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Funding and Valuation Models for Start-Up Biotech Companies

Wednesday, April 23
12:00 pm

Valuation and fundraising negotiations for private company rounds can be deeply influenced by the investment environment, numerous industry and competitive factors, and historical fundraising agreements involving your investors and Board members.  Learn about the variables that influence the valuation of young companies and the current trends in early-deal funding versus historical investment in start-up companies.  This panel will look at how  investors, senior management, bankers and Directors participate in fundraising negotiations and outcomes.  From bells and whistles to valuation, and exchanges between the two, what can CEOs of emerging biotech companies learn about managing future and historical investors while building a reasonable valuation in line with short- and long-term financing and business objectives?   Hear from leading venture groups that focus on early participation and two CEOS who have navigated these discussions.  Providing context for this panel, an expert from E&Y will unveil a new analysis on quantitative trends that underlie biotech start-up funding over the last five years.

Moderator:

Panelists:

Who's Who

Peter Barrett is a Partner in the life sciences group and joined Atlas Venture in 2002.
 
Previously, he was a co-founder, Executive Vice President and Chief Business Officer of Celera Genomics.  Within two years of the founding of the company (1998), Celera announced the first successful sequencing of the human genome.  Peter helped launch Celera as a publicly traded entity in 1999, and it became a leading force within the biotechnology industry.  Peter led Celera’s expansion into drug discovery and development, forging strategic alliances with technology companies and leading the acquisition of Axys Pharmaceuticals.
 
Prior to Celera, Peter held senior management positions at The Perkin-Elmer Corporation, most recently serving as Vice President, Corporate Planning and Business Development.  During his tenure, he expanded the life science business units through a series of licensing agreements, partnerships and acquisitions including:  Applied Biosystems, Tropix, Molecular Informatics, PerSeptive Biosystems, and Genscope.  Also during this time, Peter co-founded Celera Genomics with Dr. J. Craig Venter and the Applera Corporation management team.  Additional managerial roles included Executive Vice President of the Applied Biosystems Division of Perkin-Elmer. 
 
Peter currently serves on the boards of Atlas portfolio companies Akela Pharma (TSX: AKL), Archemix, Aureon Laboratories, Helicos Biosciences (NASDAQ: HLCS), InfaCare Pharmaceuticals, IVREA Pharmaceuticals, Momenta Pharmaceuticals (NASDAQ: MNTA), Stromedix, Vitae Pharmaceuticals and Zafgen.  He is chairman of the board at IVREA, Momenta and Zafgen.   In addition to his current board seats, Peter is a board member of former Atlas Venture portfolio company Alnylam (NASDAQ: ALNY). 
 
Peter is currently Vice Chairman of the Advisory Council of the Barnett Institute of Chemical and Biological Analysis at Northeastern University, as well as Adjunct Professor at the Barnett Institute.  He also serves as President of the Autism Consortium, a non-profit institution.
 
Peter received his Bachelor of Science in Chemistry from Lowell Technological Institute (now known as the University of Massachusetts, Lowell) and his Ph.D. in Analytical Chemistry from Northeastern University.  He also completed Harvard Business School’s Management Development Program. 

Glen is the Ernst & Young’s Global Biotechnology Sector Leader.  Glen has over 23 years of experience with Ernst & Young, including over 15 years serving clients in the biotechnology and medical device industries.  He has extensive experience in assisting clients with strategic transactions including public equity and debt offerings, technology licensing and R&D collaborations, and acquisitions.  Glen is also experienced in helping companies address the challenges of commercialization including revenue recognition, related reserves and channel inventory.

As Global Biotechnology Leader, Glen is responsible for leading of team of professionals in Boston dedicated to understanding the needs of clients, monitoring industry trends and business drivers, and networking and informing professionals serving biotechnology and medical device clients globally.  The team is also responsible for producing the firm’s Thought Leadership publications such as Beyond Borders, The Biotechnology Annual Report, now in its 21st year, and the bio*link and medtech*monitor  publications.

Glen is a Certified Public Accountant in the states of Massachusetts and California and a member of the American Institute of CPAs, the California Society of CPAs, and the Massachusetts Society of CPAs.

