PANEL DISCUSSION
Getting To Market:
Biotech/Pharma
On the Panel:
Duncan A. Greenhalgh, PhD: Testa Hurwitz & Thibeault LLP
Amir Nashat, PhD: Polaris Venture Partners
Robert H. Rubin,MD PhD: Assoc Dtr, Div of Infectious Diseases- Brigham & Women’s Hospital
Anthony J. Sinskey, ScD: MIT Professor of Microbiology & Founder of Metabolix
William F. Swiggart, JD: Swiggart & Agin
Moderator : Joe Hadzima, Senior Lecturer MIT Sloan School & Main Street Partners LLC
Tuesday November 23, 2004, 7-9 PM
Room 56-114
November 23, 2004
Getting To Market: Biotech/Pharma
PANELIST: Duncan Greenhalgh, Testa, Hurwitz & Thibeault LLP
Duncan A. Greenhalgh, Ph.D. is an associate in the Patent and Intellectual Property Practice
Group. He specializes in the protection and enforcement of intellectual property rights
primarily in the field of life sciences, and represents private and publicly traded companies, and
medical and academic institutions.
Dr. Greenhalgh received his B.Sc., with honors, in Biotechnology, from the University of Leeds,
U.K., his Ph.D. in Biochemistry from the University of Leeds, U.K., and his J.D., magna cum
laude, from Suffolk University law school. He worked for four years as a postdoctoral research
associate in the Department of Chemistry at Massachusetts Institute of Technology under
Nobel Laureate Har Gobind Khorana.
November 23, 2004
Getting To Market: Biotech/Pharma
PANELIST: Amir Nashat PhD, Polaris Venture Partners
Dr. Amir Nashat is a principal specializing in life sciences at Polaris Ventures. He currently
represents Polaris on the boards of ENOS Pharmaceuticals and Pervasis.
Prior to joining Polaris in 2002, Amir completed his Ph.D. as a Hertz Fellow in chemical
engineering at the Massachusetts Institute of Technology under Professor Robert Langer.
Amir's doctoral research focused on information flow through neurons, neural implants, and
neural tissue engineering.
Dr. Nashat earned his M.S. in Materials Engineering at the University of California, Berkeley,
where he developed microfabricated devices for various biomedical applications. He also
collaborated with Ciba-Geigy to develop novel composite materials. He received his B.S. at UC
Berkeley with a double major in mechanical engineering and materials engineering. He
graduated as the top senior in both departments and was a finalist for the University Medal.
November 23, 2004
Getting To Market: Biotech/Pharma
PANELIST: Robert H. Rubin, MD, PhD, Associate
Director, Division of Infectious Diseases Brigham &
Women’s Hospital
Dr. Rubin has spent much of his clinical career studying and caring for transplant patients.
Among his accomplishments are the development of new strategies for preventing the most
important infections, particularly those due to viruses and fungi; the establishment of the link
between certain viral infections and allograft injury and the development of certain
malignancies; and the development of novel antimicrobial approaches that are effective not
only in transplant patients, but also in such other immunocompromised patient populations as
those with AIDS and cancer. Also on the Board of Directors at Merrimack Pharmaceuticals, he
brings unique insight into the clinical implementation of their novel Network Biology platform
which focuses on auto-immune diseases and cancer
Robert Rubin received his B.A. from Williams college and M.D. from Harvard Medical School.
He has held fellowships in infectious disease at Mass General Hospital and New England
Medical Center and is board certified in infectious disease and internal medicine.
November 23, 2004
Getting To Market: Biotech/Pharma
PANELIST: Anthony J. Sinskey, ScD, MIT Professor of
Microbiology and Founder of Metabolix, Inc.
Professor Anthony Sinskey’s research goal is to establish an interdisciplinary approach to
metabolic engineering, focusing on the fundamental physiology, biochemistry and molecular
genetics of important organisms.
In 1992 Anthony co-founded Metabolix, Inc a bioplastics engineering firm located in
Cambridge, MA based on his findings that some microorganisms store carbon in as natural
polyesters. These polyesters, known collectively as polyhydroxyalkanoates (PHAs) have a wide
range of valuable properties including biodegradability and thermoplasticity and the
recombinant DNA technologies behind them have spearheaded the field of biopolymer
engineering. He also serves on the Board of Directors at Merrimack Pharmaceuticals.
Merrimack, founded in 2000 to commercialize the study of protein networks and complex
interactions that mediate cellular pathways and for the purposes of drug discovery and
development.
