luxe research presentation at InnoCos Europe, Paris

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TARGETING EMERGING DELIVERY TECHNOLOGIES ACROSS THE VALUE CHAIN Delivery systems can differentiate products in a crowded market place. Learn how partnering with innovative start-ups can help keep your company ahead of the competition.
What are the innovative delivery technologies relevant to the cos- metics industry? Best practices for partnering in the delivery space with specific examples from the cosmetics industry
How delivery technology developers stack up against each other on the Lux Innovation Grid and how the grid can be used in partner selection process
Chananit Sintuu, Ph.D, Research Associate, Lux Research Inc

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luxe research presentation at InnoCos Europe, Paris

  1. 1. Growing  Targeted  Delivery  Partnerships  and  Alliances  in  the  Cosmetics  and  Personal  Care  Industries   Chananit  Sintuu,  Ph.D.  -­‐  Lux  Research,  Inc.   InnoCos  Europe   June  8-­‐9,  2011  
  2. 2. Lux  Research  !  We  help  clients  capitalize  on  science-­‐driven  innovation    !  We  focus  on  emerging  technologies  in  the  chemicals  and  materials  sector   and  the  energy  and  environment  sector  (cleantech)  !  We  have  practices  in  Water,  Printed  Electronics,  Green  Buildings,   Advanced  Materials,  Solar  Components,  Solar  Systems,  Smart  Grid  &   Suntech  solar   Grid  Storage,  Electric  Vehicles,  Alternative  Fuels,  Bio-­‐based  Materials  &     factory,  China   Chemicals,  China  Innovation,  and  Targeted  Delivery.  !  We  have  clients  on  six  continents  –  blue-­‐chip  corporations,  government   agencies  and  laboratories,  universities,  investors,  and  SMBs  !  We  source  our  intelligence  from  direct  interaction  with  CEOs,  CTOs,  CSOs,   and  R&D  execs  at  cutting-­‐edge  technology  firms  in  our  sectors  of  focus   Qatar  Science  and  !  We  draw  on  our  network  to:   Technology  Park   •  Continuously  monitor  emerging  technologies   •  Identify  discontinuities  in  technology  commercialization   •  Assist  with  company  and  technology  evaluation   •  We  have  global  reach,  with  50  employees  in  New  York,  Boston,   Singapore,  and  Amsterdam  !  Research  team  combines  deep  technical  expertise  with  business  analysis;   60%  hold  advanced  science  or  engineering  degrees   Svalbard  Global   Seed  Vault,  Norway      2  
  3. 3. Agenda  !   Targeted  Delivery:  What  it  is  and   why  partnerships  are  especially   important  in  the  field  !   Targeted  delivery  technology   partnerships:  what  both  sides  say  !   Best  targeted  delivery  partnership   practices    !   How  the  targeted  delivery   technologies  stack  up  to  each   other   •  Companies  developing   delivery  technologies  for   personal  care  and  cosmetics  !   Summary        3  
  4. 4. Agenda  !   Targeted  Delivery:  What  it  is  and   why  partnerships  are  especially   important  in  the  field  !   Targeted  delivery  technology   partnerships:  what  both  sides  say  !   Best  targeted  delivery  partnership   practices    !   How  the  targeted  delivery   technologies  stack  up  to  each   other   •  Companies  developing   delivery  technologies  for   personal  care  and  cosmetics  !   Summary      4  
  5. 5. Delivery  technologies  provide  a  span  of  control  and  targeting   Untargeted  delivery   Targeted  delivery   Actives affect unintended Side effects tissues mitigated or Lower cost for smaller amount of active eliminatedHigh cost for large amount of active molecule and targeting molecule system  Too little of the  The right Actives degraded or needed dose Less active therapeutic excreted before reaches the released into the dose reaches the reaching target target environment target Active ingredient Targeting system Source: Lux Research
