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Stratified medicine - How Can We Help Each Other

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  • 1. Stratified Medicine –Opportunities for Business 24th January 2013
  • 2. Session 2 – How Can Help Each Other? 11:30 Space IDEAS Hub – Dr Andy Powell 11:45 Intellectual Property – David Hopkins 12:05 Funding through Business Angels/Venture  Capital – Jonathan Earl 12:25 Questions 12:35 Company Two‐Minute Pitches
  • 3. Space IDEAS Hub Dr Andy PowellSpace IDEAS Hub, University of Leicester
  • 4. Space IDEAS Hub: What is it? Helping business leverage our knowledge and expertise gained from 50 years of successfully delivering technology into space. Innovative: Solutions inspired by the challenges of I working in space Design: Developing concepts into realistic solutions, D meeting demanding requirements Engineering: Full project lifecycle delivery of E mechanical, electrical, and software systems Analysis: Expertise in advanced tools for A mathematical modelling and simulation; state-of- the-art test equipment to validate your product Support: Funding advice, proposal writing, free S consultancy, business events, networking, training …
  • 5. Space Pedigree Flight Programmes Operational Missions • Astrosat (Indian Space Research • Swift (NASA) Organisation) • Chandra (NASA) • James Webb Space Telescope (NASA) • XMM-Newton (ESA) • BepiColombo (ESA) • Meteosat (EUMETSAT) • ExoMars(ESA/ROSCOSMOS)
  • 6. Challenges We Overcome • High sensitivity • Extreme environment operations • Light weight • Compact • High reliability / longevity • Low power consumption
  • 7. Technology Spin Out • Virtual Reconstruction of Reformation Tombs • Miniature Gamma-Ray Camera • Counterfeit Whiskey Detection
  • 8. Case Studies Low Level Earth Observation Medical Aid for Africa G2Way Ltd Inter Care • Payload options review • Review of the reduction of • System operations analysis, active elements in drugs flight plan assessment using Raman Spectroscopy to • Low-cost conversion of COTS allow unused drugs to be sensor to be ready for crop- distributed in Africa health monitoring Distributed software Natural Gas Fuel for Cars Meethub Ltd gasfill Ltd • Security analysis and design • Investigation of options for • Web services specification remote monitoring of and testing compressor operation to • Prototype deployment ensure efficient operation methods and functional reviews Pressure Relief Beds Drain Clearance Rober Ltd County Drains (Leicester) Ltd • Pneumatic design review of • Strength testing of various current products components • Optimisation of pneumatic • Component characterisation control systems testing
  • 9. Why Stratified Medicine? • Active in the Healthcare Sector • Showcase University of Leicester expertise • Bring businesses together to fuel innovation • Can we help with your business and technology challenges? – Initial consultancy FREE for East Midlands SMEs
  • 10. Intellectual Property Dave Hoskins Intellectual Property Office
  • 11. An Introduction to Intellectual Property Dave Hopkins Business Outreach & Education
  • 12. What is intellectual property? Patents Plant Trade Varieties marks Intellectual Property Trade RegisteredSecrets designs Confidentiality Copyright
  • 13. Trade Marks
  • 14. A Registered Trade Mark is... Any sign which is capable of being represented graphically Any sign which is capable ofdistinguishing the goods or services of one undertaking from another “A Badge of Origin”
  • 15. What can be registered? Name Logo Domain name Slogan Colour theme Shape themeNon-traditional Music Smell
  • 16. Trade Mark Registration OverseasParis Convention - six months priority OHIM – Community Trade Mark e-filing fee €900 Madrid Protocol
  • 17. Registered Designs
  • 18. Registered DesignsProtects shape or configuration (3-D)and/or pattern or ornamentation (2-D)No protection for function, materials or technology of manufacture No protection when form is dictated by function (ie: no design freedom)
  • 19. Registration OverseasParis Convention – 6 MonthsOHIM - Community Design Hague Agreement (1/1/2008)
  • 20. Patents
  • 21. A motorised cycle 2008
  • 22. Criteria for ‘patentability’Patents are for “technological innovation”, though the Patents Act 1977 fails to define the word “invention” Inventions must be new - not known anywhere in the world prior to the filing date Inventions must have an ‘inventive step’ - not obvious, a simple adaptation or combination Inventions must be industrially applicable and have a ‘technical effect’
  • 23. Copyright
  • 24. What Copyright protectsBooks, technical reports, manuals, databasesEngineering, technical or architectural plans Paintings, sculptures, photographs Music, songs, plays, dramatic works Promotional literature, advertising Films, videos, cable or radio broadcasts Computer software
  • 25. Who owns Copyright? Usually the first creator or author... …or their employer if produced in the ordinary course of their employment However, a contractor will retain ownershipunless their contract is explicit to the contraryEven if the creator sells their rights, they have ‘moral rights’ over how their work is used
  • 26. www.ipo.gov.uk - 0300 300 2000
  • 27. Thank youDave HopkinsDavid.hopkins@ipo.gov.uk
  • 28. Funding Through Business Angels and Venture Capital Jonathan Earl Catapult Venture Managers
  • 29. Stratified Medicine – Opportunities for BusinessFunding Through Business Angels & Venture Capital Jonathan Earl Investment Director Catapult Venture Managers Limited January 2013 www.catapult-vm.co.uk
