Matthew Engel

This year I organized a very exciting panel discussion on private and public equity investment in the biotech and pharmaceutical industries. After discussing the idea with several friends and colleagues, we were able to invite several very interesting speakers with diverse backgrounds and experience in consulting, venture capital, investment banking, business development, and management. Both Bryan Czyzewski and Peter Shapiro helped me brainstorm and conceptualize the event. Eric Vieira also gave alot of constructive feedback during the planning process and offered both much needed advice and support. I would like to especially thank Connecticut Innovations for generously sponsoring the networking reception following our panel discussion. Connecticut Innovations is an evergreen fund which was started by the State of Connecticut initially with $65 million in capital. Their far-reaching investments include drug development companies, medical devices, e-commerce companies, wind turbine developers and other IT and software designers. The event will be held at 1 Chase Manhattan Plaza on the 60th floor at JPMorgan Chase. Hope to see you there!

The FOBIP Alumni Network Executive Committee, New York State Center for Biotechnology, JPMorgan Chase & Co., and Connecticut Innovations Present:

Financing Biotech in 2021

Date: Tuesday, May 3rd, 2011 at 6:30PM Location: 1 Chase Manhattan Plaza, The 60th Floor, Boardroom Agenda: 6:30 – 8:00PM Introductions & Panel Discussion 8:00 – 9:00PM Networking Reception – Sponsored by Connecticut Innovations RSVP Online Required: Click Here (A $10 donation is suggested to support future events) Must RSVP 24hrs in advance to be admitted

 

• Moderator
  

  Stephen Davis

  Partner, Goodwin Procter, LLC

• Panelists
  

  Milena Adamian		Director, Life Sciences Angel Network
  Noah Kroloff		Partner, NGN Capital
  Jennifer Friel Goldstein		Director, Pfizer Venture Investments
  Philip Ross		Executive Director, JPMorgan Healthcare Investment Banking Group
  Daniel Wagner		Director, Investments, Connecticut Innovations

Executive Summary

The goal of this event is to discuss some of the various sources of capital available to emerging pharma and biotech companies and the current trends affecting the market. We have established a panel of investors ranging from angels to investment bankers who will explain their role in financing companies in the healthcare sector. The panel discussion will touch on current technologies attracting investment, promising new sectors, selection mechanisms for targeting companies for investment, factors contributing to successful exits, and upcoming challenges facing the industry in the future. Click Here for Speaker’s Bios

Thank You to Our Sponsors and Supporters!

About the Organizers: The FOBIP Alumni Network is an established, non-profit, all volunteer, industry focused biotech club. It is exclusively composed of young professionals and graduate students from the biomedical sciences who have completed the Fundamentals of the Bioscience Industry Program (FOBIP). The program is taught by industry executives focusing on intellectual property, entrepreneurship, FDA regulations, finance and venture capital in the healthcare sector. The goal of our Alumni Network is to provide educational seminars, industry outreach, and networking opportunities for our members, guests, and followers.

