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PROPEL Intel - September 2012

September 04, 2012

News and Events from PROPEL:

Since its launch in June 2007, PROPEL has helped more than 70 early stage life sciences companies.

PROPEL Workshop:SBIR/STTR Grant Writing Workshop, September 13 – 14
PROPEL’s next SBIR/STTR grant writing workshop led by Lisa Kurek of Biotechnology Business Consultants (BBC) is September 13 – 14, 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 September 7. Contact Monique Velasquez with questions (312.422.1111x6 or mvelasquez@ibio.org).
September 13 – 14
9 a.m. – 4 p.m.
Chicago, IL

PROPEL Workshop:Developing Value from Intellectual Property, September 27
Part 1 of 2 PROPEL workshops on intellectual property. Join PROPEL for this opportunity to explore value creation through intellectual property at early-stage life sciences companies. The discussion will focus on how value is created with a company’s intellectual property portfolio, including topics such as inventorship, ownership, patent filing strategy, cost and timeline and preparing for the investor diligence inquiries. Our discussion will be moderated by MBHB IP expert, attorney Pat Gattari. Panelists will include representatives from investment banking and start-ups. To register, click HERE. Registration is $10. For questions, contact Monique Velasquez at mvelasquez@ibio.org or 312.422.1111x6.
September 27
11:30 a.m. - 1:30 p.m.
MBHB
300 S. Wacker Dr.
Chicago, IL

PROPEL and Women in BIO Workshop: Considerations When Preparing for Clinical Trials, October 10
For most early-stage life sciences companies, beginning Clinical Phase II trials is a significant milestone and exciting development. But getting to this point can be daunting, difficult, expensive and lengthy. This workshop will discuss best practices when planning animal studies and Phase I trials that prepare a company for the critical Phase II trials. Topics will include considerations for safety and efficacy studies, preparing for an IRB at clinical research sites, working with the FDA, cGMP/cGLP – and other critical issues that arise. We’ll have a panel discussion from the perspective of a university clinical research site, large pharma company and small start-ups. To register, click HERE. Registration is $15 and includes lunch. For questions, contact Monique Velasquez at mvelasquez@ibio.org or 312.422.1111x6.
October 10
11:30 a.m. - 1:30 p.m.
Chicago, IL

PROPEL Workshop:The Ins and Outs of In-Licensing and Out-Licensing, October 24
Part 2 of 2 PROPEL workshops on intellectual property. Whether you are a university spinout or a start-up company interested in out-licensing part of your technology, licensing can be an important factor at early stage life sciences companies. This workshop will discuss best practices of in-licensing and out-licensing for early stage life sciences companies. We’ll have a panel discussion from the perspective of the university licensor, a strategic partner licensee as well as from those experienced in negotiating these license agreements. Our discussion will be moderated by MBHB licensing expert, attorney Kevin Noonan. Panelists will include representatives from university tech transfer offices and big pharma. To register, click HERE. Registration is $10. For questions, contact Monique Velasquez at mvelasquez@ibio.org or 312.422.1111x6.
October 24
11:30 a.m. - 1:30 p.m.
MBHB
300 S. Wacker Dr.
Chicago, IL

The Role of Failure in Successful Outcomes, September 12
Presented by the America-Israel Chamber of Commerce Chicago Life Sciences Practice Group, Biologue Chicago and PROPEL. Nicole Walker, a Director of Abbott Ventures, Inc., will discuss the role of failure in successful outcomes from her experiences evaluating early stage life science companies (pharma and device) for potential investments. Lunch is included; there is no charge to attend. Program is hosted and sponsored by Katten Muchin Rosenman LLP Technology Practice Group. For more information, call 847-597-7069 or e-mail m.schmitt@americaisrael.org.
September 12
11:30 a.m.
Katten Muchin Rosenman LLP
525 W. Monroe Street
Chicago, IL

