Entrepreneurship 101: Science and business do mix: The Interface Biologics story
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Entrepreneurship 101: Science and business do mix: The Interface Biologics story



The Interface Biologics Story ...

The Interface Biologics Story

Hear from the Founder (Prof. Paul Santerre), the Founding VC (Genesys Capital), and the Professional CEO (Rick Sullivan) of Interface Biologics on why they did it.

An audio presentation can be downloaded by going to: http://blog.marsdd.com/2006/11/29/entrepreneurship-101-cash-vs-karma-why-would-you-start-up-a-company/



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Entrepreneurship 101: Science and business do mix: The Interface Biologics story Presentation Transcript

  • 1. Entrepreneurship 101 Success Story The founder/inventor version J. Paul Santerre, PhD., MSc. B.Sc., Associate Dean Research, Dentistry, UofT, CSO of Interface Biologics Inc.
  • 2. Interface Biologics Inc. Convergence of two trends: Next generation: Drug Eluting Devices Drugs Provides enabling technology Devices • More effective devices = superior clinical outcomes
  • 3. Three Platform Technologies at IBI Endexo™ Technology Passive Surface - Endexo™ can reduce platelet activation and protein adhesion Epidel™ Technology Localized Drug Delivery - Epidel™ offer localized polymer-drug delivery Kinesyx™ Technology Bioactive Coatings - Kinesyx™ is versatile to deliver a range of potent compounds to surfaces
  • 4. How did I get here?  OPPORTUNITY  DECISION (outcome) →Biomaterials training -1986-89: Ph.D. in Eng polymer processing vs developed multi-discipli- polymeric Biomaterials nary knowledge in implant physiology, materials sci., biology → Ottawa Heart Institute -1990: Materials lab (OHI) provided Manager on Canada’s exposure milestone first Artificial heart driven research, vendor program at OHI vs 2 selection experience, year postdoc at a systems engineering, biomaterials research studies in inflammation Institute in Paris, research.[R20%,D80%] France.
  • 5. How did I get here? (continued)  OPPORTUNITY  DECISION (outcome) →At UofT I was -1993: Transfer to World Heart Corp. or take an strategically positioned Academic Position at in the applied bio- the Centre for engineering circle. The Biomaterials, UofT to research program develop my own ideas. developed around Industry-Univ. (VasCath, Bayer, Zimmer…) and clinical Collaborations , and maintained a strong publication record.
  • 6. How did I get here? (continued)  OPPORTUNITY  DECISION (outcome) →Patent/Publish was -1995-2001: “Patent and Publish” vs “Publish or double the work, but the Perish” mechanisms to support patent and translational work were being built in the 1990’s. Last element missing was a bridge seed financing structure (e.g. Genesys Capital Partners)
  • 7. How did I get here? (continued)  OPPORTUNITY  DECISION (outcome) →Financed Interface Biologics -2001: Inc. with $1,000,000 and License 3 platform incubated the company at technologies or start a UofT for 3 years, delivered company. I took on the role on milestones with a 2nd of CSO and President for 4 $1,000,000 bridge financing. years Why: In 2004 received $10M Generating the jobs and the venture consortium value here in Ontario felt like financing. the right thing to do, given the funding that got us here was Canadian and Ontario based.
  • 8. How did I get here? (continued)  OPPORTUNITY  DECISION (outcome) →Remaining at the Univ -2003: has allowed for the Accept an Associate translation of my Dean Research in financing and planing Dentistry /consult for experience in my IBI, or leave the Univ for academic position and it fulltime head of R&D at has maintained a direct IBI. link between Univ. resources and IBI for their R&D program and convincing financial institutions that they are well supported.
  • 9. Comments on the Financial picture of the Canadian Life Sciences Start-up Industry today  It is a growth industry (the introduction of biology into everyday products is at its early stages)  Biomedical knowledge is key to growing it. (Therefore your knowledge is needed to make informed finanical decisions)  The players include -the promoters, -the players looking for financing, -the players that provide financing
  • 10. Characteristics of a player seeking financing with a Biotech start-up  Soft characteristics: -critical thinking, effective communicator, team building, comfortable with responsibility role, multi- tasking, organized, milestone driven  Hard characteristics: -Intellectual Property, strong and extensive network of collaborators, access to facilities, interested customers/partners, strong scientific data