Mr. Hastings is President and CEO of OncoMed Pharmaceuticals.  From 2002 to 2005, he was President and Chief Executive Officer of QLT, Inc., where he managed the ongoing development and commercialization alliance with Novartis of QLT's anti-blindness photodynamic therapy treatment generating approximately $500 million in annual sales.  He also led QLT in the successful acquisitions of Kinetek and Atrix, which significantly expanded top-line sales and revenues, as well as internal development and discovery capabilities.  Prior to QLT, Mr. Hastings served as President and Chief Executive Officer of Axys Pharmaceuticals, a fully integrated publicly traded drug discovery and development organization that specialized in target-specific collaborations with multinational pharmaceutical companies.  Axys was acquired by Celera Corporation in 2001.  From 1999 to 2001, Mr. Hastings served as the President of Chiron BioPharmaceuticals, a division of Chiron Corporation, a publicly traded biopharmaceuticals company, where he was responsible for worldwide commercial operations of Chiron's biopharma business.  Prior he was President and Chief Executive officer of LXR Biotechnology.  Mr. Hastings also held a series of management positions of increasing responsibility at Genzyme Corporation including serving as President of Genzyme Therapeutics, Europe as well as President of Worldwide Therapeutics.  Mr. Hastings also served as Vice President Marketing and Sales, and General Manager, Europe, for Synergen Inc., and previously held a series of marketing and sales management positions with Hoffmann-La Roche.  Mr. Hastings serves on the board of directors of ViaCell Inc, Cerimon Pharmaceuticals, and serves as a director on the boards of the Biotechnology Industry Association and BayBIO.  He received a Bachelor of Science degree in pharmacy from the University of Rhode Island.

Dr. Rocklage joined 5AM Ventures in 2003 as a Venture Partner and became a Managing Partner in 2004. Dr. Rocklage has over 20 years of healthcare management experience with strategic leadership responsibilities that have resulted in the successful approval of three U.S. New Drug Applications by the FDA (Omniscan™, Teslascan® and Cubicin®), and entered six drug candidates into clinical trials. Dr. Rocklage has served as Chairman & CEO of Cubist Pharmaceuticals, President & CEO of Nycomed Salutar, President, CEO & Chairman of Nycomed Interventional, and has held various R&D positions at Salutar and Catalytica. Dr. Rocklage currently serves as Board Chairman of Achaogen, Relypsa and SteriCoat as well as on the Board of WaveRx, Pulmatrix and Variation and the Board of Associates at the Whitehead Institute. Dr. Rocklage received his BS in Chemistry from the University of California, Berkeley, and his PhD in Chemistry from the Massachusetts Institute of Technology. Dr. Rocklage is based in the Waltham, MA office.

Alison joined Alta Partners as an Associate in 2001 and became a Director of Alta Partners VIII in 2006. Her primary investment focus at Alta is on medical technology and biopharmaceuticals. She serves on the board of directors for Aegerion Pharmaceuticals, Insulet Corporation, Prolacta Bioscience, Sierra Surgical Technologies, and SurgRx. Prior investments include Esperion Therapeutics and Kerberos Proximal Solutions.

Prior to Alta, she was a Senior Associate in Robertson Stephens’ Life Sciences Investment Banking Group with primary responsibilities for the execution of corporate finance transactions including IPOs, follow-on equity and convertible preferred offerings. Previously, she was an Associate in Robertson Stephens’ Equity Research Group where she focused on growth medical technology companies. She began her career in the business development group at Geron, a biotechnology company.

Alison earned a Master of Business Administration from Columbia Business School and a Bachelor of Arts in History from Colgate University.

Prior to joining BIND Biosciences, Mr. Batchelder was CEO of Acceleron Pharma, a company developing biotherapeutics for cancer and musculoskeletal disorders. He grew Acceleron from a research start-up to a clinical stage company with promising bone loss therapy in the clinic and a robust preclinical pipeline. Prior to Acceleron, Mr. Batchelder was Senior Vice President of Operations at Millennium Pharmaceuticals where he played an integral leadership role in the launch of VELCADE and was responsible for the commercial supply chain and technical operations for INTEGRILIN. Mr. Batchelder is on the Board of Directors of the Massachusetts Biotechnology Council. He received a B.S. in Chemical Engineering from Lehigh University.

Ron is a graduate of the University of Glasgow, Oxford University and the Wharton School of the University of Pennsylvania. He has carried out basic biomedical research at the European Molecular Biology Laboratory in Heidelberg, where he was a European Exchange Fellow of the Royal Society of London, at Johns Hopkins University, Baltimore and at the Fox Chase Cancer Center, Philadelphia.

Prior to joining CHL Medical Partners in 1997, Ron was a general partner at Hancock Venture Partners (now HarbourVest Partners) where he invested in sixteen healthcare companies, eleven of which have become public companies.

Ron has served on the boards of seventeen companies including General Surgical Innovations, Inc., (acquired by Tyco International Corp.), GeneOhm Sciences, Inc. (acquired by Becton Dickinson), and Protometrix, Inc., (acquired by Invitrogen Corp.). He was founding CEO of Protometrix, Inc. as well as CGI Pharmaceuticals, Inc. and was formerly Chairman of the Board of Amicus Therapeutics, Inc. Ron currently serves as the Chairman of the Board of OpGen, Inc. and on the boards of BIKAM Pharmaceuticals, Inc., BioRelix, Inc. and POINT Biomedical Corp.