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Tsipi Keren Lehrer Compugen R&D Grants Strategy

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Financing Early Stage Ventures
Wednesday, February 20, 2008

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Tsipi Keren Lehrer Compugen R&D Grants Strategy

  1. 1. Compugen R&D Grants Strategy MIT Forum meeting Tsipi Keren-Lehrer February 20th 2008
  2. 2. Agenda • Compugen in a nutshell • Grants Strategy in Compugen • Summary 2
  3. 3. Compugen • Established as an Incubator company (1993) • Traded on NASDAQ and TASE • Based in Tel Aviv • 75 employees, mainly R&D – Unique team of biologists, computer scientists, mathematicians, MDs • Affiliate - Evogene (TASE - EVGN) – Compugen model in Ag-bio 3
  4. 4. Compugen’s Business Model • Develop innovative predictive models • Build specific discovery engines • Discover in-silico • Validate experimentally • Out-license for further development – Diagnostic biomarkers – Therapeutic candidates – Drug targets – Research capabilities • Revenues from milestones and royalties 4
  5. 5. Agenda • Compugen in a nutshell • Grants Strategy in Compugen • Summary 5
  6. 6. Taking Grants - Why? • Share the research risk • Biotech companies live from investments & grants… “Although about 340 biotech companies have their shares listed on major US stock exchanges, the vast majority of these firms are money losers*” *Standard & Poor’s Industry Surveys, Biotechnology, June 2005 6
  7. 7. Grants recognized in financial reports 7
  8. 8. General Grants Strategy • Stick to Compugen’s R&D roadmap – Don’t fit your R&D for a grant • Prefer at least $200K grant request – Effort is needed for preparations & reports • Carefully select your grant source • Carefully select your partner/s • We will be happy to return the money back… 8
  9. 9. OCS – Israeli Chief Scientist • R&D grants – Yearly applications • Magnets – Compugen participated in 3 consortia • Da’at, 1998-2002 • Tevel, 2000-2005 • Pharmalogica, 2002-2004 • Magneton 9
  10. 10. Trends in OCS • Higher competition – Lowering budget – Change in the law Knowledge transfer is OK more applications • Policy trend: less money to more companies – Approval rate currently 60-80% approved projects – Support rate • Policy change: 50% 20-50% support today • Actual average: 34% 17.4% of a project is funded • Biotechnology became a preferred area – 2% in 2002 23% in 2005 (of total budget) 10
  11. 11. OCS - An Important Grant Source • To take or not to take…? • Secure commercialization potential – State business model beforehand – Manufacturing – Out-licensing IP 11
  12. 12. EC FP6 Projects • SIMAP MAP-Kinase pathway model (Human) $3.8M – Compugen’s share for 3 years about 25% – We are the coordinator (1st time) • RIBOSYS pre-mRNA metabolism model (Yeast) $2.8M – Compugen’s share for 3 years less than 20% 12
  13. 13. EC FP6/FP7 - Many Advantages Favors SME 75% support R&D law limitations does not apply No return!!! Long funding assurance Future grants (... ) It’s not just the money… Free resources (e.g. data, validation) New collaborations; Strategic partners Industrial intelligence Market access 13
  14. 14. However… Long & VERY bureaucratic process (~1Y) Long-term commitment (min 3Y) Contractual complexity (collaborators>1) IP / Technology access Potential legal conflicts 14
  15. 15. Other Grants • Bi-National • Agreements / funds (e.g. BIRD) / Multi-national companies (e.g. Merck) • OCS budget • More focus on the late stages of the project • Private foundations • General / per disease • Only few of them fund foreign for-profit 15
  16. 16. Agenda • Compugen in a nutshell • Grants Strategy in Compugen • Summary 16
  17. 17. Summary • Many grant sources • Carefully select your source / partner • Keep original business model • Could be crucial for the company 17
  18. 18. Thank You Tsipi Keren-Lehrer tsipikl@compugen.co.il

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