The FOBIP Alumni Network Executive Committee, Center for Biotechnology at Stony Brook University, and Mount Sinai School of Medicine Present: Social Media in Healthcare Date: Monday, January 31st, 2011 at 6:30PM Location: Mount Sinai School of Medicine, Icahn Medical Institute – 1425 Madison Avenue (@ 98th St.), 1st Floor Seminar room Agenda: 6:30 pm – 8:00 pm Panel Discussion (networking reception to follow) Click Here to RSVP ($10 suggested donation) Abstract Social media is emerging as an effective tool for attracting business opportunities. Healthcare providers and patients are building online communities to help manage disease and sort through medical information. In the quest to improve outcomes, hospitals and clinics are using online social networks to discuss their medical practices and for patient outreach. The FDA is considering guidelines for the drug industry’s use of social media for drug marketing. Dr. Michelle Hoffmann, of Deloitte Research, will be presenting a summary of a recent industry study she co-authored on the practical applications of social networks in the Life Sciences industry. Results from the study are based on interviews with executives in pharmaceutical and biotechnology companies as well as experts in the social media community. Her presentation will be followed by a panel discussion. The panel, composed of individuals experienced in the use of social media and communications, will share their thoughts on the opportunities, challenges, best practices, and value of social media for healthcare. Presentation “To friend or not? New insights about social networks in the life sciences industry” Michelle Hoffmann, PhD, Senior Research Manager, Deloitte Research. Panelists Bradley Jobling, MBA, Social Media Consultant, Dept. of Surgery, Columbia University Medical Center. Louise Clemens, JD, Consultant on Digital Strategy for the Healthcare Industry. Sandra Holtzman, President and Founder, Holtzman Communications. Diane Zuckerman, RPh, CEO, Evidence-Based Solutions. Moderator Sarah Webb, PhD, Journalist, Science Writer and Editor, Webb of Science. Speaker’s Bios Moderator Sarah Webb, PhD, is a science writer and editor based in Brooklyn. Her work has appeared in Discover, Science News, ScientificAmerican.com, Science Careers, Nature Biotechnology, The Scientist, Weekly Reader’s Current Health titles, and many other publications. She has a B.S. in chemistry and a B.A. in German from Furman University (Greenville, SC). After a Fulbright fellowship studying organic chemistry in Gieβen, Germany, she completed a Ph.D. in bioorganic chemistry at Indiana University in Bloomington. Committed to communicating science to the public, she shifted her focus from laboratory research to writing, editing, and informal science education. In 2004, she launched her writing career in New York City with internships at Discover magazine and as an AAAS Mass Media Fellow at WNBC-TV. Learn more at webbofscience.com. Guest Speakers Michelle Hoffmann, PhD, is a Senior Research Manager in Deloitte Research specializing in the life sciences sector. As part of Deloitte Research, Michelle keeps abreast of emerging trends and drivers that impact the rapidly changing drug and device industry. Michelle recently co-authored an industry study on the practical applications of social networks in the Life Sciences industry. Results from the study are based on interviews with executives in pharmaceutical and biotechnology companies as well as experts in Health 2.0. Prior to joining Deloitte Research, Michelle was a consultant in the Strategic Advisory group at Leerink Swann, a boutique health care investment bank where she helped clients understand how to value and leverage new therapies and technologies. She led projects on a diverse range of topics that include cell therapy opportunities, the diagnostics landscape, oncology clinical strategies, next generation sequencing, as well as numerous opportunity assessments. Her clients included start ups as well as top 5 biopharma companies. Michelle holds a Ph.D. in molecular and cell biology from the University of California at Berkeley and a B.S. in biology from Cornell. Bradley Jobling, MBA, created the social media program for the Columbia University Medical Center Department of Surgery. He has 15 years of experience on Internet strategy and online marketing projects. His work has involved the advertising, media and health care industries. Bradley’s additional interests include online video and entrepreneurial businesses. Sandra Holtzman, President and Founder of Holtzman Communications, is an award-winning creative director and marketing strategist. She has over 20 years of expertise in all areas of pharmaceutical advertising (ethical, OTC, DTC), nanotech, biotech, and chemical as well as emerging and converging technologies. Her experience includes business-to-business, medical communications, and international marketing, as well as consumer marketing. Diane Zuckerman, RPh, is the CEO of Evidence-Based Solutions, a company focused on making medical data actionable, by collecting, organizing, and turning medical information into useful solutions for healthcare providers, patients, systems and payers. Diane is an entrepreneur with 20+ years of experience building successful medical education and technology-driven companies, including PROmedica Communications and the Foundation for Better Healthcare. Louise Clemens, JD, is currently working as a consultant on digital strategy for healthcare agencies, hospitals, non-profits, to create online community for healthcare constituents using social media platforms that provide metrics and ROI. With more than 20 years of experience in solution selling, Louise’s most recent experience was VP of Business Development for Within3, a company that builds and sustains secure online communities for formal and informal networks of healthcare professionals. Prior to joining Within3, Louise was with a medical publishing company, where she headed a multi-million dollar biomedical device magazine and quadrupled its revenue within a two-year span. In addition, to her extensive sales background, Louise has her JD from Cleveland-Marshall School of Law at Cleveland State University ensuring that the custom community solutions she develops with each customer meet the stringent regulatory and legal requirements necessary to be successful.

