left: 0px; padding-right: 0px; padding-top: 0px; width: auto; zoom: 1;">
<div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 10px; outline-color: initial; outline-style: none; outline-width: initial; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">
<div class="flt" style="float: left; height: auto; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: none; outline-width: initial; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; width: auto;">
BY <a class="title" href="http://www.entrepreneur.com/author/1771" style="color: #365977; margin-bottom: 5px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: none; outline-width: initial; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none; text-transform: uppercase;">CARMINE GALLO</a> <span class="lined" style="margin-bottom: 0px; margin-left: 10px; margin-right: 10px; margin-top: 0px; outline-color: initial; outline-style: none; outline-width: initial; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">|</span> <span class="timeago" style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: none; outline-width: initial; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;" title="October 14, 2011">October 14, 2011</span></div>
</div>
</div>
<a href="http://www.entrepreneur.com/article/220515">http://www.entrepreneur.com/article/220515</a><br />
<br />
My understanding of these is:<br />
1. Do what you love<br />
2. Think BIG<br />
3. Make connections - people and ideas<br />
4. say no - stay focused<br />
5. Create insanely different experiences<br />
6. Master the message<br />
7. Sell dreams, not products.<br />
<br />
<br />
<br /></div>Nickhttp://www.blogger.com/profile/07085724201316325322noreply@blogger.com0tag:blogger.com,1999:blog-3065345483350608640.post-55454595020669971552011-09-25T12:41:00.000+01:002012-02-27T11:43:50.402+00:00Increase Your Passion for Work Without Becoming Obsessed !<div dir="ltr" style="text-align: left;" trbidi="on">
Great blog by Scott Barry Kaufman - Harvard Business Review. Well work conscidering where we are individually on the scale, and what that tells us about upping our game!<br />
<a href="http://blogs.hbr.org/cs/2011/09/increase_your_passion_for_work.html">http://blogs.hbr.org/cs/2011/09/increase_your_passion_for_work.html</a><br />
<br />
<br /></div>Nickhttp://www.blogger.com/profile/07085724201316325322noreply@blogger.com0tag:blogger.com,1999:blog-3065345483350608640.post-35869243393429059822010-06-18T09:44:00.000+01:002010-06-18T09:46:18.243+01:00Getting StartedTrying out the system!Nickhttp://www.blogger.com/profile/07085724201316325322noreply@blogger.com0