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2016s������������
[ 02 ]
Dear Friends and Partners,
Louisiana’s life sciences community has been
an integral part of the state for decades. ...
[ 03 ]
Achieving Real
Results
182 Companies and entrepreneurs directly assisted
374 Jobs created
$58,600 Average full-time...
[ 04 ]
The New Orleans BioFund offers capital to bridge funding gaps and
allow emerging companies to grow, create jobs, an...
[ 05 ]
80+ Educational seminars, roundtables, and events
2,750+ Event attendees
74 Interns and externs from regional unive...
[ 06 ]
State-of-the-Art
Facility
The BioInnovation Center houses more than 30 companies comprised of the next generation o...
[ 07 ]
Supporting Louisiana
Entrepreneurs
InnoGenomics
After working with police in the aftermath of
Hurricane Katrina to ...
[ 08 ]
Year-Round Educational
Events
Many of the innovators that the BioInnovation Center supports are developing a busine...
[ 09 ]
Timeline Of Our
History
07
02
08
05
08
08
07
11
10
12
09
07
08
08
02
12
State legislature
establishes the Center as...
[ 10 ]
12
12
11
13
10
14
03
15
06
16
04
14
11
14
07
15ICONIC protein drink
developer Be Well
Nutrition receives the first
...
[ 12 ]
BioAesthetics
Epitomizing the next wave of emerging Louisiana
biotech businesses, new startup BioAesthetics is
tran...
Expanding Our Reach
Statewide
The BioInnovation Center has a proven track record in Greater New Orleans, having partnered ...
Thank You To Our
Partners
[ 14 ]
The BioInnovation Center and the entrepreneurs we support could not have achieved these s...
Mitchell Gaudet
Bio Stelae, 2011
Glass
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New Orleans BioInnovation Center 2016 Annual Report
New Orleans BioInnovation Center 2016 Annual Report
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New Orleans BioInnovation Center 2016 Annual Report

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Introducing the 2016 Annual Report from the New Orleans BioInnovation Center, highlighting the organization's programs for Louisiana life science entrepreneurs and growing impact on the regional economy. A nonprofit business incubator opened in 2011, the Center has worked with more than 125 startups that have raised over $90 million in funding and created nearly 400 jobs. Tenants and clients supported by our program teams include startups developing innovative new medical devices, therapeutics, diagnostics, digital health platforms, clean technologies, and more. These technologies range from cancer and diabetes treatments to urban farming and water remediation solutions. All promise to improve global health. Learn more at www.neworleansbio.com.

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New Orleans BioInnovation Center 2016 Annual Report

  1. 1. 2016s������������
  2. 2. [ 02 ] Dear Friends and Partners, Louisiana’s life sciences community has been an integral part of the state for decades. Our universities have attracted brilliant researchers working on technologies that are truly innovative and profound. These research efforts have brought millions of dollars in funding annually to Louisiana in support of pioneering studies in neuroscience, regenerative medicine, biomedical engineering, and a variety of other areas. The New Orleans BioInnovation Center plays the unique and critical role of harnessing the value of this research and expertise. Our group has aided in the growth of innovations in the life sciences, along with the state’s significant expansion into environmental technology development. This translates into a community that now has dozens of new companies and hundreds of employees working on world-changing technologies. Even with the strong results the BioInnovation Center has achieved so far, there is much more yet to come. Through our technical assistance program, our BioFund, and our facility, we are attracting more industry leaders to our state and increasing the value of our community. We are supporting our clients in commercializing advanced research that is leading to an amazing impact on society. For instance, Louisiana entrepreneurs are advancing technologies to enable earlier detection of cancer, prevent neonatal infections in the developing world, and even regenerate tissue and organs following breast cancer and other diseases. Our programming staff has created an ecosystem that empowers entrepreneurs in moving technologies from the lab to the market. These efforts provide employment opportunities with the emergence of a knowledge-based economy. And the partnerships we’ve developed are part of making this community such a success. Through the community we’ve developed with our programming and facility, entrepreneurs are gaining access to resources that simply didn’t exist before. We’ve brought together local businesses donating in-kind services, investors offering feedback at mock-capital presentations, international pharmaceutical companies speaking on industry trends, and government officials speaking about grant opportunities. All add significant value to the research being done in