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PROPEL Intel - October 2009
October 29, 2009
News and Events from PROPEL and the iBIO Entrepreneurship Center:
During September and October 2009, one company joined PROPEL. In addition, four PROPEL companies were connected to three professional service firms or subject matter experts and one PROPEL company received an Innovation Challenge Grant Program technical assistance grant for SBIR/STTR applications.
Since its launch in June 2007, PROPEL has helped or is helping 50 early stage life sciences companies.
Launch of PROPEL Connections, Company Snapshots for the Life Sciences Investment Community
We are proud to announce the inaugural issue of PROPEL Connections was distributed recently to the life sciences investment community to provide a snapshot of just some of the PROPEL companies with whom we work. The goal of this semi-annual publication is to build the life sciences investment community's knowledge of the many exciting developments of Illinois life sciences. If you are an investor or work with investors and would like to be added to PROPEL Connections distribution, please contact PROPEL at propel@ibio.org or 312.422.1111.
PROPEL Workshop: Basics of the FDA for Early-Stage Healthcare Companies, November 19
Attend PROPEL's next workshop, on the basics of the FDA - what every early-stage healthcare company needs to know. This FDA workshop will be led by Tom Henteleff and Scott Lassman of PROPEL Professional Service Firm Kleinfeld Kaplan & Becker. To register, please contact Josette Fletcher, jfletcher@ibio.org or 312.422.1111x6.
November 19, 12 - 1:30 p.m.
University of Illinois at Chicago
Congratulations to Innovate Illinois Finalists J&J Solutions and Stone Medical Corporation
At September's Innovate Illinois 2009 Semi-Finals held at UIUC, both iBIO EC nominated companies, J&J Solutions and Stone Medical Corporation (representing early stage and later stage, respectively), advanced to the Finals. The Innovate Illinois 2009 Finals will be on November 10 at U of C's Gleacher Center. We are very proud and excited that both of these PROPEL companies successfully made the finals and will represent the life sciences community at this state-wide competition.
2009 BIO International Convention Workshop Series
The iBIO EC along with PROPEL invite you to attend at no cost any of the workshops originally recorded at the 2009 BIO International Convention in Atlanta, GA that are now available through iBIO. Each session has the audio and slide presentations of the speakers and is roughly an hour and a half in length. The workshops are grouped in 23 different tracks: Business Development, Achieving Regulatory Approval, Finance, Technology Transfer/Licensing and many more. Click HERE for a full list of workshops available. Contact Josette Fletcher, iBIO Operations Manager, at 312.422.1111x6 or jfletcher@ibio.org for scheduling.
Business Insights Reports Available from the iBIO EC and PROPEL
The iBIO EC and PROPEL provide our clients with over 175 market research reports from Business Insights at no charge. Titles include "Autoimmune Market Outlook to 2012," "Pharmaceutical Pricing and Reimbursement" and "Regulatory Affairs: Paths to Approval." Click HERE for a full list of available reports or contact Josette Fletcher, iBIO Operations Manager, at 312.422.1111x6 or jfletcher@ibio.org for more information.
iBIO Entrepreneurship Center on Illinois' eCenter Direct
In addition to some iBIO EC forms now available online (click HERE), iBIO EC conferences are listed on the Illinois Entrepreneurship Network's eCenter Direct web site. Click HERE for the main site, or visit HERE to see all the conferences throughout Illinois for entrepreneurs, early stage companies and small businesses.
Upcoming Events and Other News within the Community:
University of Chicago Booth School of Business Innovation Roundtable, November 3
The Innovation Roundtable is open to anyone with an interest in innovation as it is related to the identification, development and commercialization of new products and services. Programs feature practicing innovation professionals leading discussions on concepts, tools and best practices for improving innovation activities within companies. The November Innovation Roundtable will focus on Value Based Marketing: Using fact-based Methods to Prove the Value of Innovation with speaker Dr. John Watts, Managing Director of Vivaldi Partners. For more information and online registration, click HERE.
November 3, 6 - 9 p.m.