Technology of PROPEL’s ROS Technologies in Chicago Tribune
The technology behind ROS Technologies, led by Sam Dudley and Mihai Raicu, was discussed in the Chicago Tribune recently in an article titled “Blood test could screen for defibrillator need” by Jessica Tobacman. Scientists at the University of Illinois at Chicago are trying to develop a more effective blood test to determine whether a patient needs to have a defibrillator implanted in his or her body to make sure the heart beats properly. Sixty to 70 percent of people who have had an implanted cardiac defibrillator or implantable cardioverter defibrillator never use the device, said Sam Dudley Jr., a professor of medicine and physiology at the University of Illinois at Chicago and chief of the cardiology section.  A blood test that could show whether a patient needs an implanted defibrillator would save money and reduce the risk of infection and bleeding that occurs every time a defibrillator is placed in a person's chest or abdomen, Dudley said. An implanted defibrillator costs $50,000 to $70,000 and, over a patient's lifetime, it can cost $1 million to maintain the device, which needs a periodic replacement of its battery. Dudley and his colleagues have given a simple blood test to 63 patients who have had the defibrillators inserted at least a year ago, are 18 years or older and do not have certain infections or diseases. The test also has been given to a group of 43 patients who have had heart failure but no history of having had implanted defibrillators and 28 participants of the same age without histories of heart failure or implanted defibrillators. For the full article, click HERE.

PROPEL Companies Eligible for DoD’s Rapid Innovation Funds, Deadline September 17
For some information about the DOD's Rapid Innovation Funds, which may provide a good opportunity for Illinois companies to apply, click HERE. This program was created to help small businesses work with the military, especially those with prior SBIR awards. Awards are up to $3M and cover prototype-stage research/validation/technology development. A 5-page whitepaper to apply is due September 17. Topics this year are pretty broad, but anything in sensors/controls, energy storage, portable (solar) generation, and efficiency-leaning categories would be a good fit. Most of the services have released their topics, except for Air Force which will come out in October. Sara Hochman at the Illinois Science & Energy Innovation Fund (ISTC) has a wealth of expertise, particularly into federal energy funding opportunities, and is available to offer some high level technical assistance (reviewing drafts, providing guidance) to strengthen applications. PROPEL Companies should connect with Sara at s.hochman@iseif.com.

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
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:

EnterpriseWorks’ Crowdfunding Webinar and Discussion, September 5
There is a lot of buzz about crowdfunding, which has helped many creative and consumer product companies get funding through Kickstarter and Indiegogo. These forms of crowdfunding are mostly driven by investments in exchange for a vote of confidence in the product, a free t-shirt, or a pre-sale of the proposed product. On April 5, 2012 President Obama signed the JOBS Act bill into law with an increased crowdfund cap, which is supposed to facilitate more investments in startups by selling small amounts of equity to many investors. There are numerous details that will make this complicated and may involve 3rd party brokers or law firms facilitating the transactions. EnterpriseWorks is organizing a discussion on this topic to help discuss options for this funding source to be used by local companies. NCET2 is offering a webinar series entitled Crowdfunding Pitfalls for Start-Up Companies, and EnterpriseWorks thought it might be good to target having a roundtable discussion with one of these webinars to help provide some national perspective along with an informal local discussion. Lunch will be provided by EnterpriseWorks.
September 5
11:30 a.m. – 12:45 p.m.
EnterpriseWorks
Conference Rm 130
Champaign, IL

Webinar: A Review of the Impact of Recent Supreme Court and Federal Circuit Decisions on Patent Strategy, September 6
The last year has continued to show a new awakening by the Supreme Court in the patent area, generally reflecting public sentiment raising concerns about patents and their perceived impact. Recent Federal Circuit decisions have struggled to apply new precedent from the Supreme Court, with mixed success. This presentation will provide an overview of recent Supreme Court and Federal Circuit decisions and their impact on patent prosecution and litigation in each of the following areas: 35 U.S.C. §101; 35 U.S.C. §145; Orange Book and Use Codes; Injunctions after eBay; Inequitable Conduct after Therasense; Doctrine of Equivalents; Joint Infringement; Exceptional Case and Patent Enforcement. Webinar presenter: MBHB Partner Grantland Drutchas. While there is no fee to participate, all attendees must register in advance and, in order to receive MCLE credit, must participate individually. To register, click HERE. All registrants will receive an email confirmation and details for online participation. McDonnell Boehnen Hulbert & Berghoff LLP is committed to educating clients and friends of the firm with respect to significant developments and trends in the areas of intellectual property law. 
September 6
10 – 11:15 a.m.
Webinar

EIGERLab’s SBDC:  Kauffman FastTrac’s Listening to Your Business Offerings, Sept 6 and Oct 2
Attending this half day workshop provides entrepreneurs the tools needed to take a closer look at where their business is today, what they want it to look like in three years, and the action steps to get there.  Some of the highlights are: examine the business today, including its strengths, weaknesses, and opportunities; visualize the business three years from now; formulate an internal process to establish interim goals and strategies; identify resources to assist in reaching key business goals; and examine and respond to challenges and transitions. Cost: $199, includes materials. Space is limited. To register, click HERE or call 815-921-2081.
Illinois Small Business Development
EIGERlab
605 Fulton Ave.
Rockford, IL

Ag-Innovation Showcase, September 10-12
The Ag-Innovation Showcase is the premier ag event where VCs and strategics connect. This year’s keynote will be Sam Dryden, Director, Agricultural Development, Global Development Program, of the Bill and Melinda Gates Foundation. For more information, click HERE.

