iBIO News

Back to Article list

PROPEL Intel - June 2012

June 01, 2012

News and Events from PROPEL:

Since its launch in June 2007, PROPEL has helped or is helping more than 65 early-stage life sciences companies.

PROPEL Company Functional Circulation Receives Grand Challenges Explorations Grant for Groundbreaking Research in Global Health and Development
Functional Circulation LLC announced on May 9th that it is a Grand Challenges Explorations winner, an initiative funded by the Bill & Melinda Gates Foundation. Functional Circulation CEO John Brassil and colleagues will pursue an innovative global health and development research project titled “Smart Bowl Conveys Cassava to Market with Pest Control.”

Grand Challenges Explorations (GCE) funds individuals worldwide to explore ideas that can break the mold in how we solve persistent global health and development challenges. Brassil’s project is one of over 100 Grand Challenges Explorations Round 8 grants announced today by the Bill & Melinda Gates Foundation.

“Grand Challenges Explorations encourages individuals worldwide to expand the pipeline of ideas where creative, unorthodox thinking is most urgently needed,” said Chris Wilson, director of Global Health Discovery and Translational Sciences at the Bill & Melinda Gates Foundation. “We’re excited to provide additional funding for select grantees so that they can continue to advance their idea towards global impact.”

PROPEL Company ArborVita Associates Places Second in the University of Chicago New Venture Challenge (NVC)
ArborVita Associates (AVA) placed second at the NVC Finals on May 25th and received a $15,000 prize. AVA is a biotechnology company that has developed a simpler, faster and cheaper way to modify DNA using proprietary and patented enzyme called DRAP (Drosophila Recombination-Associated Protein).

The NVC process includes two phases and a finals competition. During the fall, students from Chicago Booth pitch business ideas, collaborate and form teams. In early February, student teams submit feasibility summaries about their proposed ventures, and a number of teams are then selected to advance to the second phase, where they develop their ideas into full business plans with instructor guidance and critique from venture capitalists, private investors, and established entrepreneurs. Finalist teams are selected to present their start-up at the finals competition before a world-class panel of investors and entrepreneurs, who determine the winners.

PROPEL Workshop:  SBIR/STTR Grant Writing Workshop, June 6 - 7
PROPEL’s next SBIR/STTR grant writing workshop led by Lisa Kurek of Biotechnology Business Consultants (BBC) is June 6 - 7, 2012 from 9 a.m. - 4 p.m. in Chicago. This two-day workshop combines the SBIR/STTR 101, Proposal Preparation and NIH Electronic Submission Workshops into a two-day intensive workshop. The workshop is targeted to life science companies, covering DOD, NSF and NIH, with detailed emphasis on NIH. If you plan to submit an SBIR or STTR proposal within the next 12 months, PROPEL strongly encourages you to attend. The registration fee is $200 per participant, $150 each additional participant from the same company. For more information or to register, click HERE. Register by May 31. Contact Monique Velasquez with questions (312.422.1111x6 or mvelasquez@ibio.org).
June 6 - 7  
9 a.m. - 4 p.m.
Chicago, IL

2011 BIO Convention Workshops Available
The workshops originally recorded at the 2011 BIO International Convention in Washington DC are now available at PROPEL. Each session has the audio and slide presentations of the speakers and is roughly an hour and a half in length. New this year: sessions from the Biotechnology Entrepreneurship Boot Camp are available to PROPEL companies. To see a full listing of workshops available, click HERE and contact Monique Velasquez (312.422.1111x6 or mvelasquez@ibio.org) to reserve viewing time.

Advantage Illinois
In October, Governor Quinn launched the Advantage Illinois program, DCEO's enhanced portfolio of lending and venture capital programs to help small businesses gain much-needed access to capital. The program is designed to provide Illinois businesses and entrepreneurs with access to the capital needed to start new companies and expand existing businesses. The $78 million federally-funded program encourages businesses to bring innovative ideas and new products to market, and accelerate job creation and economic growth in Illinois. Advantage Illinois consists of the Capital Access Program (CAP), Participation Loan Program (PLP), Collateral Support Program (CSP), and Invest Illinois Venture Fund Program (IIVF). The Illinois Department of Commerce and Economic Opportunity (DCEO) began actively enrolling lending institutions to utilize CAP, PLP, and CSP in early October. Once the appropriate application process is complete, businesses will be able to begin accessing the capitol loans. For complete information, click HERE.

• Invest Illinois Venture Fund Program (IIVF) is a new venture capital program to support young, innovative companies in Illinois that show high growth potential, can demonstrate their place in the market and already have other investors.  The IIVF venture capital application is online on the Advantage Illinois web site and will administered directly by DCEO.

The official website of Advantage Illinois is: www.ildceo.net/AdvantageIllinois. 
For the Advantage Illinois flyer, click HERE. 
For the Invest Illinois Venture Fund Application, click HERE.