Gleacher Center, Room 100
450 North Cityfront Plaza Dr.
Chicago, IL
Webinar: Cost Effectiveness Analyses: What it Means for You, November 4
Cost Effective Analyses (CEA) is a type of economic evaluation that examines both the costs and health outcomes of alternative interventions. CEA compares the cost of an intervention to its clinical effectiveness (e.g. cases prevented, years of life saved, quality-adjusted life years). Often, the change in clinical effectiveness is expressed in terms of the number of quality-adjusted life years (QALY). A QALY is a year of life adjusted for its quality or its value. A year in perfect health is equal to 1.0 QALY. Dr. Vincent Jaeger, MD, is a medical practitioner, hospital administrator and educator. He will present on Cost Effectiveness Analyses and what it will mean for both your company's bottom line and your personal healthcare individually on November 4. For more information, click HERE. Please join as my guest for the FREE web-based presentation. Contact Maria at 773.489.5706 or at cdginc@clinicaldevice.com.
November 4, 11 a.m. - 12:30 p.m.
Webinar
Medical Device Symposium, November 5
The combination of healthcare reform proposals, increased enforcement activity and new federal and state laws and regulations is significantly impacting the medical device industry as well as the firms holding a stake in these organizations. This symposium brings together managers, lawyers and investors from the medical device field to examine a variety of issues. There is no fee to attend.
Agenda:
10 - 11:30 a.m.: Strategies for Developing & Maintaining Compliant Industry-Referral Source Relationships
11:30 a.m. - 12:30 p.m.: Networking and Lunch
12:30 - 1:30 p.m.: The Impact of Healthcare Reform on the Medical Device Industry
For registration, click HERE by October 30. For more information, contact Jill Toporkiewicz at 312.849.8220 or jtoporkiewicz@mcguirewoods.com.
November 5, 10 a.m. - 1:30 p.m.
Lovells of Lake Forest
915 S. Waukegan Rd.
Lake Forest, IL
CFO's: Use Liberally? Use Sparingly? Workshop, November 10
Creating a management team with the right people in the right place is not something that should be left to chance or be based on the available resumes in Monster.com or in your own rolodex. CFO's are hired when they are not needed or when it's too late and disaster has struck. These topics and others will be discussed by panel led by Jeff Mattson, partner at Freeborn and Peters, LLP , a law firm providing boardroom level counsel, and Dirk Landis, Senior Managing partner at Tatum LLC, an international firm that specializes in CFO services, consulting, and search. The panel will be moderated by Ronald Kirschner, M.D., President Heartland Angels, Inc., a Chicago based, early-stage private equity capital investment network. Space is limited and pre-registration is required by security by November 3, 2009. Attendance sign-in will begin at 6:00 PM with the presentation starting at 6:45 PM and will include a question and answer period. There will be a $10 charge payable (cash or check only) at sign-in time. To register, call Cere Woods at 312.360.6543 or e-mail cshovers@freebornpeters.com.
November 10, 6 p.m.
Hosted by Freeborn and Peters, LLP
311 S. Wacker Dr.
Chicago, IL
7th Annual MidAmerica Healthcare Venture Forum, November 11 - 12
On November 11 - 12, Mid-America Healthcare Investor's Network (MHIN), The Wisconsin Technology Council and International Business Forum are partnering to present the 7th Annual MidAmerica Healthcare Venture Forum at Monona Terrace Madison, WI. This year's forum is targeted to investment firms interested in funding privately held companies from start-up to later-stage focusing in biotechnology, pharmaceutical, medical devices, and industrial biotech. To apply to be a presenting company or for additional details, click HERE. Receive 50% off of the General Registration or Start-Up Company rates by registering with discount code "MHVFWT."
November 11 - 12
Madison, WI
Experience a Peer Roundtable Event, November 12 and 19
Owners of companies generating $500,000 or more in annual revenue are invited to join DePaul for a taste of a roundtable and experience first-hand what it's like to be part of a group where business owners help business owners. Attendees will participate in a roundtable session in addition to meeting roundtable facilitators and current members. For more information, click HERE.
November 12, 5:30 - 7:30 p.m.
DePaul's Naperville Campus
150 W. Warrenville Rd., Bldg. 200
Naperville, IL
OR
November 19, 5:30 - 7:30 p.m.