  6. 6. Partnerships  in  the  Targeted  Delivery  Technology  Value  Chain  link  specialty  chemicals,  startups,  and  application  developers   Materials   Pla+orms   Applica1ons  Polymers,  dendrimers,  chitosan,   Bio/chemical  targe@ng,  advanced   Healthcare  and  life  sciences,  silica,  monoclonal  an@bodies,   materials,  encapsula@on,  device   pharmaceu@cal  and  biotech,  excipients,  solvents,  proteins,   delivery,  supercri@cal  fluid   food,  beverage,  agriculture,  oil  pep@des,  small  molecules,  ac@ve   technology,  nanopar@culate   and  gas,  consumer  goods,  pharmaceu@cal  ingredients,   reformula@on,  injec@on  depots,   nutraceu@cals,  cosmeceu@cals,  vaccine  adjuvants,  etc. etc. personal  care,  etc.    6  
  7. 7. Targeted  delivery  technologies  address  needs  in  the   Consumer,  Agricultural,  Industrial,  and  Medical  industries   •  New  product  development   and  lifecycle   •  Improved  efficacy  and   Medical   compliance  •  Product  development  (health   claims)   •  Cost  reduction  •  Environmental  impact   •  Environmental  impact   Consumer   Technology   reduction  (exposure  to  toxics)   Agricultural   (runoff,  overuse  of   products   developers   antibiotics)   •  Cost  reduc@on   •  Environmental  impact   Industrial   (runoff,  overuse  of   an@bio@cs)   Technologies for targeted delivery, controlled release, encapsulation, formulation…    7  
  8. 8. Consumer/Personal  care  products  currently  on  the   market  which  utilize  advanced  delivery  systems  Company   Product   Indica1on  /  Applica1on   Technology  Dermalect  Cosmeceu@cals   Confidence  Injec@on  Crease   An@-­‐wrinkle   Hyaluronic-­‐filling  spheres   Concentra@on  DS  Laboratories   Spectral  DNC  Topical  Hair   Hair  regrowth   Nanosomes   Loss  Solu@on  L’Oreal,  Lancome   Soleil  SoW-­‐Touch  An@-­‐ Cosme@cs   Vitamin  nanocapsules   Wrinkle  Sun  Cream  SPF  15  Celazome   O-­‐Plex  Target  Acne  Spot   Acne   Nanospheres   Treatment  Sircuit  Skin  Cosmecu@cals   Dr.  Brandt  Laser  Relief   An@-­‐itch/rash     Nanoencapsula@on  PerfectRx   Eye  Perfect  Serum   Cosme@cs   Nanodelivery  system  Celazome  New  Zealand   Eye  Treat  with  Lyphazome   Cosme@cs   Nanospheres   Technology  DERMAdoctor   Faux  Fillment   Cosme@cs  (concealer)   Nanospheres  of  hyaluronic   acid  and  fulvic  acid  Nutra  Luxe  M.D.   Lipo  Reduc@on  An@-­‐Cellulite   Cosme@cs  (body  firming)   Nanodelivery  system   Crème  Unilever   Persil  Fabric  SoWener   Fabric  soWener   Polymeric  microspheres      8  
  9. 9. Agenda  !   Targeted  Delivery:  What  it  is  and   why  partnerships  are  especially   important  in  the  field   Medical  !   Targeted  delivery  technology   partnerships:  what  both  sides  say  !   Best  targeted  delivery  partnership   practices     Consumer   Technology   Agri-­‐ products   developers   cultural  !   How  the  targeted  delivery   technologies  stack  up  to  each   other   •  Companies  developing   Industrial   delivery  technologies  for   personal  care  and  cosmetics  !   Summary      9  
  10. 10. Targeted  delivery  partnerships  are  the  “end  all  be   all”  for  developers,  not  so  for  buyers   “How  highly  do  technology  developers   “How  highly  do  corpora1ons  value   value  partnerships  with  corpora1ons?”   partnerships  with  technology  developers?”   Buyers   Technology  Developers   Buyers   Technology  Developers   Not  valuable   Not  valuable   Somewhat   Somewhat   valuable   valuable   Valuable   Valuable   Highly  valuable   Highly  valuable   Cri@cal   Cri@cal   0%   20%   40%   60%   80%   100%   0%   20%   40%   60%   80%   100%  •  “Collaboration  is  important.  We  have  a   •  “Partnerships  have  been  a  part  of  our   technology  that  applies  to  multiple  markets  and   innovation  strategy  for  many  many  years.  We   engaging  with  the  best  experts  in  an  open  and   have  had  over  1500  partners  with  industry,   collaborative  way  is  optimal  to  unlocking  the   start-­‐ups,  and  academia…this  is  a  reason  why   technology  and  driving  new  products  forward.”     have  a  VC  arm.”  