Midwest Clean Tech Conference, September 12
Attend 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

BioForward’s 2012 Bioscience Vision Summit, September 12
Join over 500 bioscience professionals from the energy, agriculture, and life sciences sectors for thought provoking speakers, networking and partnering opportunities, and career development. The 2012 Bioscience Vision Summit in Wisconsin will be held at the Monona Terrace Convention Center on September 12, 2012. To register or view the full agenda, click HERE. 

Great Lakes cGMP Regulatory Science Forum 2012, September 18 – 19
At the 4th Annual: Great Lakes cGMP & Regulatory Science Forum, nationally recognized and regional experts from government, industry and academia will discuss the current initiatives to enhance regulatory science, pharmaceutical manufacturing and product quality. This year's conference will address combination products and medical devices in addition to pharmaceuticals. Registration Fees: Industry $575, Academia/Government $300, Students $150.This four-session forum held over two full days includes breakfasts, lunches, and a networking reception. Space is limited and early registration is encouraged. Forum Sponsors are University of Illinois at Chicago (UIC) College of Pharmacy, U.S. Food and Drug Administration (FDA), and North Central Association of Food and Drug Officials (NCAFDO).
September 18 – 19
8 a.m. – 4:30 p.m.
UIC Forum
725 W. Roosevelt Rd.
Chicago, IL

How to Utilize the Export Services of the U.S. Department of Commerce – Chicago, September 19
This breakfast event organized by the Chicagoland Chamber of Commerce is the third event in its Educational Trade & Export Series. The featured speaker will be Megan Schildgen, Commercial Officer from the U.S. Commercial Service in Chicago. Topics will include information on services available for qualified U.S. businesses, including the trade counseling, market intelligence, business matchmaking, and commercial diplomacy. Time: 8:30 a.m. - 10:00 a.m. Location: Chicagoland Chamber of Commerce, 200 E. Randolph St., Chicago, IL  60601. For the registration link, click HERE. For more information, please contact Megan Schildgen, megan.schildgen@trade.gov, or Shufen Zhao, szhao@chicagolandchamber.org.

Webinar: Research Commercialization Introductory Course, Sept 19 – Nov 14
Now on its fifth run, the Research Commercialization Introductory Course is a very popular online course designed to help science and engineering researchers better understand how research commercialization works. Over 4000 researchers from across the US take the course each time it is offered. Research commercialization involves taking articles, documentation, know-how, patents, and copyrights, which are created during research activities and getting them to users and patients for real societal impacts.  In some cases, commercialization involved taking patents based on the research and licensing them to a company. This usually involves also having the researchers consult to the company. In other cases, commercialization involves forming of creating a startup and applying to federally funded commercialization programs. In all cases, though, research commercialization typically involves defining the nature of the research being commercialized (e.g., in a patent or intellectual property agreement), establishing a commercial relationship with another party (e.g., employment, a sale or license), and negotiating a contract (e.g., compensation). The Research Commercialization Course is recommended for all science, engineering and medical researchers in public or private research institutions (e.g., grad students, post-docs, and faculty). This is an indispensable course for S&E grad students looking for jobs in the next 6-18 months. Areas covered in the course include intellectual property, patents, copyrights, trade secrets, trademarks, licensing agreements, employment agreements, consulting agreements, tech transfer, creating and funding companies, and federally funded Small Business Innovation Research (SBIR) programs. Each lecture is a live 90-minute online class with Q&A. This workshop course is offered free of charge but registration is required by clicking HERE. 
Lecture 1: The Importance of Commercializing Research, September 19
Lecture 2: Patents, September 26
Lecture 3: Copyright, Trademarks and Trade Secrets, Wednesday, October 3
Lecture 4: Employment and Consulting Agreements, October 10
Lecture 5: Tech Transfer and Licensing Agreements, October 17
Lecture 6: Small Business Innovation Research (SBIR) Grants, October 24
Lecture 7: Introduction to Early Stage Funding, October 31
Lecture 8: Introduction to Structuring and Leading the Research-Intensive Company, November 7
Lecture 9: Moving from R&D to Manufacturing, November 14
every Wednesday, Sept 19 – Nov 14
2:30 – 4 p.m.
Webinar