DePaul Loop Campus Center
1 E. Jackson Blvd., Room 8012
Chicago, IL
Innovation Workshop at U of C Booth, November 17
Booth's Innovation Workshop Series, featuring Norm Winarsky, SB69, SM70, and PhD74, Vice President of SRI International. For more information, click HERE.
November 17
Chicago, IL
Drug Development Short Course - From the Bench Through the Clinic: Discovery to IND, November 20
Join Catalyzing Collaboration's Part 1 of a 2-part course on Preclinical Aspects of Product Translation (Part 2: First in Human Trials to the NDA, December 7)
Topic and Speakers:
-Industry and Academic Success in Collaboration: John Anderson, Ph.D.; President IIT
-Introduction to Preclinical Trial Design, Animal Modeling and Toxicology: David McCormick, Ph.D., D.A.B.T.; SVP and Director of IITRI and Prof. Biology, IIT
-Regulatory Expectations, Hurdles and Evaluations of Toxicology Programs: FDA Representative TBD
-An Alternative Drug Development Engine - Lilly's Chorus: David Monteith Ph.D., Clinical Advisor Lilly/ Chorus Group
-Translation to Human Clinical Trials: Takeda Pharmaceuticals Translational Research TBD
Commercialization Strategy - Planning and Funding: Ali Andalibi, Ph.D.,Program Director, NCI SBIR Development Center
For more information, call 312.567.4487, click HERE or email info@iitri.org.
November 20, 9 a.m. - 5 p.m.
University Technology Park at IIT
3440 South Dearborn St.
Chicago, IL
Drug Development Short Course - From the Bench Through the Clinic: Phase I to NDA, December 7
Join Catalyzing Collaboration's Part 2 of a 2-part course on First in Human Trials to the NDA (Part 1: Preclinical Aspects of Product Translation, November 20
Topics and Speakers:
-Industry / Academic Collaboration: John Anderson, Ph.D.; President IIT
-Regulatory Expectations, Hurdles and Evaluations of Phase I-III Trials: FDA Representative
-Clinical Trial Design and Implementation: Takeda Global Research Speaker and Robert Laurie Cancer Center Speaker
-Partnering and Companion Diagnostics: Abbott Tracey Colpitts, Ph.D.
-Commercialization Strategies: How we do it and what we expect from our partners: Industry, IP and VC Industry Speakers
-Doing Business with Local CTSAs (Clinical and Translational Science Award institutions): David Johnson, PhD, Associate Director, Center for Translational Innovation Northwestern University
For more information, call 312.567.4487, click HERE or email info@iitri.org.
December 7, 9 a.m. - 5 p.m.
University Technology Park at IIT
3440 South Dearborn St.
Chicago, IL
The New Rules of Angel Investing
By Kermit Pattison, NY Times, October 29, 2009
Angels still have wings, but they arent flying quite so high. The rules of the game of angel investing have changed in the post-crisis world. The average deal size shrank by 31% in the first half of this year, according to a recent study by the Center for Venture Research at the University of New Hampshire. The study shows that total angel investments fell to $9.1 billion in the first half of 2009, a 27% decline from the same period last year, but the number of companies getting venture investments actually increased by 6%, to 24,500. Angels are still financing deals, but at lower valuations and with more specific milestones. They have grown more picky and less tolerant of risk. "What you're seeing now is a real flight to quality," said David S. Rose, chairman of New York Angels. "If you are the real deal, you can get funded." What's the real deal? Angels are looking for companies with more modest capital requirements. They seek companies that bootstrap, beat quicker paths to profitability and have proven management teams. "The most striking change is angel investors are way more discerning about where they deploy their capital," said Bruce Cerullo, a Boston-based angel investor who specializes in health care. "Now groups like ours are looking for more fully baked ideas that are much closer to revenue generation."
Quick Tips:
-Bootstrap as long as you can. Finding early ways to get revenue.
-Get to break even quickly and remember that VC financing has gotten harder to obtain.
-Be realistic about valuations. Be coachable.
-Practice pitching and be prepared to make your case to dozens or hundreds of angels.
-Look for angels who complement your strengths and can help you with more than money.
Suggested Readings and Resources:
-An overview of angel investing and a list of resources from Angel Capital Education Foundation.
