10% ACADEMIC-90% ENTREPRENEUR

Transcription

1 ERIC CLAASSEN 10% ACADEMIC-90% ENTREPRENEUR CHAIR Businessmanagement and Entrepreneurship in the Life Sciences VRIJE UNIVERSITEIT Amsterdam (2001..) MEDICAL FACULTY ERASMUS UNIVERSITY ROTTERDAM (1994.) ENTREPRENEUR IN RESIDENCE ROTTERDAM SCHOOL OF MANAGEMENT (BEDRIJFSKUNDE) UNIVERSITE DE PARIS & INSTITUT PASTEUR PARIS (1992..) 1

2 100% FAMILY MAN From Candidate to drug Discovery Research 250 End Preclinical/tox 10 End phase I 7-8 End phase II 2-3 End phase III 1 2

3 Very short timelines for ROI Valley of Death is expanding to Clin. Phase IIb 3

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5 Partnerships are prominent 5

6 Classical Pharma license deal low milestone high royalty Revenues Royalty payments over drug revenues Milestone payment Upfront payment Time years to milestone years to royalty royalty period Based on industry data and simplification for modelling purposes, Slide from PWC Payments by type in time: examples Disclosure fee Stand still option agreement Signing fee Toxicology and/or pre-clinicals IND filing Start phase 2 Start phase 3 BLA or file submission Acceptance by FDA (or EMEA).. 6

7 UNDERSTANDING RISK PROFILE GIVES REWARD. More milestones less royalties Revenues Royalty payments over drug revenues Milestone payment Upfront payment Time years to milestone years to royalty royalty period 7

8 Frontloading the cash Opbengsten Royalty payments over drug revenues Tijd Decreasing the downward risk of failure and putting more people in the lab now! Advantages of cash frontloading Thermometer function Respects content and persons in primary process Need for strong proposition Free Start money New cash in Early Industrial Validation Commitment. & real guidance Multiplier effect (slide) Check on NPV Separates Men from Boys 8

9 One million for 2009 Valorisation Award Excellence in deal making with Industry TOTAL VIRGO EFFECTS EXPRESSED IN Direct incomefrom industry: 12.3 Income from directly related new funding: 36 Internal (VIRGO Dutch) multiplier: 4.8 Value created, thisstudy (previousslide): 41 External multiplier: 4 Total (Global) multiplier for VIRGO: 9 9

10 Success Rates for Vaccines Probability of Market Entry 1 0,8 0,6 0,4 0,2 0 All Data Influenza (1 5 Billion, 2009) PIII A PI PII PC Phase Duration/ Years 20 10

11 Creating and maintaining long term academic-industrial relationships Discover new Viruses Generate relevant IP Out-license existing IP Be step limiting in proprietary multiplex diagnostics Accelerate market introduction through joint R&D Generate income through service Generate critical mass Professionalism and synergy Stimulate curiosity driven research Education permanente 40 Million dollars in one single VC round. Everything has to be 100% OK 11

12 Hierarchy of Business Development N E W M O N E Y Medical Delta Business Development Consortia within Medical Delta Regional, EU & NGO Grants etc. TTO-DELFT, TTO-LEIDEN, TTO-ROTTERDAM, LOCAL-INCUBATORS & FUNDS High Quality Research (& D) Groups within Individual Participating Universities D E T A I L S Concreet voorbeeld 3 Binding Cardio en Nuclear Med. Biopharma Chemie en Reactor Insituut PIEKEN IN DE DELTA PROJECT MedicalDelta Health Science & Technology 12

13 Specifieke diagnose & behandeling Combinatie van ziekenhuis, imaging apparatuur en chemie Koppel molecuul Cel Stralingsdeeltje Specifiek Ankermolecuul MedicalDelta Health Science & Technology Einstein discovers that time is actually money 13

14 SLIDES FOR DISCUSSION Bridging the gap from research to product Basic Research New Drugs Promising research Knowledge Transfer Valorisation Out-licensing and Future companies 14

15 PhD Vrije Universiteit Board certified Immunologist TNO Author of >> 170 A publications From Science to Research management Wageningen UR CVI Lelystad Deputy CEO/director of research Conversion to BV Spin outs Sequential entrepreneur 15

16 SELECTING NEW OPPORTUNITIES WISELY NOVELTY PATENT PROTECTION REDUCTION TO PRACTICE DEMONSTRATION OF UTILITY IDENTIFIED USER GROUP INTERNATIONAL OPPORTUNITY EXPERIENCED MANAGEMENT TEAM EXCELLENT SCIENCE Some parameters cannot be tested in animals How to recognize the moods of an Irish setter 16

17 Arm s length Governance All shares or options are placed in STAK (admin.found.) To avoid conflict of interest To avoid co-managing For liability reasons For fiscal reasons Other reasons.. Avoid (Handle) Conflict of interest Expert remains an Expert Transparancy BEFORE DURING AFTER Loyalty Communication 17

18 Publish or Perish vs Patent, Publish & Profit Bridging the gap from research to product Basic Research Current situation New Drugs Promising research Knowledge Transfer Valorisation Future companies Outstanding research Pool knowledge Scientific support from opinion leaders Change thinking about commercializing know-how Attract (international) management Improve knowledge on technology translation Regulatory aspects Leverage on international collaborations Build in early feedback from Venture Capital Create awareness on requirements for funding 18

19 The distribution of angel investor money in all sectors over the (preseed and post-seed stage in Q1Q2 of the years 2004 to

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22 INDUSTRIAL VALORISATION EFFECTS This study presents data from confidential and independent (blinded) interviews with all external (i.e. including non members of the consortium) industrial partners from the VIRGO consortium 22

23 TECHNOLOGY TRANSFER Customer and consumer feed back Unmet need Owner of unmet need Consequences of unmet need Questions and demand Funding and paying Translating and liaising 23

24 Vacceleron is an independent vehicle which houses a consortium of public and private/corporate partners for the development of excellent academic knowledge into much needed vaccines. 24

25 Final comment Half of what we are going to teach you is wrong, and half of it is right. Our problem is that we don t know which half is which. George P Berry Dean of Harvard Medical School (1958) Valorisatie in het Innovatiemodel Gerrit van Ark & Eduard Klasen 25

26 THE PATIENTS PERSPECTIVE No patent No exclusivity No price premium No profit No investment No product No cure or treatment Radical innovation & Unmet Need Existing fields Care & Cure POC diagnostics Domotics Aging (IAB) 26

27 Dr. Suzan Jeurissen (Ϯ 2003) STOP WHINING AND JUST DO IT 27