  11. 11. Corporate  financial  support  and  market  validation   are  most  important  to  targeted  delivery  developers   “What  do  technology  developers  value  the  most  in  corporate  partners?”  !   “Financial  support  is  required  to  move   from  proof  of  concept  to  a  marketed   Buyers   Technology  Developers   solution.”  !   “We  are  rather  small,  so  we  try  to   Financial  support   participate  in  projects  where  the  partner   has  a  global  reach  and  budget  to  finance   Big-­‐company   name  associa@on   the  R&D  project.”    !   “Hitching  our  wagon  to  a  winning  horse  is   Technical  support   essential,  so  market  validation  is  key  for   us.  The  partner  has  the  ability  to   Market   commercialize  the  product  and  exploit  the   knowledge   market.”   Market   valida@on   0%   20%   40%   60%   80%   100%      11  
  12. 12. Targeted  delivery  technology  developers  add  value   to  a  large  corporation’s  portfolio   “What  do  corpora1ons  value  the  most  in  technology  developer  partners?”  !   “If  we  can’t  help  them  build  on   Buyers   Technology  Developers   their  differentiated  pipeline,  we   shouldn’t  be  doing  any  deals  with   Technical  support   them  in  the  first  place.”    !   “Technology  developers  are   focused  and  more  driven…they   Risk  mi@ga@on   help  keep  the  big  corporation  ball   rolling…and  have  innovative  ways   Value-­‐add  to   corpora@ons  porholio   of  approaching  the  problem.”     0%   20%   40%   60%   80%   100%      12  
  13. 13. Buyers  and  developers  have  different  ideas  on  when   delivery  technologies  are  ready  for    the  market   “What  is  the  expected  1me-­‐frame  for  commercializing  research  resul1ng  from  targeted  delivery  partnerships?  !   “Commercialization  differs  immensely   with  different  delivery  technologies  and  if   Technology  Developers   they  can  be  applied  late  stage  or  not.”   100%   Buyers  !   “Five  to  ten  years  is  more  reality  than   80%   ideal.”   60%  !   “Three  to  five  years  because  we  only   expect  to  commercialize  products  using   40%   identified  compounds.”   20%  !   “Five  to  ten  years  because  it  takes  that   long  to  get  through  clinical  trials  and  the   0%   regulatory  process.”   0-­‐1  year   1-­‐3  years   3-­‐5  years   5-­‐10  years  10+  years      13  
  14. 14. Agenda  !   Targeted  Delivery:  What  it  is  and   why  partnerships  are  especially   important  in  the  field   Medical  !   Targeted  delivery  technology   partnerships:  what  both  sides  say  !   Best  targeted  delivery  partnership   practices     Consumer   Technology   Agri-­‐ products   developers   cultural   •  Medical   •  Consumer  products  !   How  the  targeted  delivery   technologies  stack  up  to  each   Industrial   other  !   Summary      14  
  15. 15. Medical  has  decades  of  experience,  but  is  blinded  by  hubris  !   Targeted  delivery  partnerships  in   pharma/health  care  lay  the  foundation   for  other  industries  !   Targeted  delivery  partnerships  work   together  to  improve  efficacy,  lower   costs,  and  achieve  clinical  milestones  !   Structured  licensing  deals  should  be   limited  to  one  product,  with  upfronts,   milestones,  and  profit  sharing  !   Delivering  improved  product   performance  leads  to  differentiated   products  and  successful  partnerships      15  
  16. 16. Medical  application:  Psivida  !   Develops  injectable  delivery  systems  for  the  eye;   controlled-­‐release  implants  injected  with  25-­‐ gauge  needle,  resulting  in  self-­‐sealing  hole  !   Receives  royalties  from  Bausch  &  Lomb  on  two   products  currently  on  the  market  !   Pfizer  has  a  9%  equity  stake,  along  with  co-­‐ development  agreement  worth  $165  million  !   Development  partnership  with  Alimera  Sciences    !   Partners  obligated  to  make  more  than  $30  million   in  payments  in  the  next  fiscal  year      16  
  17. 17. Consumer  products  is  looking  for  breakthroughs,  but  often  stretches  the  truth  too  far  !   Delivery  partnerships  in  consumer   products  and  personal  care  industry   are  becoming  more  common  !   Application-­‐oriented  partners  make   or  break  deals  in  consumer  health  and   personal  care  !   Deal  structures  should  be  more  back-­‐ end  loaded  than  pharma  !   Targeted  delivery  partners  need  to   work  with  government  officials  and   be  wary  of  health  claims      17  