-What Entrepreneurs Should Know About Angels from the Angel Capital Education Foundation.(pdf)
-A directory of angel investors from the Angel Capital Education Association.
To read the full article, click HERE.
Chicago's Department of Business Affairs and Consumer Protection Small Business Education Workshops
The City of Chicago's Department of Business Affairs and Consumer Protection (BACP) offer workshops each Wednesday and Friday downtown in City Hall Room 805 at no cost and open to anyone, not just residents of Chicago. For a full list of topics and schedule, click HERE and look for the BACP Business Events listings.
SmartBrief on Entrepreneurs, a Daily e-Newsletter
Sign up for your daily briefing on entrepreneurship, free. SmartBrief on Entrepreneurs delivers the latest news entrepreneurs need in their quest to turn good ideas into great business. The editors become your personal research assistants, handpicking, distilling and disseminating the best, most useful entrepreneurship stories from a wide range of sources. For more information, click HERE.
More Midwest Health Care Start-Ups Get Fewer Investment Dollars In First Three Quarters
By Mary Vanac, BioEnterprise, October 26, 2009
The number of Midwest health care startups receiving investments could set a record this year. However, the startups reported winning far fewer dollars in the first nine months of the year than in either 2008 or 2007. Midwest health care startups reported $593.2 million in investments across 140 companies through the first three quarters of 2009, according to the BioEnterprise Midwest Health Care Venture Investment Report. In terms of dollars, that was down 34 percent from $896.7 million in 2008 and 41 percent lower than $1 billion in 2007. But as for companies receiving investments, that was up 24 percent from 113 at the same point in 2008 and up 35 percent from 104 in 2007. This year, investors are putting less money in health care companies in the region and nationwide as the investors try to deal with global financial crises and health care reform in the United States. Surprisingly, the number of Midwest companies receiving investments is on pace to set a record this year. So investors may be investing fewer dollars, but they're spreading those dollars around more Midwest health care companies.
To read the full article, click HERE.
Entrepreneurs Turn to Small Business Centers for Free Help
By Laura Petrecca, USA TODAY, October 19, 2009
Miyoko Yamakawa launched a flavored vodka business two years ago. "I didn't know anything about this business," she says, so she turned to a local Small Business Development Center for help. On a rainy October morning, Miyoko Yamakawa sits across from a pair of business counselors at the local Small Business Development Center here. She's trying to update her business plan and get advice about how to raise money for her flavored-vodka venture. With her vibrant scarf, splash of bright red lipstick and three 750ml bottles of colored liquor, Yamakawa stands out in the beige, sparsely decorated office. She talks enthusiastically about vodka varieties and her desire for national distribution. Seated across from her, Geri Kavanah and Jerry Kobre are calmly but firmly trying to keep the entrepreneur focused on her business model. Yet Yamakawa continues on about how her new vodka flavor "jalapeño" could be a hot seller.
To read the full article, click HERE.
Stanford University's Entrepreneurship Corner Podcasts
Podcasts are available from Stanford University concerning a wide range of topics for entrepreneurs. Stanford University's Entrepreneurship Corner podcasts can be of great use to any entrepreneur. Often as an entrepreneur, it is good to step back and take a look at some broad, strategic issues of a more general nature that can get you to think not only about the world at large, but may even bring a fresh perspective to your own business or situation. These great podcasts allow you to do just that and gives you really interesting perspectives from some of the world's sharpest minds. For more information, click HERE.
Business Plan Writing Resources
Tim Berry, founder of Palo Alto Software Company and Bplans.com is one of the country's best-known business planning experts. This website and also his popular BLOG are great resource for startups and small businesses.
Grant-Funding Opportunities
In this tough funding climate, biotech companies must be even more diligent at looking for new sources of capital. BIO has partnered with FreeMind Group, a firm specializing in raising funds from government agencies through grants and contracts. In 2008, FreeMind Group assisted companies in winning over $300 million in grants and contracts for its clients, including small, midsize and large life sciences companies. Any iBIO member can take advantage of FreeMind's grant identification and application assistance at a discounted rate of 20% off up front fees. For more information, click HERE.
For more information:
Visit http://www.ibiopropel.org
E-mail propel@ibio.org
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