1. “Funding Early Stage Biotechnology” Personal Reflections of a European Investor based in the UK and France EBAN – 9 th Annual Congress – Madrid Alan Barrell, A Cambridge Angel and a Sophia Business Angel 27 th April 2009

2. “You look at things and ask - why? but I dream of things that never were and ask - George Bernard Shaw why not?” Funding Bioscience demands exceptional talents, imagination and resolute perseverance

3. Charles Darwin – “Natural Selection Adaptability and Survival” Darwin’s Bicentenary this year. A “Naturalist Entrepreneur”- Messages for Biotechnology Entrepreneurs….

4. Darwin’s Theories - Natural Selection, Adaptation, Symbiosis and Synergy What works for meat ants and leaf hoppers Can be true for Companies and Business Models – especially in Bioscience

5. How the Early Stage Investment Market sources and funds successful Biotechnology Companies  NOT very effectively !.........  With great difficulty…..  No great track record…..  Leaving lots of room for improvement !  Three Cheers for President Sarkosy and French Wealth Tax changes…..a silver lining in the clouds!

6. IS Different…. And Biotech IS Different….  Speciality – Complexity – Diversity gestation  Long gestation periods means…. patient  Very patient capital time  Long time to market R & D and Clinical Trials  High costs of R & D and Clinical Trials RISK  High RISK profile specialised skills  High and specialised skills requirement

7. Advice and Personal Opinions  Don’t be phased by the current Financial Crisis – it’s nothing new….  “It was the best of times – it was the worst of times” – Charles Dickens – A Tale of Two Cities - 1859  Have you really got something special?.....  Be organised and have a clear Business Model and Plan  Learn from past mistakes and failures  Think seriously about Strategic Partnerships with larger players – early if possible and safe

8. The Early Stage Business Balance – what do investors look for? In ANY innovative company ? – including Biotech – Entrepreneurs take note…. Biotech. Smart And they like to see experienced - Biotech. Smart Chairman and Directors - Mentors for Innovative Companies Inspired Leadership Enthusiasm Bullshit Courage OptimismVision Creativity Management Research & Analysis Caution Process Financial Control Market Knowledge

9. More Advice and Personal Opinions  Understand the complete $$$$ requirement to exit….and the available $$$$ supply chain  Work with early stage funders connected with the later stage funds  Take Darwin’s work to heart – Strategic Partners on board early make a difference- Symbiosis is a Biotech Characteristic  If at first you don’t succeed…..try, try, and try again….  Network, Network, Network, Network, Network – the network again !......

10. Thank you for your attention…. More on my website – www.alanbarrell.com E-mail – alan@alanbarrell.com