  18. 18. Consumer  products  application:  Monosol  Rx  !   Thin-­‐film  formulations  for  prescription  and  over-­‐ the-­‐counter  drug  delivery  !   Seven  approved  products  on  the  market,  including   childrens  laxatives,  childrens  cold  medicine,   breath  fresheners,  and  several  other  over-­‐the-­‐ counter  (OTC)  products  !   Two  FDA-­‐approved  products  in  2010:   •  Zuplenz  (treatment  of  nausea  and  vomiting)  –   partnered  with  Strativa  Pharmaceuticals   •  Suboxone  (treatment  of  opiod  dependence)  –   partnered  with  Reckitt  Benckiser  !   Ten  to  15  total  partnerships  in  consumer  products,   pharma,  and  biotech      18  
  19. 19. What  delivery-­‐dependent  industries  can  learn  from  each  other  !   Medical:  look  to  consumer  products   for  appeal  and  usability  in  chronic   disease  management  products   Medical  !   Consumer  products:  be  wary  of   “becoming  pharma”  too  early,  but   realize  that  it  is  your  future    !   Agricultural:  focus  on  process   technologies  and  simple  materials   Consumer   Technology   Agri-­‐ products   developers   cultural   from  consumer  products  to  keep  costs   in  check  !   Industrial:  depending  on  the   application,  any  one  of  the  other  three   industries  might  have  a  solution  ready   Industrial      19  
  20. 20. Agenda  !   Targeted  Delivery:  What  it  is  and   why  partnerships  are  especially   important  in  the  field  !   Targeted  delivery  technology   partnerships:  what  both  sides  say  !   Best  targeted  delivery  partnership   practices    !   How  the  targeted  delivery   technologies  stack  up  to  each   other   •  Companies  developing   delivery  technologies  for   personal  care  and  cosmetics  !   Summary      20  
  21. 21. The  Lux  Innovation  Grid  Provides  a  Delivery  Technology  Evaluation  Framework        21  
  22. 22. The  “Technical  Value”  of  a  company  is  determined  by   the  strength  and  value  of  its  technology  Criterion   Description   Weight  Technology/Solution   Qualitative  measure  of  the  value  of  a  company’s  offering,   10%  Value   in  terms  of  performance  and  price  IP  Position   Qualitative  measure  of  the  value  of  the  company’s  patents   30%   or  trade  secrets  and  considers  defensibility  Competitive   Qualitative  rating  of  the  strength  and  amount  of   30%  Landscape   competition  a  company  faces  Targeted  Delivery   Qualitative  score  based  on  key  metrics,  including   30%  Performance     bioavailability  and  speed  of  onset      22  
  23. 23. A  company’s  ability  to  perform  and  achieve  success   determines  its  “business  execution”  score  Criterion   Description   Weight  Momentum   Qualitative  measure  of  the  rate  of  a  company’s  progress   25%  Partnerships   Qualitative  measure  of  the  strength  and  number  of  a   20%   company’s  partnerships  Revenue/ Company’s  revenue  divided  by  the  number  of  employees;   10%  Employees   measure  of  proBitability  Barriers  to  Growth   Qualitative  measure  of  the  effects  of  impending  obstacles   20%   on  the  company’s  growth  Regulatory  Factors   Qualitative  measure  of  the  effects  regulations  will  have  on   5%   the  company’s  growth      23  
  24. 24. A  company’s  completeness  reflects  its  “Maturity”  Criterion   Description   Weight  Employee  Count   Number  of  employees   30%  Stage  of  Development   Qualitative  score  given  based  on  the  company’s  primary   30%   product’s  stage  of  development  Revenue   Amount  of  yearly  revenue   30%  Age   Number  of  years  since  company  was  founded   10%      24  
  25. 25. The  Lux  Innovation  Grid  Provides  a  Delivery  Technology  Evaluation  Framework        25  
  26. 26. Targeted  Delivery  Companies  Vary  in  Attractiveness      26  
  27. 27. Companies  focusing  on  personal  care  and  cosmeceutical  industries      27  