  • 30. Agenda• Introduction to Catapult• A view of the UK funding market• Venture investing – what is it?• Venture Capital/Business Angels – when and why?• What can you expect from an equity investor?• What is an equity investor looking for?• What is the assessment process?• Investment examples
  • 31. Introduction to Catapult• Venture capital investment house• Offices in the East and West Midlands• Invests throughout the UK• VC funding between £200K and £2M equity requirement• Manage three Venture Capital Funds• Total of £80m of funds under management• Active investor with over 100 investments made in 75 companies
  • 32. A view of the UK funding market • Business Angels typically provide £10k to £250k Main Stock market • Equity gap £250k to £2-4m • Equity gap funders include seed LMBO/MBO funds funds, Government leveraged funds and Venture Capital Trusts AIM Specialist • Specialist funds - provide larger Funds equity amounts in specific sectors, Equity Debt includes corporate venturing Gap Angels • AIM – for smaller listings; currently difficult to access • Leveraged MBO – large deals in established profitable companies
  • 33. Venture investing – what is it?• Equity capital for earlier stage, high potential growth companies• Ultimate goal is to generate a return via a realisation transaction (most commonly a trade sale, occasionally an IPO or secondary)• Historically focussed on IP rich companies in specific sectors• Today tends to have a broader remit• VC/business angel investing is high risk, high potential reward• Risk is diversified by holding a portfolio of investments• Where does venture capital come from? - High net worth individuals (VCTs, EIS Funds) - Institutional investors - Public sector - Corporates
  • 34. VC/Angels – when and why? • When: all stages of a business’ lifecycle - Start up / early stage - Development capital - Acquisitions - Transaction • Why: “if the bank won’t fund it, it’s an equity risk” “smaller slice of a larger pie”
  • 35. VC/Angels – when and why?Business Angels Venture Capital DebtQuick decision Partner to share risk Relatively cheapmakers Further funding No equity requirementFlexible re timing of Flexible re timing of Cash hungryreturns returns Fixed commitmentsRelatively expensive Strengthens balance Risk averse - securityAdvice and support sheet Personal guaranteesLimited capacity Comfort for banks / suppliers Lack of availability for early stage companies Relatively expensive NED support
  • 36. What can you expect from anequity investor? • Requirement for an equity stake • Introduction of a Non Executive Director/Chairman • A comprehensive formal Investment Agreement • An interested investor (level of involvement varies) • Monitor and challenge performance • Ability to provide further funding if required • Regular review of exit routes • Help and advice in delivering an exit
  • 37. What is an equity investorlooking for?• Strong management team (may need augmenting)• Growth sectors favoured• Business capable of: i. sustainable USP/competitive advantage ii. substantial growth iii. achieving an exit within 5 years• Scalable business model• Good business plan and financial forecasts• Honest assessment of risks• Return commensurate with risk
  • 38. Management Team• Clear leader (buck stops here!) - Decision maker - Ability to convey why the investor should invest• Well rounded team – commercial, technology / R&D, sales & marketing, operations, finance• NED to challenge, interface, understand investor requirements• Proven pedigree• Committed – time and £In reality:• Ideal team unlikely to exist in early stage investing• VCs are used to multi-tasking teams and to helping to bridge gaps
  • 39. What is a big turn off?• Lack of commitment from management team• Unrealistic timescale to market / milestone, leading to...• Unrealistic funding requirement• Lack of clarity on strategy / routes to market• Lack of clarity on investment requirement - How much, when and what for?• Dismissing risks• Long, expensive lead times to revenue / profit / exit• Turnover as a percentage of market size!• Poorly defined exit plan
  • 40. What is the assessment process? • Initial assessment via business plan • Presentation / elevator pitch to investor • Initial due diligence • Terms negotiated Timescale • Introduction of Non-executive Director 12 plus weeks for • Significant further due diligence VCs - Management, commercial and financial • Investment Committee approval • Legal process
  • 41. Some investment examples- Oncology biomarker business - Molecular diagnostics platform- Investment to date of £1.7m - Enables low cost in-field testing- Part of investor syndicate raising £7.5m - Investment to date of £1m- Investment to grow via partnering - Investment to develop further applications- Achieved several high profile deals - 3M food testing deal and strong pipeline- Molecular diagnostic kits - Clinical trial drug formulation and manufacture- Genotype/antibodies re organ transplantation - Investment of £0.25m in December 2006- Investment to date of £0.8m - Investment to complete facility and grow sales- Investment to expand and commercialise - Sold to Aesica Pharmaceuticals in June 2010- Recent distribution agreement with pharma - Significant money multiple return
  • 42. Summary• Equity funding often essential for ambitious growth co’s• Research the funding market and identify best partners• Build appropriate team• Business plan summarising investment case• Growth potential and exit plan clearly articulated• Consider obtaining advice from fund raising/investment readiness specialists• Long term relationship - mutually beneficial partnership
  • 43. www.spaceideashub.com enquiries@spaceideashub.com 0116 229 7700 Contact us for a FREE 2‐day project, problem evaluation and consulting  Space IDEAS Hub @spaceideashub

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