November 23, 2004
Getting To Market: Biotech/Pharma
PANELIST: William F. Swiggart, JD, Swiggart & Agin
William Swiggart concentrates his practice in the representation of software and medical
technology companies. Mr. Swiggart was with Perkins, Smith & Cohen, a Boston firm, until he
founded his current practice in 1990.
Swiggart & Agin, LLC, in Boston, Massachusetts, provides legal services to companies,
including computer and medical technology firms. Bill has served as General Counsel and
Secretary to Bitstream Inc., a Cambridge based software company, and as General Counsel of
ON Technology Corporation. Swiggart & Agin recently represented Clinical MicroArrays, an
early stage life sciences company in securing its Series A round of financing.
William Swiggart is a graduate of Princeton University and the University of Connecticut School
of Law, where he was a member of the Connecticut Law Review.
November 23, 2004
Getting To Market: Biotech/Pharma
MODERATOR: Joe Hadzima, MIT Sloan and Main Street Partners
Joseph G. Hadzima Jr. is a Senior Lecturer at Sloan School of Management, where he has
lectured on a variety of subjects since 1984. He has been involved with over 120 new ventures
as a venture capitalist, entrepreneur, lawyer and board member.
As a practicing lawyer for 17 years he was Partner, Founder and Director of the Sullivan &
Worcester High Tech/New Ventures Group. He was a Founding Judge of the MIT $50K
Entrepreneurship Competition. He is Chairman of the MIT Enterprise Forum-Global. He is
currently a Managing Director of Main Street Partners LLC, a venture development and
technology commercialization firm located in Kendall Square Cambridge.
Joe received a B.Sc. from MIT in 1973, a S.M. in Management from the MIT Sloan School of
Management in 1977 and a Juris Doctore law degree cum laude from Harvard Law School in
1979.
November 23, 2004
The 16th Annual
The Nuts and Bolts of Business Plans
MIT Course 15.975
January 2005
BUSINESS PLAN BASICS; MARKETS;
BUSINESS MODELS; FINANCIAL PROJECTIONS;
LEGAL ISSUES; PITCHING THE PLAN;
EXECUTING THE PLAN; ORGANIZATIONAL CULTURE; FINANCING
SOURCES
3 Units of Pass/Fail Credit Available
6 or 7 Evenings During January 11 to 27
CHECK CLASS WEBSITE FOR FINAL DATES
entrepreneurship.mit.edu/15975/
Getting To Market: Biotech/Pharma
Getting to Market => A Road Trip Without
A Map
“The Process of Getting to Market is like going on a Road Trip without a MAP- you look for
points of interest that others have pointed out along the way.” (a paraphrase of a comment by
Lori Pressman, former Associate Director of the MIT Technology Licensing Office)
Goal of the Panel Tonight: Construct a “Point of Interest Map”
November 23, 2004
Getting To Market: Biotech/Pharma
“Points of Interest” Map
1.
2.
3.
4.
5.
6.
How do you evaluate a Technology’s Commercial Potential?
How does this Commercial Potential suggest a Business Strategy?
Is Forming a Company the Best Strategy?
Legal Aspects of Implementing the Strategy Chosen
Resources Needed to Implement the Plan
Lessons Learned
November 23, 2004
Getting To Market: Biotech/Pharma
“Points of Interest” Map
1. How do you Evaluate a Technology’s Commercial Potential?
2.
3.
4.
5.
6.
How does this Commercial Potential suggest a Business Strategy?
Is Forming a Company the Best Strategy?
Legal Aspects of Implementing the Strategy Chosen
Resources Needed to Implement the Plan
Lessons Learned
Summary of Points Made:
1.
2.
3.
4.
5.
6.
7.
8.
9.
Is it Big? How much $ will it take? How long will it take? Amir
What are the regulatory requirements? Can you make a business of it? Anthony
Who are the People? We invest in People more than Technology? Amir
What the Core Skills of the People? Robert
Intellectual Property? What is it? Who owns it? What IP do the Competitors own? Duncan Strategic IP - Amir
Market Analysis- how is the problem being solved today??? Robert
Does technical mechanism make sense? In Vitro success? What in Vivo proof of concept? Robert
Today- investors want answers to these questions before investing… Amir
Commercial Potential = Value Creation + Value Extraction - Joe
November 23, 2004
Getting To Market: Biotech/Pharma
“Points of Interest” Map
1.
How do you Evaluate a Technology’s Commercial Potential?
2. How does this Commercial Potential suggest a Business Strategy?
3.
4.
5.
6.
Is Forming a Company the Best Strategy?