Organized by the Fundamentals of the Bioscience Industry Program – Alumni Executive Committee

Presenting:

Integrating personalized health care into clinical practice Organized by: Fundamentals of the Bioscience Industry Program: Alumni Network Executive Committee NY State Center for Biotechnology Mount Sinai School of Medicine Date: Thursday, December 2nd, 2010 at 6:30pm Location: Mount Sinai School of Medicine, Icahn Medical Institute 1425 Madison Avenue (@ 98th St.), 1st Floor Seminar room Click Here to RSVP View Our Website Abstract The pursuit of personalized medicine continues to transform biomedical research and innovation from the bench to the bedside. Fundamentals of the Bioscience Industry Program (FOBIP) Alumni Network Executive Committee‘s Personalized Medicine Seminar brings together a clinical scientist and two healthcare experts to discuss, debate and identify the current challenges and opportunities for the development of a personalized approach to medicine and healthcare. They will provide perspective from the different participants of the healthcare industry and offer insights into this promising area of medical research. Panelists Paul Chapman, MD, Professor of Medicine of Weill Medical College and Graduate School of Medical Sciences, and Attending Physician of Memorial Sloan-Kettering Cancer Center, and Memorial Hospital for Cancer and Allied Diseases. His research interests include the evaluation of drugs that target the genetic mutations in melanoma cells. Mark Horn, MD, MPH, Chief Medical Officer of Target Health, Inc., and Senior Advisor to Avalere Health. Prior to joining Target Health, Dr. Horn spent 25 years at Pfizer Inc., leading teams in Licensing & Development, Medical Marketing in multiple therapeutic areas, and Worldwide Public Affairs and Policy. Glen Park, PharmD, Senior Director Clinical and Regulatory Affairs of Target Health, Inc. Dr. Park has over 20 years of extensive regulatory affairs and clinical development experience acquired in industry – Aventis Pharma, Ingenix Pharmaceuticals, and Sankyo Pharma, and academic settings – University of Iowa and University of Toledo. Moderator Eric Vieira, PhD, Assistant Director of the Office of Technology & Business Development of the Mount Sinai Medical Center, and Course Director of the Fundamentals of the Bioscience Industry Program. Agenda: 6:30 pm ? 8:00 pm Panel Discussion (networking reception to follow)

On Oct. 25, 2009 the Fundamentals of the Bioscience Program Alumni Organization launched its official alumni website: fobip.org/alumni. The Fundamentals of the Bioscience Industry Program is a semester long collaborative course covering information critical for students to prevail in the biotechnology, pharmaceutical, and business worlds. Graduate students are able to hear and watch seasoned professionals from both start-up and established companies describe their career paths and discuss their business models. The program has an excellent reputation for producing bright, motivated students who have been extremely successful in their careers.

The target audience for the alumni website is professionals working in the biotech and pharma industries. I wanted to create a resource that would feature useful articles from alumni and guest authors with experience relevant to program graduates. One of my goals was to put a spotlight on the alumni and draw attention to the high caliber of its course instructors, graduates, and applicants. We hope to feature articles covering the the financial industry, venture capital, intellectual property, technology transfer, recruiting, and academia in relation to biotechnology. We want to provide information that will be useful to the start-up entrepreneur, industry veteran, and job seeker. Without any advertising we have had already 1,000′s of page views and hundreds of unique visitors. I am hoping that the content we generate will be a useful resource and we are aiming to add interviews and new articles approximately every 2 weeks.

I dreamed up this concept in early Summer 2009 and discussed it with Kate Posnanski, Manager of Programs at the Center for Biotechnology. With the help of many program alumni such as Jenne Relucio and Banke Fagbemi, we were able to bring the project to fruition and launch the website this Fall. I decided to use my experience creating websites use WordPress to generate the blog format with some additional features. We have an alumni page we are trying to build on every day featuring over a dozen of our graduates.

On the techie side, I used WordPress as my publishing platform with the Red Evo News Blue theme from Red Evolution installed. This theme evens offers a modest support forum which was able to answer some of my questions about theme customizations about controlling the length of the except. The except is the text displayed on the homepage describing the content of an article in brief. Also, I took advantage of using custom fields for the first time. Before creating this site, custom fields were a complete mystery to me. I found this video tutorial EXTREMELY helpful, and now I use the custom field to display images on the homepage for each post. There are both thumbnail and featured image custom fields available, built into the Red Evo News Blue theme. This was also the first time I embedded a Google Calendar into a website. That part was extremely simple, and if you want to know how to do that check here.

In summary, I hope to continue building this special website, which I hold dear to my heart and hope it will bring alot of benefit to the Fundamentals Program and its graduates. Cheers!

