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Accelerator overview at BioAsia


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Accelerator Overview By Carl Weissman

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Accelerator overview at BioAsia

  1. 1. 6/20/2011<br />
  2. 2. 6/20/2011<br />Overview: Accelerator<br />Mission:<br />Efficient and disciplined<br />Identification<br />Evaluation<br />Capitalization; and,<br />Development <br /> of emerging biotechnologies<br />Focus: <br />Quality of deals<br />Capital efficiency<br />Bandwidth efficiency<br />Milestoneachievement<br />Path:<br />Provide key Resources<br />Leverage unique Sources<br />
  3. 3. 6/20/2011<br />Institute for Systems Biology (ISB)<br />Lee Hood<br />ARCH Venture Partners<br />Steve Gillis<br />OVP Venture Partners<br />Chad Waite, Carl Weissman<br />Amgen Ventures<br />Janis Naeve, Andrew Gengos<br />PPD, Inc.<br />Fred Eshelman<br />WRF Capital<br />Thong Le<br />Alexandria Real Estate Equities<br />Joel Marcus<br />Accelerator Stakeholders<br />
  4. 4. 6/20/2011<br />Accelerator: Summary of Highlights<br />Ten investments since 2003<br />Diverse portfolio – multiple therapeutic areas and clinical diagnostics<br />>$187M raised to back Accelerator companies<br />>$35M in Series A investments in first ten companies<br />$7.9M to expand activities in early successes<br />Spaltudaq: $2.9M Series A-2<br />Allozyne: $3.0M Convertible Note<br />Seredigm: $2.0M ($2.0M from Accelerator insiders) – June 2008<br />$144M in Series B investments in four graduates<br />VLST: $55M ($34M from Accelerator insiders) – June 2006<br />Spaltudaq: $29M ($14M from Accelerator insiders) – March 2007<br />Allozyne: $30M ($30M from Accelerator insiders) – October 2007<br />Integrated Diagnostics: $30M (new investors) – August 2009<br />
  5. 5. 6/20/2011<br />Accelerator: Summary of Highlights<br />$44.3M Committed for Investments<br />$22.5M committed in Accelerator III (7/2007 - $13.9M invested)<br />$11.8M committed in Accelerator II (11/2004 – fully invested)<br />$10.0M committed in Accelerator I (5/2003 – fully invested)<br />Capital Efficiency<br />Maintained low operational burn<br />Push technologies/companies further on fewer $’s<br />Bandwidth Efficiency<br />Multiple investments for the effort of one<br />One management team with whom to interact<br />Proprietary Dealflow<br />Of the ten deals, only one (Allozyne) was shopped extensively in the venture community<br />
  6. 6. 6/20/2011<br />Accelerator: Summary of Highlights<br />
  7. 7. 6/20/2011<br />Sources<br />World-class sources of proprietary deal flow unmatched in access to the most exciting emerging biotechnologies<br />Four primary categories of Sources<br />ISB technology<br />Referenced by ISB<br />Referenced by Investors<br />Accelerator<br />Proprietary deal flow<br />Of the ten investments made through Accelerator, only one (Allozyne) was widely seen in the venture community<br />
  8. 8. 6/20/2011<br />Sources: ISB<br />Lee Hood – President & Co-Founder<br />Founder of Integrative Diagnostics<br />Founded or Co-founded:<br />Integrative Diagnostics<br />Applied Biosystems<br />SyStemix<br />Darwin<br />Rosetta Inpharmatics<br />World Class Faculty<br />Co-founders<br />RuediAebersold<br />Alan Aderem<br />Up-and-coming young faculty<br />Prolific generator of commercial opportunities<br />Since founding in 1999, has spun out or formed:<br />Cytopeia<br />Macrogenics<br />Nanostring<br />Integrative Diagnostics (InDi)<br />
  9. 9. 6/20/2011<br />Sources: Referenced by ISB<br />“Moths to a porch lamp”<br />Lee, Ruedi, Alan, et. al. <br /> attract entrepreneurs <br /> looking for:<br />Advice/Consulting<br />Service on their SAB<br />Introductions to VC’s<br />Prior to Accelerator, no formal place to direct these emerging opportunities<br />
  10. 10. 6/20/2011<br />Sources: Referenced by Investors<br />“Too Early”<br />Biotech venture firms still see high quality early-stage opportunities<br />Accelerator syndicate has global reach<br />Top-tier investors<br />Extensive networks<br />
  11. 11. 6/20/2011<br />Sources: Accelerator<br />“Push”<br />More than 600 unsolicited <br /> business plans since <br /> 2003 inception<br />“Pull”<br />Accelerator management is well connected in biotech and venture capital communities<br />