our state and help our entrepreneurs to learn more in an industry with unique challenges and unforgiving market dynamics. The incredible results so far could not have been achieved without these collaborations, and we are very appreciative of the investments these firms are making in our entrepreneurs and research community. As the New Orleans BioInnovation Center moves forward, we still face many challenges. We have updated our strategic plan and are seeking out growth opportunities around the state. With a commitment to the continued development of our initiatives, Louisiana can overcome many current challenges, help our entrepreneurs to grow their companies, and create advanced new technologies for the benefit of all. Sincerely, Aaron Miscenich President New Orleans BioInnovation Center, Inc. Letter From The President Dr. Steve Nelson (Chairperson) Dean, School of Medicine, LSU Health New Orleans Yvette Jones (Vice-Chairperson) President, The Jones Group of New Orleans Andre Rubenstein (Secretary/Treasurer) Owner, Rubensteins David Barksdale CEO, Spread Networks, LLC Arthur R. Cooper Executive Director, Louisiana Emerging Technology Center Dr. Gene D’Amour Senior Vice President of Resource Development, Xavier University Dr. Larry H. Hollier Chancellor, LSU Health New Orleans Dr. Joseph Moerschbaecher Vice Chancellor for Academic Affairs and Dean, School of Graduate Studies, LSU Health New Orleans Ed Michael Reggie Managing Director, Future Factory Board of Directors
  3. 3. [ 03 ] Achieving Real Results 182 Companies and entrepreneurs directly assisted 374 Jobs created $58,600 Average full-time salary $3.0m BioFund capital invested $10.9m Total revenue generated $93.3m Funding raised for growth There has been high demand for our services from across the state, and the Center’s programming team has assisted innovators in New Orleans, Baton Rouge, Lafayette, Lake Charles, and other cities.
  4. 4. [ 04 ] The New Orleans BioFund offers capital to bridge funding gaps and allow emerging companies to grow, create jobs, and better position themselves for future funding opportunities. This innovative program began in 2012 by offering low-cost, flexible term debt, and the program is now transitioning into a micro venture capital model that provides equity, convertible debt, and loan financing options. To date, the BioFund has provided $3 million in total funding to empower more than 15 local small businesses to move from possibility to reality. Through unique programming, the BioInnovation Center gives innovators the business skills, facilities, and support they need to move pioneering technologies from the lab to the market to save lives and address urgent environmental challenges. The BioInnovation Center’s Commercialization team offers consulting on the various challenges associated with new technology development. The team helps university-based and independent entrepreneurs with projects including: • Assessing technologies and markets • Developing business plans and financial forecasts • Advising on navigating regulatory pathways • Fundraising through grants, private investment, competitions, and more Recently launched, the BioInnovation Center’s Mentor Network connects entrepreneurs with experienced regulatory, management, funding, and other industry experts across the country. These skilled advisors volunteer to support growing Louisiana small businesses that have limited experience in the industry. The BioInnovation Center also offers seminars and educational events throughout the year that delve into critical business planning, legal, and other topics and help new entrepreneurs position their businesses for success. This programming includes special events that promote collaboration and strengthen the regional innovation ecosystem. Key Support Programs AWARDWINNER Honoree, 2015 Tibbetts Award U.S. Small Business Administration Recognizing national leaders and organizations for advocacy of the $2.8 billion federal Small Business Innovation Research and Small Business Technology Transfer (SBIR/STTR) grant programs
  5. 5. [ 05 ] 80+ Educational seminars, roundtables, and events 2,750+ Event attendees 74 Interns and externs from regional universities trained in technology commercialization and entrepreneurship Financial & Educational Metrics $93.3 million Total funding raised to develop products and hire more staff $78.9m Private capital $6.8m Private and government grants $3m BioFund capital $1.9m Tax credits $1.9m Other sources $800k+ Business competition awards
