A project of Ascenion and Vesalius Biocapital supported by the BMBF 5th International VPM Days Hannover Spinnovator Public Private Partnership for Spin-offs Christian Stein, September 1, 2011
Ascenion GmbH Founded in 2001 as 100% subsidiary of the Life Science Foundation Focus on life sciences Marketing of around 700 technologies and materials of public research institutions 5 Institutes of Helmholtz Association 17 Institutes Leibniz Association Hanover Medical School/TWINCORE Technology Transfer in the NGFN Mouse Genetics Cologne Foundation Closing an average of 70 agreements p.a. Holding equity in 25 spin-offs Team of 25 specialists with multiyear experience and sector specific expertise Seite 2 Ascenion GmbH 5th Int. VPM Days, Sept. 2011 Spinnovator
Mission Ascenion Academia Ascenion Industry Support of partner institutes in all aspects of Intellectual Property and successful commercialisation of inventions Transfer technologies to application Create revenues that are transferred back to partner institutes and their scientists for research purpose Seite 3 Ascenion GmbH 5th Int. VPM Days, Sept. 2011 Spinnovator
Ways to Commercialisation Ascenion develops different options for commercialisation Licensing to industry partners Initiation of industry cooperation Foundation of spin-off companies Spinnovator Seite 4 Ascenion GmbH 5th Int. VPM Days, Sept. 2011 Spinnovator
Spinnovator Idea: Fill the Gap Cross the Valley of Death Alternative instrument for the exploitation of innovative technologies Optimisation of spin-off development Cooperation with experienced Venture Capital partner Vesalius Biocapital Smart Seed Money Financing via BMBF technology grants and Vesalius Biocapital Seed funds Seite 5 Ascenion GmbH 5th Int. VPM Days, Sept. 2011 Spinnovator
Spinnovator Aim Foundation and successful development of spin-offs Significant value increase through further internal development and late out-licensing of technologies Seite 6 Ascenion GmbH 5th Int. VPM Days, Sept. 2011 Spinnovator
to public private partnership reality BMBF R&D grant Vesalius Seed fund Financing of Seed, Series-A and -B ~EUR 20m Spinnovator portfolio companies ~EUR 20m Technologies Project Management Technologies Partner Institutes (Helmholtz, Leibniz, MHH, Twincore ) Seite 7 Ascenion GmbH 5th Int. VPM Days, Sept. 2011 Spinnovator
Partner Portrait: Vesalius Biocapital Vesalius: Active European Life Science Investors Funds: Vesalius Biocapital I: EUR 76m, issued in 2007/8 Vesalius Biocapital II: First closing EUR 50m, Feb. 2011 4 Partners with long-standing industry, investment and management experience in the LS business Focus on investments in Pharma, Biotech, Diagnostics, Medtech and innovative nutrition and food-technologies Early- (after PoC) and Mid- Stage Investments Focus on European companies Vesalius Biocapital I - 9 investments, one company sold to Sanofi-Aventis (Fovea, EUR 370m in 2009) Seite 8 Ascenion GmbH 5th Int. VPM Days, Sept. 2011 Spinnovator
Vesalius Biocapital Gaston Matthyssens >20 years experience in coaching and management of Life Science Start-ups, IP Expert Former TT Manager VIB Alain Parthoens >20 years expertise in strategic development (a.o. Nestlè, Monsanto) Former leader of the Life Science Investment Team of ING Christian Schneider 10 years experience in Venture Capital - foundation to exit 6 years experience in Biotech R&D (Boehringer/Roche, Centocor) Veterinarian by training Stéphane Verdood >20 years experience in (project) management, strategic development, DD, fundraising and M&A for health care start-ups Seite 9 Ascenion GmbH 5th Int. VPM Days, Sept. 2011 Spinnovator
Ascenion Team Christian Stein CEO of Ascenion since 2001 >15 years expertise in IP asset management, licensing and spin-off coaching PhD in molecular biology/ MSc in Management of IP Law Katja Rosenkranz Spinnovator Project and Investment management Consulting and interim management for LS companies > 10 years experience in LS-VC business PhD Biochemistry Susanne Letzelter Spinnovator Investment management > 4 years strategic development at Ascenion GmbH PhD Biology TU Munich/Helmholtz Zentrum Munich Marja-Maija Ristiluoma Spinnovator/Vesalius: Project assistant & Investment Analyst at Vesalius since 2010 Dipl. Biochemistry Oulu (Finland) / MPI for Biochemisty, Munich Seite 10 Ascenion GmbH 5th Int. VPM Days, Sept. 2011 Spinnovator