Legal Aspects of Implementing the Strategy Chosen
Resources Needed to Implement the Plan
Lessons Learned
Summary of Points Made:
1.
2.
3.
4.
What does the “Package Insert” look like? What do I need to do to if I wanted that Package Insert? Robert
What are Your Goals? Investors goal is just to make $$$ Amir
Business Strategy flows from Goals.
Biomarker Example. Who is it valuable to? What can you charge that person? How many people can you charge? Amir
Where in the “Value Chain” do you want to play? Drive to base of Mt. Everest or helping the last 200 ft? Amir
November 23, 2004
Getting To Market: Biotech/Pharma
“Points of Interest” Map
1.
2.
How do you Evaluate a Technology’s Commercial Potential?
How does this Commercial Potential suggest a Business Strategy?
3. Is Forming a Company the Best Strategy?
4.
5.
6.
Legal Aspects of Implementing the Strategy Chosen
Resources Needed to Implement the Plan
Lessons Learned
Summary of Points Made:
1.
2.
3.
4.
5.
6.
7.
Depends on what you want to do? Do you want to do research and let others license it – I.e TLO. Anthony
Forming a Company is easy- Forming a Successful Company is the question. Anthony
Licensing Review Committees are set up to say “NO”. High level personal contact very valuable. Robert
Companies- can you fund it? At the right level? Anthony
Do-it-yourself lawyering is like do-it-yourself brain surgery…..Do it right, right from the beginning. William
Incremental/evolutionary vs. revolutionary. FedX example (100x more expensive, mail room politics). Amir
Do you have that “Feeling” that this HAS TO be done- passion factor. Amir
November 23, 2004
Getting To Market: Biotech/Pharma
“Points of Interest” Map
1.
2.
3.
How do you Evaluate a Technology’s Commercial Potential?
How does this Commercial Potential suggest a Business Strategy?
Is Forming a Company the Best Strategy?
4. Legal Aspects of Implementing the Strategy Chosen
5.
6.
Resources Needed to Implement the Plan
Lessons Learned
Summary of Points Made:
1.
2.
3.
4.
5.
Assembling the team- need to have equity situation clear early on. Simple is better. William
Ethical aspects very important. Who is on patent? Who is part of the team? Anthony
Get it right the first time. It is much much more expensive to clean up - do it right at beginning. Duncan
It is like starting a family…. You will be together for a long time. Pick the right people. Amir
Importance of clear understanding among team of what everyone agrees we are doing.
November 23, 2004
Getting To Market: Biotech/Pharma
“Points of Interest” Map
1.
2.
3.
4.
How do you Evaluate a Technology’s Commercial Potential?
How does this Commercial Potential suggest a Business Strategy?
Is Forming a Company the Best Strategy?
Legal Aspects of Implementing the Strategy Chosen
5. Resources Needed to Implement the Plan
6.
Lessons Learned
Summary of Points Made:
1.
2.
3.
4.
Advisors- experienced people want to do something interesting. Will this be FUN? (River names) Anthony
Onion layering. Good people attract good people. Find the “Network” and work it. Amir
Hardest resource to get is the CEO to run the company. Amir
Hire people who are better than you….. Anthony
November 23, 2004
Getting To Market: Biotech/Pharma
“Points of Interest” Map
1.
2.
3.
4.
5.
How do you Evaluate a Technology’s Commercial Potential?
How does this Commercial Potential suggest a Business Strategy?
Is Forming a Company the Best Strategy?
Legal Aspects of Implementing the Strategy Chosen
Resources Needed to Implement the Plan
6. Lessons Learned
Summary of Points Made:
1.
2.
3.
4.
Does the Inventor have to be the Entrepreneur? No- but must have a shared Vision and Trust. Amir
Is this the right time to do this? Why this, why now? FDA reg change example. Robert
Be a Good Listener. Constantly listen, learn and adapt. Evolution and getting smarter. Amir
Figure out what is easy and what is hard. Anthony
November 23, 2004
Getting To Market:
Biotech/Pharma
THANK YOU TO THE PANEL
Duncan A. Greenhalgh, PhD: Testa Hurwitz & Thibeault LLP
Amir Nashat, PhD: Polaris Venture Partners
Robert H. Rubin,MD PhD: Assoc Dtr, Div of Infectious Diseases- Brigham & Women’s Hospital
Anthony J. Sinskey, ScD: MIT Professor of Microbiology & Founder of Metabolix
William F. Swiggart, JD: Swiggart & Agin
Moderator : Joe Hadzima, Senior Lecturer MIT Sloan School & Main Street Partners LLC
November 23, 2004