Ron Cohen, M.D. CEO, Acorda Therapeutics, Inc. Nature Biotechnology - Meet the Author May 6, 2009
Copyright Ron Cohen. Not to be distributed without written consent The Promise of Biotech
Copyright Ron Cohen. Not to be distributed without written consent The Reality of Biotech
Copyright Ron Cohen. Not to be distributed without written consent Inspiration
Copyright Ron Cohen. Not to be distributed without written consent Bright Ideas Are Not Enough...
Copyright Ron Cohen. Not to be distributed without written consent Have a Business Plan
Copyright Ron Cohen. Not to be distributed without written consent Engage the Right People
Copyright Ron Cohen. Not to be distributed without written consent Obtain Survival Gear Business plan Savvy business and financial advisor(s) –Board of Directors Corporate counsel Scientific Advisory Board Accessories –Thick rubber soles –Thick skin
Copyright Ron Cohen. Not to be distributed without written consent Find the Funding
Copyright Ron Cohen. Not to be distributed without written consent The Funding Environment
Copyright Ron Cohen. Not to be distributed without written consent A Funding Hierarchy Grants Loans/Credit cards Corporate partnerships VCs Low hanging fruit Friends & family Parties interested in companys mission Men with attache cases and strange accents
Grants SBIR/STTR ATP Orphan Drug NIH DARPA CRADA State and local grant programs Private foundations
Remember what you and your investor are facing
Copyright Ron Cohen. Not to be distributed without written consent All financial sources have the same fear.
Copyright Ron Cohen. Not to be distributed without written consent A Visit to the VC
Copyright Ron Cohen. Not to be distributed without written consent Typical VC Partnership
How to Ask for Funding
Copyright Ron Cohen. Not to be distributed without written consent Due Diligence
Copyright Ron Cohen. Not to be distributed without written consent Global Biotech IPOs Year# IPOs$$ Raised $2.60B $1.90B $2.00B $2.90B $0.13B 1Q:09 0 $0.00B Source: BioCentury
Copyright Ron Cohen. Not to be distributed without written consent Global Biotech IPOs
Copyright Ron Cohen. Not to be distributed without written consent Global Biotech VC Investment Year$$ Raised 2004 $5.30B 2005 $5.30B 2006$5.70B 2007$6.7B 2008$5.40B 1Q:09 $1.40B Source BioCentury
Copyright Ron Cohen. Not to be distributed without written consent Biotech VC Investment
Copyright Ron Cohen. Not to be distributed without written consent Virtue #1: Perseverance
Virtue #2: Patience
Copyright Ron Cohen. Not to be distributed without written consent Virtue #3: Optimism
Copyright Ron Cohen. Not to be distributed without written consent Optimism is Warranted In the short term, people tend to grossly overestimate what they can do…. in the long term, however, 25 years or greater Id say, people underestimate what they can do. Leroy Hood
Copyright Ron Cohen. Not to be distributed without written consent Resources Publications: e.g., BioCentury/BioWorld Today Onlinesites-e.g., Bioentrepreneur (nature.com/bioent/index.html); Evelexa.com University tech transfer office Friends & family contacts Biotech industry organizations –NYBA –BIO Biotech company staff Executive recruiters VCs
Copyright Ron Cohen. Not to be distributed without written consent Good Reading Alternate Careers in Science: Leaving the Ivory Tower –Cynthia Robbins-Roth, Ph.D. From Alchemy to IPO: The Business of Biotechnology –Cynthia Robbins-Roth, Ph.D. The Billion Dollar Molecule –Barry Werth Gene Dreams –Robert Teitelman Growing Pains: Transitioning from an Entrepreneurship to a Professionally Managed Firm –Eric G. Flamholtz, Yvonne Randle
Copyright Ron Cohen. Not to be distributed without written consent