Women’s Business Development Center’s Entrepreneurial Woman’s Conference, September 20
This year's conference offers women business owners solutions to the current problems they are facing and the opportunity to increase the profitability of their businesses by building relationships with corporate and government buyers, business experts, and other women business owners. To register, click HERE.
September 20
McCormick Place West
Chicago, IL

Catalyzing Collaboration’s Affordable Care Act – Biosimilars, September 28
Become part of an on-going forum bringing life science researchers from universities and industries together to exchange ideas, discuss challenges, and explore potential collaborations in an effort to promote commercialization. For the full agenda, to register and for additional information, click HERE.  This is a Pre-registration Event. Hospira is a secure facility therefore on-site registration will NOT be accepted. 
September 28
8 a.m. – 5 p.m.
Hospira
Lake Forest, IL

BBC Webinars, September – November
Consider joining Biotechnology Business Consultants’ many webinars coming up.
SBIR/STTR Overview, Sept 5
Tips on Electronic Submission to DoD/DoE, Sept 6
DoD Commercialization, Nov 1
Most webinar admission is $25. Webinars run from 1 to 3 PM (ET). For more information or to register, click HERE.

AdvaMed 2012, October 1 – 3
Attend this year’s AdvaMed conference, October 1 – 3 in Boston, MA. For more information, click HERE.

Mid-America Healthcare Venture Forum, December 4: Company Submission Deadline October 4
Applications are now being considered for the Mid-America Healthcare Venture Forum to be held on December 4. This is the Midwest’s premier life science event showcasing biotech, pharma, medical devices, diagnostics, healthcare IT, agbio and industrial biotech companies. To apply, click HERE. For more information on the conference, click HERE.
December 4
Minneapolis, MN

Chicago Small Business Expo, October 5
Chicago City Treasurer’s Small Business Expo will be held this year on Friday, October 5 at the UIC Forum from 8:30 a.m. - 3:30 p.m. Additional Expo information can be found HERE.
October 5
UIC Forum
Chicago, IL 

CATTEC, October 11-12
CATTEC Returns with this fifth in MRUN's series of regional invitational investment forums. CATTEC V brings together regional talent, ideas and capital in a showcase of emerging high tech startups from leading Midwest universities and seed incubators. With each CATTEC, angel and early stage venture capital investors, entrepreneurs and university managers engaged as startup facilitators meet and develop connections that strengthen the Midwest's new venture innovation network. Preliminary Agenda includes October 11: Presentations by early stage companies from MRUN member universities and accelerators seeking investment; Key note talks by industry leaders in commercialization and startups.  October 12: Presentations by early stage companies from MRUN member universities and accelerators seeking investment; Presentations by early stage international companies with relationships to the Midwest seeking investment; Key note talks by industry leaders in commercialization and startups.
Illinois Science + Technology Park
Auditorium
8045 Lamon Ave.
Skokie, IL

McGuireWoods’ 4th Annual Medical Device and Life Sciences Conference, November 8
Join McGuireWoods for its 4th annual interactive conference addressing key legal and business matters focusing on innovation, investing and regulatory issues in the medical device sector. Attendees and Speakers include: investors in medical device manufacturers and distributors; managers of medical device manufacturers and distributors; general counsel, in-house legal counsel and regulatory and medical affairs staff; and compliance officers and compliance personnel. Topics include: Chaos or Transformation – Healthcare 2013; Physician payment sunshine laws; Future trends and issues in the pharma industry; Financing and transaction issues for the medical device and diagnostic industry; and Innovations and new ideas in the healthcare and life sciences space. For the full agenda and more information, click HERE.
November 8
8 a.m. – 7 p.m.
Renaissance Blackstone Chicago Hotel
636 S. Michigan Ave.
Chicago, IL

Global Entrepreneurship Week 2012, November 12 - 18
More than 120 countries are planning thousands of events to inspire and connect next generation of entrepreneurs. Global Entrepreneurship Week 2012, the world's largest celebration of entrepreneurship, will be held November 12–18, 2012 for the fifth consecutive year to encourage existing and aspiring entrepreneurs to unleash innovative ideas, using the marketplace to improve lives and make their mark. From Albania to Zimbabwe, thousands of events, activities and competitions will help entrepreneurs reach the next level. Millions of participants will connect with potential collaborators and mentors. Hundreds of new startups will secure funding and spring to life. An initiative of the Ewing Marion Kauffman Foundation, GEW connects people through activities designed to help them explore their potential as self-starters. National campaigns in 123 countries are in full swing as more than 24,000 partner organizations are expected to hold activities, events and competitions that help form and strengthen the entrepreneurial ecosystems that are responsible for job creation and economic growth.  To view a complete list of participating countries and supporting organizations, or to learn more about Global Entrepreneurship Week, click HERE.