  28. 28. Aegis  Therapeutics   Absorption  enhancers,  peptide  and  protein  stabilizing  agents,  and  self-­‐assembling  hydrogels  for   enhanced  drug  delivery  !   Technologies  boost  transmucosal  absorption  and   transdermal  absorption  with  a  wide  range  of  drugs  for   enhanced  delivery  !   Two  full-­‐time  employees  ;  profitable  !   Currently  has  24  licensees,  including  4  "top-­‐ten"  pharma   partners,  a  large  multinational  generics  company,  and   several  others   •  Eight  human  clinical  trials  conducted  as  of  2011  by   licensees,  including  Dr.  Reddy’s,  Zelos  Therapeutics,   and  others  !   Looking  to  license    absorption-­‐enhancing,  self-­‐ assembling,  aqeous  hydrogel  technology  to  large   dermatology  or  cosmetics  company  for  enhanced   transdermal  delivery  of  cosmeceutical  actives   •  In  dermal  applications,  these  hydrogels  leave  the  skin   feeling  soft  with  no  sense  of  any  residue  when  rubbed   onto  the  skin.        28  
  29. 29. Nanocyte   Micro-­‐injectors  from  sea  anemones  to  enhance  delivery  of  actives  through  skin  !   Novel  idea  differentiated  from  other  topical   technologies  with  respect  to  formulation  and  raw   material  source  !   Targeting  cosmeceuticals  such  as  topical  ointments   for  dermatology  (acne  and  anti-­‐aging  treatments),   personal  care  products  (anti-­‐perspirant  and   moisturizers)  and  pain  relief  (glucosamine  for  arthritis)  !   Closed  investment  round  in  2010,  which  should  help   finance  company  through  next  few  years  !   Efficacy  and  value  in  targeted  indications  remain  to  be   seen,  though  premium  prices  will  limit  market   penetration  !   Clients  should  engage,  though  wait  until  scale-­‐up  and   cost  metrics  are  demonstrated  for  specific  applications   before  committing  significant  resources      29  
  30. 30. Salvona  Technologies   Polymeric  microparticles  and  nanoparticles  for  controlled  delivery  of  cosmeceuticals  and  generic  drugs  !   Micron  and  sub-­‐micron  spheres  formed  by   encapsulation  technologies  for  timed  and  triggered   release  and  deeper  penetration  of  bioactive   ingredients  !   Abandoned  applications  in  agrochemicals  and   home  care,  shifting  focus  to  cosmeceuticals  and   generic  drugs    !   Current  area  of  focus  is  in  dermatological   applications  (anti-­‐acne,  rosacea,  and  inflammation)    !   Self-­‐funded  throughout  its  12-­‐year  history;  supplier   for  P&G,  Estee  Lauder,  among  others  !   Clients  interested  in  cosmeceuticals  and  topical   applications  should  engage,  given  track  record  and   customers,  but  monitor  results  of  change  in  focus   closely      30  
  31. 31. Dermazone  Solutions  Liposomes  for  topical  drug  delivery,  cosmeceuticals,  and  nutraceuticals  !   Launched  FDA-­‐approved  topical  treatment  for   chemotherapy-­‐related  burns  in  February  2010  with   partner  Hi-­‐Tech  Pharmaceuticals  !   Two  more  oral  products  on  the  market  with  Source   Vitamin  Company   •  Once-­‐a-­‐day  liquid  multivitamin  (launched  May  2009)   •  Vitamin  D  liquid  supplement  (launched  June  2010)  !   Recent  launch  of  new  nutraceutical  brand,  Hyssop   Health,  for  herbal  supplements  in  2010  !   Strong  management  team  and  aggressive  product   development  through  R&D  is  driving  growth  !   Subsidiary  Kara  Vita  markets  skin  care  cosmeceuticals   direct  to  consumers  !   Interested  clients  in  pharma  and  nutraceuticals  should   engage  now,  but  independently  verify  validity  of  claims        31  
  32. 32. Summary  &  Outlook    !   Innovations  in  targeted  delivery    are  consistently   emerging  and  evolving  !   Targeted  delivery  partnerships  are  critical  to   tomorrow’s  products  in  the  consumer  products,   Medical   personal  care,  and  cosmetics  industries     •  Partnering  best  practices  can  help  achieve  a   win-­‐win  relationship  !   Despite  commonalities,  each  industry  has  its  own   quirks   Consumer   Technology   Agri-­‐ products   developers   cultural   •  Medical  has  decades  of  experience,  but  is   blinded  by  hubris   •  Consumer  products  is  looking  for   breakthroughs,  but  often  stretches  the  truth   too  far   Industrial      32  
  33. 33. Thank  you  Chananit  Sintuu  Chananit.sintuu@luxresearchinc.com  www.luxresearchinc.com  

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