Investment Process Spinnovator Team Vesalius Partner Technology-Manager Spinnovator Team Vesalius Partner T-Manager Spinnovator Team Vesalius Partner External DD partner Spinnovator Team Vesalius Partner T-Manager Preselection Project development plan Business Plan Final DD Investment Identification, selection, preparation and decision about potential projects Initial DD and strategy development (Deep) Due Diligence, team assembly and setting up of business plan Conclude internal / external Due Diligence and investment decision Seite 11 Ascenion GmbH 5th Int. VPM Days, Sept. 2011 Spinnovator
Technology Selection: Criteria Selection of technologies based on investment criteria Investment focus Biopharmaceuticals Medical Devices Diagnostics Innovative nutrition (food technologies) High unmet medical need, not or not sufficiently covered by currently available technologies, drugs or diagnostics Solid, thorough scientific basis Significant market potential (> 500 Mio p.a.) USP / significant advantages (competitive edge) compared to competitors IP: Freedom to operate, strong patent coverage Seite 12 Ascenion GmbH 5th Int. VPM Days, Sept. 2011 Spinnovator
Financing Scheme Financing Up to EUR 7,4 m per company 40-50% financed by Vesalius Biocapital fund II 50-60% funded via BMBF R&D grant Foundation and support of about 8-10 companies in 5 years with a total fund volume of EUR 40 m Distribution of shares upon company foundation Founders Ascenion Spinnovator (Vesalius and Ascenion) Possible additional investors Exit (e.g trade sale to another company, IPO at stock exchange) Returns for scientists, inventors, founders / management team Return for institutes via Ascenion (directly or via life science foundation) Return for Ascenion Spinnovator Potential other investors Seite 13 Ascenion GmbH 5th Int. VPM Days, Sept. 2011 Spinnovator
A Win-win-win-win Scenario Partner institute Shareholders Ascenion (for partner institute) Inventors/Founders, Management Vesalius Other investors Exclusive licence to company; rights belong to institute Company EXIT EXIT Trade Sale/IPO Seite 14 Ascenion GmbH 5th Int. VPM Days, Sept. 2011 Spinnovator
Company & Decision Structure Board of Directors (BoD) Inventors, management, investors, Ascenion, experts Scientific Advisory Board (SAB) Inventors & key scientists, external experts Decisions about Company Strategy, Fundraising, Exit, HR issues Advising BoD and company in questions of R&D, Clinical Studies, Regulatory issues Lawyer Patent Attorney CEO CFO CSO CCO Financials/ Fundraising Cooperation with BoD Company Management Cooperation with BoD, SAB R&D decisions Cooperation with CCO, SAB Clinical studies Cooperation with CSO, SAB CRO Regulatory Advise Shareholders Inventors, management, investors (Vesalius, other), Ascenion (for partner institute) Seite 15 Ascenion GmbH 5th Int. VPM Days, Sept. 2011 Spinnovator
Advantages of the Spinnovator Value creating alternative to early out-licensing Combination of public funding with venture capital and VC expertise Hands-on support of portfolio companies from foundation to exit Investors right at the beginning involved in setting up and developing company according to market requirements Highly focused product development and strong support from experts right from the beginning Flexible involvement of scientists and inventors in the spin-off Assembling of an experienced management team Facilitates the foundation of companies and provides seed and follow-on funding Seite 16 Ascenion GmbH 5th Int. VPM Days, Sept. 2011 Spinnovator
Ascenion GmbH Thank you for your attention www.spinnovator.de Seite 17 Ascenion GmbH 5th Int. VPM Days, Sept. 2011 Spinnovator