The University Startups Showcase: 7th Annual University Startups Conference, March 20-22
The National Council of Entrepreneurial Tech Transfer (NCET2) announces a University Startup Showcase (USS) as part of its 7th annual University Startups Conference on March 20-22, 2013 in Washington, DC. Each year U.S. universities create around 600 new companies based on the almost $35 billion dollars of federally funded research conducted at universities. The USS will showcase the best university startup companies, as nominated by the country's major research universities, to leading venture capitalists, angel investors, strategic investors and SBIR program managers. For more information about the University Startup Showcase, please click HERE or email support@ncet2.org.
March 20-22
Washington, DC

Focus on Technology Transfer Accelerates Research Activity at Illinois Universities
The August 2012 Illinois Innovation Index featured tech transfer activity at Illinois universities. Academic institutions have become increasingly central to driving innovation and contributing to economic development. Over the past decade, the transfer and commercialization of research (tech transfer) at Illinois universities have intensified: the state ranked among the nation’s leaders in tech transfer and in 2011 saw an unprecedented number of startups based on technology developed at Illinois’ universities. However, other states’ academic institutions continue to outperform Illinois,’ indicating more must be done to spur innovation. For the full article, click HERE.

How Much Should Founding CEO’s Pay Themselves Post Series A?
From robgo.org. Almost all of the seed stage founders I work with pay themselves a very meager salary post seed round. It’s rarely a discussion – there are limited resources, a lot of pressure to hit meaningful milestones, and the founders usually just elect to pay themselves a mid-5-digit salary that is enough to survive and not much else. But then, some subset of these companies go on to raise a series A of, let’s say, $4-$7M. At that point, broaching the subject of CEO comp becomes a little awkward. As a founder, you don’t want to signal that you are suddenly in it for the cash comp – you are not. Clearly, your equity is the most important thing. At the same time, you shouldn’t be expected to be paying yourself $40K/year and barely scraping by (or burning money for your family). Building valuable companies takes time, and both you and your investors don’t want you to be doing unnatural things to ensure you have the means for a satisfactory lifestyle. For the full article, click HERE.

Q2 Contains Little Good News for Life Sciences Startups
By: Jonathan Marino, editor of peHUB.com. Venture capital funding for life sciences businesses plunged nearly 40% by dollar volume and fell also by the number of deals being done in the second quarter of 2012, comparing year-over-year figures, a report from PricewaterhouseCoopers and the National Venture Capital Association stated. How much has the pace of investing in life sciences companies slowed? The business’ portion of all investing in the venture capital asset class fell to just 20% last quarter, which marks the lowest ratio for life science VCs’ investing since the third quarter of 2002, nearly a decade prior. The report was assembled with Thomson Reuters data.  Both compared to year-over-year figures, and the first quarter of 2012, the average deal size slipped to $8 million—this marks a 22% decrease from the second quarter the year prior, and a nominal slide of 3% from this year’s first quarter. Breaking down by sub-sector, medical therapeutic company fundings fell by 26% to $508 million and medical diagnostics startups’ rounds plunged 44%, to just $54 million (all figures compared to the second quarter of 2011). Early stage funding for biotech companies fell 49% to $324 million and late-stage fundings fell 54% to $372 million, also comparing this year’s second quarter to last year’s. Newer startups may be coming into favor: the decline in early stage medical device fundings fell only 10% to $274 million and for late-stage device companies, funding fell 22% to $426 million (again, comparing this year’s second quarter to 2011).  The news comes as a number of other VCs are out fundraising for life sciences funds, with varying degrees of success. PeHUB has reported earlier this year that Versant Ventures and Pappas Ventures are among the asset class’ life sci VCs seeking new funds. Additionally—and, possibly, less likely—this website reported in 2011 that Sanderling Ventures, a longtime player in the space, would also seek out another vehicle.  It remains to be seen if—and how—life sci VCs will be able to secure more capital and do more deals, or if the PwC-NVCA report is a harbinger of things to come for the industry. Many venture capitalists admit that it has become increasingly difficult to corral limited partners for their dedicated funds. Still, the pace of M&A exits has picked up for life science venture capitalists, which could indicate that LPs disappointed by West Coast tech and Internet startup funds will make a comeback. Only time will tell.

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