  6. 6. [ 06 ] State-of-the-Art Facility The BioInnovation Center houses more than 30 companies comprised of the next generation of innovators from Louisiana’s burgeoning life science community. As the first LEED Gold-certified laboratory building in New Orleans, the Center offers 66,000 square feet of state-of-the-art wet-lab, office, and conference spaces to conceive and cultivate new bioscience ideas. The facility provides the infrastructure to support the day-to-day functions of research and business, including access to more than $150,000 in cutting-edge, shared-use biomedical research equipment. The Center is designed to allow companies to grow organically, beginning with leasing small cubicle or lab bench spaces and eventually expanding into full lab and office suites. The Center is centrally located downtown amid hospitals, medical universities, research centers, and biotech businesses. This proximity to the region’s leading researchers and innovators promotes collaboration within the life sciences community. Designed by Eskew+Dumez+Ripple, the building has housed dozens of companies that have attracted over $90 million in funding to the region as they transform healthcare delivery, treatments, and more. AWARDWINNER Honoree, 2013 American Architecture Award Chicago Athenaeum and European Centre for Architecture Art Design and Urban Studies Recognizing projects that solve critical aesthetic, civic, urban, and social issues while achieving excellence in design, construction, planning, and sustainability
  7. 7. [ 07 ] Supporting Louisiana Entrepreneurs InnoGenomics After working with police in the aftermath of Hurricane Katrina to try to identify victims, the founders of InnoGenomics realized that a better process was desperately needed to successfully test damaged human DNA samples. After selling their Harahan-based lab business in 2007, they founded InnoGenomics to revolutionize forensic DNA testing. Just a few years later, their technology is enabling forensic scientists to get results from extremely challenging evidence and human remains—including WWII and Civil War era bone fragments. To reach this stage, InnoGenomics needed a business strategy and funding. The team received equipment financing from the BioFund and worked with the Commercialization team on business plan development, go-to-market strategizing, and grant applications for over $1 million in research funding. Based at the Center since 2011, the company has grown to seven full time employees and is now selling forensic identification kits around the world. On top of research and growing their business, the founders serve as mentors for other entrepreneurs and offer internships and lab training to local students. As the company continues to grow, InnoGenomics is now working on harnessing its innovative DNA testing methods for transformative healthcare applications, including a minimally invasive blood test that can detect and monitor multiple forms of cancer. Anne Montgomery Laboratory Director & Dr. Sudhir Sinha CEO & President
  8. 8. [ 08 ] Year-Round Educational Events Many of the innovators that the BioInnovation Center supports are developing a business for the first time. For these new entrepreneurs, we offer year-round educational seminars on legal, business, finance, and other topics critical to achieving small business success. The Center has hosted more than 2,750 attendees at educational and networking events since 2011. We also hold events each November during Global Entrepreneurship Week to educate innovators and showcase the groundbreaking research being done within Louisiana universities and startups. With major support from JPMorgan Chase and the U.S. Economic Development Administration, these events includes a multi-day conference, Innovation Louisiana, and the BioChallenge business pitch competition highlighting promising new Louisiana companies. In addition, our annual showcase of novel technologies from statewide research institutions aims to foster collaboration, attract capital, and drive new startup formation. Our work is expanding across the state. Institutions that participated in the showcase and other projects with the Center have included: While adding value to our programs and facilities, our events educate attendees on critical startup issues, drive university innovation, and connect entrepreneurs to investors and mentors. The ultimate goal is to add value to the local research base, thus creating job opportunities and accelerating the state’s economic growth. • Delgado Community College • Louisiana State University • LSU AgCenter • LSU Health New Orleans • LSU Health Shreveport • Louisiana Tech University • Loyola University New Orleans • NASA Stennis Space Center • Pennington Biomedical Research Center • Tulane University • University of Louisiana at Lafayette • University of New Orleans • Xavier University of Louisiana AWARDWINNER Recipient, 2014 i6 Challenge Grant U.S. Economic Development Administration A national competition making small, targeted, high-impact investments to support startup creation, innovation, and commercialization
  9. 9. [ 09 ] Timeline Of Our History 07 02 08 05 08 08 07 11 10 12 09 07 08 08 02 12 State legislature establishes the Center as a commercialization-focused incubator to foster economic growth Demolition of the Wirth Building on Canal Street, clearing the path for the construction of New Orleans’ first wet-lab business incubator Offering blood monitoring services for organ transplant patients, TMS Biosciences becomes the first tenant in temporary incubator State-of-the-art wet-lab incubator opens in downtown biomedical district with seven initial tenants Women’s health device startup Bioceptive wins first BioChallenge pitch competition Louisiana Board of Regent funding launches commercialization consulting program Groundbreaking for 66,000 square foot incubator facility Grant from the Louisiana Office of Community Development launches the New Orleans BioFund and expands commercialization consulting and educational events