By Mathew A. Engel

Day 1 Summary: Venture Capital Financing, Intellectual Property Management, and Emerging Business Models

The 2009 Life Science Summit took place from September 23 to 24, 2009 at the Hyatt Regency Hotel in Happauge, NY. There were hundreds of attendees representing the biotech industry and academia from all over the state. The industry attendees showed a diverse segmentation with strong representation from university technology transfer offices, law firms, venture capital firms, medicine, privately held biotech companies, mid and large-cap pharmaceutical companies. As a graduate student and alumni of the Fundamentals of the Bioscience Industry Program, I spent most of my time talking with accomplished professionals from successful companies who had experience commercializing technology, raising capital, or evaluating new ventures. Below I will summarize my findings from the most interesting sessions throughout the first day of the summit. Hopefully, in the near future I will publish a follow-up covering day 2.

What Does it Take to Build a Biotechnology Company in Today’s Environment

The opening plenary session was a great way to spark the crowd’s interest and attention. In the back of my mind, I am always thinking about starting a biotechnology company and therefore always eager to hear advice from seasoned industry veterans. These individuals, especially those who volunteer as panelists or speakers are often willing to share their knowledge and offer some deep insight to beginners. In this session the speakers focused on how to raise capital. Those who are evaluating your proposal will be thinking “where is the technology” and “where is the project”. It is suggested that you network and these connections will lead you to investors who can also guide you into small collaborations. Their role is to keep these smaller companies on track. Currently, most of the demand is for products in late stage clinical trials, in this space demand remains high. Pharma is limiting their investment to certain therapeutic areas. The days of massive deal for a new platform technology are behind us. The huge investment in genomics with no products to show for it was cited. Most deals come about because someone knew someone. It’s not just writing a business plan and patents (though that is still required!). Venture capital (VC) will only stay in for a very short time. Pharma will only jump in Phase II. VC largely invests in people they know. Mailing the best business plan in the world to VCs will get you nothing. You have to meet people some way that might invest. For example, some of the people on the panels today are Angel investors. Remember to “pick your partners”. The entrepreneur better be prepared to invest. Are there other options besides start-up? Many of the panelists, knowing what they do now, would not have chosen to start their own company. “Got to be ignorant to go do it”. Today, businesses are focusing on staying extremely lean – infrastructure is reduced. Reducing the amount of money necessary to operate. However, a company can only “be so lean” and achieve their business goals. VC is not going to be the “sugar baby” that’s going to take the company all the way through. There are drug discovery and medical chemistry labs on campus. The university should have a funding pool designated for small companies coming out of academia. One of the panelists spent time describing the experience of his friend who was trying to raise capital. His friend took no as just another opportunity to go back to him. However, it’s good to get someone with more experience and put together a team of people. “Build a culture and your company”. Medical devices is a great area to get into now. Diagnostics tools is a “neat area to be going into”. Get management in – VC looks at management team. Get help and advice from VC. Donald L. Drakeman, Venture Partner at Advent Ventures had previously ran a company and was now a VC. His motto is “management, management, management”. What makes great management? Management that will step aside.

Is the VC funding Model Broken?

Mary C. Tanner, Managing Director at Peter J. Solomon & Co. and Maggie Flanagan LeFlore, Managing Director at MedImmune Venture Inc. were two of the most outspoken panelists during this business workshop. The panel delivered an overview of the VC industry covering current trends in their investment strategies. VC’s are adaptable and clever. They are in the business of building private companies to be sold. Their goal is to reach a deal with your company, in which payments are made as milestones are met. LeFlore covered 18 deals in the last year. Private companies are easier to sell. Fewer and fewer big pharma are in the market for these investments. Their has been a fundamentals shift in exit strategy. Survival has followed those most adaptable to change. There are many exit strategies. How to get the VCs interest? Early stage risk is notorious, your goal should be to find little pockets of money to move things forward. Your faculty members better be well known (i.e. published in Nature, Science, Cell..). One of the panelists, E. Jonathan Soderstrom, Managing Director of the Office of Cooperative Research at Yale University had brought a compound to the attention of Lily. They asked for a proof of concept in humans! He did not even have that in animals. The message is that you cannot expect Lily or Genetech to fund your development costs when the product is highly experimental.