Investors in PROPEL Companies Eligible for Illinois Angel Investment Credit Program
Update from DCEO:  Total amount of investment dollars placed into the qualified new business ventures during 2011: more than $8 million. Total amount of investment dollars placed into the qualified new business ventures during 2012YTD: more than $11 million. 
The Illinois Angel Investment Credit Program is designed to offer a tax credit to interested firms or natural person(s) who make an investment in one of Illinois' innovative, qualified new business ventures. The investment will encourage job growth and expand capital investment in Illinois. The program can offer a tax credit to qualifying firms in an amount equal to 25% of their investment made directly in a qualified new business venture. The maximum amount of an investment that may be used as the basis for a credit under this section is $2,000,000 for each investment directly in a qualified new business venture. An awarded tax credit may not be sold or otherwise transferred to another person or entity. Businesses desiring to be registered as a qualified new business venture shall submit a registration form in each taxable year for which the business desires registration. The registration will attest to the fact that the business is principally engaged in innovation, their business headquarters is located in Illinois and their business has the potential for increasing jobs and capital investment in Illinois. Interested firms or natural person(s) desiring a tax credit based on their investment in a qualified new business venture must submit an application to the Department which attests to the fact that an investment has been made and remains in the qualified new business venture for no less than 3 years.For the registration form, click HERE. For claimant/investor application, click HERE.

For more information, click HERE for the Qualified New Business Venture List or HERE for the Illinois Angel Investment Statute. For a summary of the program, click HERE. For any inquiries about the Illinois Angel Investment Credit Program or to become an eligible Qualified New Business Venture or an eligible Claimant please contact: angelinvestment@illinois.gov or (217) 557-0513.

PROPEL’s LinkedIn Group
PROPEL has its own group on LinkedIn called “PROPEL at the iBIO Institute.” Whether you are a PROPEL participant, coach, subject matter expert, professional service firm or community member, consider becoming a part of PROPEL online by joining this LinkedIn group.

Business Insights Reports Available
PROPEL provides 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.” For a full list of available reports, click HERE and contact Monique Velasquez at 312.422.1111x6 or mvelasquez@ibio.org.


Upcoming Events and Other News within the Community:

Impact Engine Accelerator to Launch in Chicago
The Impact Engine (TheImpactEngine.com) is a 12-week venture accelerator designed to help socially and/or environmentally minded for-profit companies move to their next level. Their first group of approximately 10 entrepreneurs, Impact 1, will be matched with experienced mentors, provided access to vetted legal and accounting professionals, given help in building their business models, offering assistance in landing early customers, providing ideas on growing their organizations and access to over 200 investors on Investor Day.

Chuck Templeton (founder of OpenTable) and Arun Sivashankaran (seasoned entrepreneur and technical guru) will be working with the Impact 1 companies on a day-to-day basis, helping them think about how to best grow their organization. 

The Impact Engine is accepting applications for their first cohort (Impact 1) of companies until June 30th, for a class that runs from September to December. For more details, click HERE.

TechWeek 2012 Conference to be held on June 22 - 26
The Techweek 2012 Conference showcases the technology renaissance evolving in Chicago and the Midwest. Within 5 days, you'll experience the life cycle of an emerging technology business - from idea to scale. Discover how companies like Groupon, Threadless, Orbitz, 37Signals and many more started and grew to success in the heart of the Midwest. To register, click HERE.
June 22 - 26
Merchandise Mart

Oakton Skokie Swift Station Opening Event on June 24th – Eases Access to Illinois Science and Technology Park
The decade-long effort to bring a CTA train station back to downtown Skokie culminated at the end of April with the opening of the Oakton Station. "The station will help attract tenants to the adjacent Illinois Science and Technology Park," said Richard Groh, general manager. "It will give tenants the ability to pull talent from downtown Chicago."   
June 24
2 - 4 p.m.
Oakton Station

BBC Webinars, May - September
Consider joining Biotechnology Business Consultants’ many webinars coming up.
DoD SBIR/STTR Overview, May 1
5-Part Government Accounting & Grants Management Series:  Intro to Budgets, May 3; Preparing for Government Funding Audits, May 10; and Indirect Rate Development, May 17
QuickBooks for Gov't Funding Recipients, May 24
Post Award Compliance: Managing Your SBIR/ STTR Award, June 7
Tips on Electronic Submission to NIH, June 28
Tips on Electronic Submission to DoD/DoE, Sept 6
Most webinar admission is $25.  Webinars run from 1 to 3 PM (ET). For more information or to register, click HERE.

Chicago Innovation Awards: Nominations Open May 1 – July 15
Whether you work for a large company or a small start-up, in technology or in consumer products, for a non-profit or otherwise, be sure to nominate your new product or service for the Chicago Innovation Awards. Past PROPEL companies selected as “Top 75 Up-and-Comers” include Advanced Cooling Therapy, Citrics Biomedical and Nerve Access. For more information, click HERE.