  10. 10. [ 10 ] 12 12 11 13 10 14 03 15 06 16 04 14 11 14 07 15ICONIC protein drink developer Be Well Nutrition receives the first BioFund loan First Innovation Louisiana technology commercialization conference attracts more than 100 local and national attendees Focused on improving polymer production, APMT receives second federal Small Business Innovation Research (SBIR) grant for $1.1m in total funding Commercialization program receives a $500,000 federal grant to expand events and provide free consulting assistance to innovators across the entire state Center marks its five- year anniversary of the facility opening with 125 companies assisted and more than 300 jobs created Eardrum repair startup Tympanogen wins over $80,000 in three international student business competitions Annual University Technology Showcase launches with institutions participating from New Orleans, Baton Rouge, Ruston, and Shreveport BioFund reaches milestone, investing $3 million in 15 local biotech, manufacturing, and other small businesses
  11. 11. [ 12 ] BioAesthetics Epitomizing the next wave of emerging Louisiana biotech businesses, new startup BioAesthetics is transforming breast reconstruction for cancer survivors. Founder Nick Pashos, a doctoral student and National Science Foundation fellow, has created a regenerative nipple reconstruction option for breast cancer patients after they undergo mastectomies. Women have several options for reconstruction of the nipple like surgery, tattoos, or prosthetics, but these options aren’t always successful or permanent. BioAesthetics’ graft, which will instead allow the patient’s body to regenerate a permanent nipple, is a more efficient process that will reduce surgeries, improve long-term outcomes, and significantly improve patient self-esteem following her traumatic illness. Because Nick has no prior business experience, he turned to the Center for assistance developing a strong business strategy, financial projections, and a plan to obtain regulatory approval. The consulting team also helped Nick prepare plans and pitches for multiple business competitions, through which he won more than $60,000 in funding for product development. Now focused on the next stage of testing, BioAesthetics aims to have this reconstruction solution in the hands of doctors and patients across the country within the next few years. Supporting Louisiana Entrepreneurs Nick Pashos Founder & CEO
  12. 12. Expanding Our Reach Statewide The BioInnovation Center has a proven track record in Greater New Orleans, having partnered with local academic institutions to facilitate technology transfer, educate researchers and students, attract grant funding, and more. With support from the U.S. Economic Development Administration and JPMorgan Chase, we are now scaling up our commercialization program to serve entrepreneurs and businesses throughout Louisiana. The goal is to provide the same technical assistance to research institutions throughout the state, expanding our community of entrepreneurs, business professionals, capital sources, and commercialization partners. Supporting and connecting innovators across the state benefits us all—regardless of background and education level. The average annual salaries in the biotechnology field in Louisiana are over $30,000 higher than wages in other sectors. Our programs will support the creation of more high-growth ventures that will build a stronger, more diverse economy across the state as we work to achieve our new, expanded mission: [ 13 ] AWARDWINNER Finalist, 2014 Incubator Innovation Award International Business Innovation Association Honoring business incubation programs such as the Center’s program for Commercialization which exemplify the best of the industry The mission of the New Orleans BioInnovation Center is to support and guide entrepreneurs and businesses from start-up to growth in order to strengthen the economy and improve the health and environment of the greater Louisiana and Gulf South regions.
  13. 13. Thank You To Our Partners [ 14 ] The BioInnovation Center and the entrepreneurs we support could not have achieved these successes without the support of our university, public, and private collaborators. By partnering in our efforts, sponsors support regional entrepreneurs and help create a knowledge-based economy with better opportunities for Louisianians of all backgrounds. Advantage Capital Partners Becton Dickinson Chaffe & Associates Cox Business DeGeorge Glass Ernst & Young Graffagnini LC IBERIABANK Jones Walker Lafayette General Foundation New Orleans Business Alliance Sheraton New Orleans Simon, Peragine, Smith & Redfearn
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