  12. 12. 6/20/2011<br />Resources<br /> In one entity, all of the resources necessary to give emerging biotechnology start-ups the greatest likelihood of success:<br />Scientific Expertise & Technical Support<br />Venture Capital<br />Management <br />Facility<br />
  13. 13. 6/20/2011<br />Resources: Scientific Expertise & Support<br />ISB<br />World class faculty and staff available to assist in:<br />Identification<br />Evaluation<br />Development<br />Core Facilities<br />Excess capacity in expert-operated core facilities available to Accelerator companies<br />Investor Network<br />Cadre of scientific advisors and other connections to thought leaders in virtually any area of interest<br />
  14. 14. 6/20/2011<br />Resources: Venture Capital<br />Not just $’s, but value added $’s<br />Proven track record for building great companies<br />Extensive network within pharma and biotech to make appropriate partnership introductions<br />Extensive network within venture capital to enable high quality syndication in future rounds<br />Deep pockets to enable participation all the way to the finish line<br />
  15. 15. 6/20/2011<br />Resources: Management<br />All non-technical functions including:<br />Administration<br />Business Development <br />Finance<br />Human Resources<br />Operations<br />Pre-negotiated contracts with key service providers:<br />Audit/Tax – PricewaterhouseCoopers<br />Facility Maintenance – Alexandria Real Estate Equities<br />Insurance – AH&T, Inc.<br />Legal<br />Corporate counsel – Foster Pepper, Goodwin Procter, Fenwick<br />Intellectual Property – Seed IP<br />Network Administration – IS Outsource<br />Professional Development – Nofsinger Group<br />401k – Acumen Financial<br />
  16. 16. 6/20/2011<br />Resources: Facility<br />Ideal Location<br />1616 Eastlake Avenue E., Seattle, WA 98102<br />5-10 minute drive to the ISB<br />Emerging South Lake Union biotech hub<br />Thoughtful Design<br />Efficient use of 18,000 sf of space to:<br />Foster synergistic interactions between companies<br />Protect proprietary nature of individual technologies<br />Flexibly adapt to changing space requirements<br />Eliminate start-up lag time<br />Designed to enable companies to do science on Day 1<br />
  17. 17. 6/20/2011<br />Accelerator Candidates<br />Leading-edge biotechnology which would benefit from access to Accelerator Resources:<br />ISB <br />Venture Capital<br />Management<br />Facility<br />“Too Early”<br />Technology not sufficiently developed to attract significant top-tier venture capital independently<br />Milestones within reach<br />Identifiable fundable Milestones<br />Clear R&D Plan to reach Milestones<br />Timeline and Budget that relate to that Plan<br />Driven Innovators, brilliant Innovations<br />“Old School” technology-based investment<br />
  18. 18. 6/20/2011<br />Accelerator: Investment Process<br />Rigorous technical and IP due diligence<br />Tap into world leading scientific and industrial experts at ISB and network of scientific advisors affiliated with the Investors<br />Utilize Seed IP, successful boutique IP firm in Seattle, to provide IP due diligence<br />Satisfy investment criteria of all Accelerator Investors<br />Milestone-based investments<br />Identify financeable Milestones <br />Structure R&D plan to fit milestones<br />Build budget & timelines to match R&D plan<br />Standard Series A Preferred Stock investments with customary terms<br />
  19. 19. 6/20/2011<br />Summary<br />Vehicle for Emerging Biotech Investment<br />Capital efficient<br />Bandwidth efficient<br />Focused development (milestone achievement)<br />Disciplined assessment<br />World-Class Stakeholders<br />Top-tier syndicate<br />Anchored by Institute for Systems Biology<br />Track Record<br />>$44M committed for investments ($35M invested)<br />>$187M invested in Accelerator Companies<br />
  20. 20. Accelerator: Then and Now…<br />2003<br />Today<br />Biotech incubators miserable failures<br />$10M committed<br />0 companies<br />Accelerator (one of a kind)<br />Accelerator working (others in the making)<br />$187M invested<br />10 companies<br />Accelerators<br />6/20/2011<br />