14th Annual NIH SBIR/STTR Conference, May 30 – June 1
Save the dates of May 30 through June 1, 2012 for the 14th Annual NIH SBIR/STTR Conference. This year’s conference will be held in Louisville, Kentucky. NIH is pleased to work with the local host, the Kentucky Science and Technology Corporation to plan an exciting conference. The main conference will be held on May 30-31 and an optional workshops (to be determined) will be held on June 1. Please block this date off on your calendars and stay tuned for more details as the logistics and agenda are developed. For more information, click HERE.

Stateline FastPitch Competition, June 20
Save the date - FastPitch 2012 is scheduled for Wednesday, June 20 in Rockford, IL. For more information, click HERE.

Commercializing University and Early-Stage Innovation in Healthcare Panel at Techweek, June 22 – 26
If you are attending Techweek in June, consider attending the Chicago Innovation Mentors panel on Commercializing University and Early-Stage Innovation in Healthcare. With many biomedical assets and local expertise, Chicago has the raw materials to become a leading Healthcare center. Chicago Innovation Mentors (CIM) is a consortium founded by the University of Chicago, Northwestern University, University of Illinois and iBIO Institute to catalyze early stage healthcare innovations by providing team mentoring based on the MIT Venture Mentoring Service model. The panel includes leaders from each of the founding institutions discussing the challenges and opportunities in healthcare in Chicago, why they formed CIM in 2010 and how it is working today.

Midwest Clean Tech Conference, September 12
Save the date for the 5th Annual Midwest Clean Tech Conference, a program exhibiting Midwest clean technology and innovation. Midwest Clean Tech 2012 is a global marketplace connecting innovators with financiers, management expertise and the global community in partnership with the 2012 International Manufacturing Technology Show. For more information, click HERE.
September 12
Chicago, IL

The JOBS Act: Critical Support for Today’s Emerging Biotech Company
From www.bio.org, March 27, 2012. The JOBS Act would create an “on-ramp” to the public market for emerging growth companies.  In March, Congress passed the Jumpstart Our Business Startups (JOBS) Act, which is now headed to the White House for President Obama's signature. The Act will make the pathway to capital formation more attainable for small biotechnology companies, clearing the way for American innovation and ingenuity by removing bureaucratic hurdles and red tape to speed cures and medical breakthroughs to patients. It takes eight to 12 years to bring a new medicine from discovery, through Phase I, Phase II, and Phase III clinical trials, and on to the Food and Drug Administration (FDA) approval of a product, according to the Tufts Center for the Study of Drug Development. The entire endeavor can cost more than $1.2 billion. Due to this capital-intensive process, biotechnology companies must cultivate a wide range of public and private investors to finance the early stages of development. In addition to the research and development hurdles that biotechnology companies face on their search for cures and breakthrough medicines, biotech leaders must also deal with the day-to-day challenges of running a small business with the hopes of one day entering the public market. Of great import in the biotechnology industry is the constant struggle to find working capital. The JOBS Act would create an “on-ramp” to the public market for emerging growth companies, allowing them five years to focus on conducting critical research before having to divert funds to costly regulations. In particular, emerging growth companies would be exempt for their first five years on the public market from the compliance burdens of Sarbanes-Oxley (SOX) Section 404(b), which SEC studies estimate cost companies up to $2 million per year. Additionally, an on-ramp would ease certain accounting and disclosure requirements for a company’s first five years. For the full article, click HERE. 

DCEO Director Warren Ribley Starts New Position at the Illinois Medical District; New Director Starts at DCEO
After nine years with Illinois Department of Commerce & Economic Opportunity (DCEO), Warren Ribley has resigned his position as Director of DCEO to accept a new position as the Executive Director of the Illinois Medical District in Chicago beginning April 2. Governor Pat Quinn has tapped his budget director to take over the state's commerce department. David Vaught, who has led the Office of Management and Budget since 2009, has been appointed director of the DCEO, effective April 2.

Chicago Innovation Pipeline Available Online
The Chicago Innovation Pipeline, an interactive, web-based tool featuring top technologies available for license from leading Chicago-area research institutions is now available. The Pipeline is a searchable database that provides one-stop shopping for members of industry and investors. Technologies are organized by product type, therapeutic area and development stage. Detailed product sheets for each technology as well as links to key contacts are included for easy download. Current Pipeline participants are Argonne National Laboratory; Children’s Memorial Research Center; Loyola University; University of Chicago; and University of Illinois at Chicago. To read more, click HERE.

City of Chicago’s Monthly Business Education Workshops
The Department of Business Affairs and Consumer Protection (BACP) offers workshops every Wednesday and Friday. Workshops will vary each month and are conducted by City Officials, experts and partner business organizations. All workshops are free and open to the public. Workshops are held at BACP's offices located at 121 N. LaSalle St., City Hall Rm 805, Chicago, IL. For the current schedule, click HERE.

For more information:
Call 312.422.1111
Visit http://www.ibiopropel.org
E-mail propel@ibioinstitute.org