Connecting biotech entrepreneurs, industry, and researchers with knowledge, captial, and talent
Program
Meetings will be held virtually on April 4, April 18 and May 2.
Running a lean organization and keeping costs down is essential for start-up life science companies to hit milestones and attract additional capital before running out of funds. The challenging funding climate over the past few years further underscores the necessity of extending the cash runway as long as possible. The virtual biotech model is one option for start-up companies to quickly and cost-effectively de-risk assets. Virtual companies outsource most product development functions, thereby minimizing expensive corporate infrastructure while maximizing flexibility and expertise.
There are many examples over the past several years where companies developing products or treatments with just a handful of employees quickly reach inflection points for investment or exit, receiving financial windfalls from VCs and big pharma. Despite these success stories, the virtual model can also have the reverse effect. The cumbersome task of managing multiple suppliers and outsource partners can take leaders’ attention away from strategic decisions, particularly if multiple partners are involved in a project or there is a misalignment of capabilities. Additionally, outsourced processes often become duplicated in-house due to a lack of accountability, requiring additional headcount. This can quickly diminish funds and delay milestones.
To harness the potential of the virtual biotech model to accelerate timelines, de-risk assets and attract investors, it is imperative to utilize a strategic framework that goes beyond simply outsourcing. To successfully utilize a virtual model, organizations must carefully select vendors with broad capabilities and the depth of expertise needed to execute their vision and streamline processes through enhanced communication and accountability.
THE SERIES
In this three-part series, we will examine the key elements involved in creating a successful virtual company, provide insights on selecting outsource partners and managing those relationships and learn the investor perspective on how the virtual model can be an attractive option for funding.
April 4: Part 1
Doing More With Less: Creating the Hyper-Virtual Model
An essential ingredient in a successful virtual company is to find a few trusted partners with broad capabilities and deep expertise. Managing multiple supplier contracts, invoices and project meetings can bog down lean biotechs and distract senior leaders from focusing on more strategic decisions. Reducing these bottlenecks can accelerate timelines to make data driven decisions more quickly and efficiently.
In this session, we will cover:
- Establishing the virtual business structure
- Determining what suppliers you need for success
- Streamlining decision making
- Making strategic internal hires
SPEAKERS
- Stephen M Perry, CEO, Kymanox (discussion leader)
- Rick Bente, MBA, Co-Founder & CEO, Indomo
- Marcelo Tellez Anderson, MBA, VP of Manufacturing, Technical Operations and CMCVice President of Manufacturing, Technical Operations and CMC, Veloxis Pharmaceuticals
April 18: Part 2
Trusted Partnerships: Developing Strong Communication and Accountability
The framework for a successful hyper-virtual company is a systematic approach to working with supplier partners and relying on their expertise to do the work. Establishing a trusting and cohesive working environment with effective communication between parties is a necessary part of the process. Ensuring the interconnectivity between groups will cut out unnecessary delays and save significant cost in misalignment of objectives and/or duplicated efforts.
In this session, we will cover:
- Understanding and leveraging the capabilities of your suppliers
- Creating accountability and transparency
- Integrating systems and processes and managing supplier relationships
- Developing effective communication and interconnectivity between groups
SPEAKERS
- Stephen M Perry, CEO, Kymanox (discussion leader)
- Dan Kagan, PhD, President and COO, Scientist.com
- Evan Edwards, Co-Founder and Vice President, Innovation, Development and Industrialization, Kaleo, Inc.
May 2: Part 3
Positioning for Success: Attracting Investors with the Virtual Model
De-risking your biotech venture is imperative in positioning yourself to attract venture capital investment, particularly in today’s challenging funding environment. Getting the right data to show proof of concept, however, is not always straightforward, and many companies often run out of funds before obtaining good data with repeated cycles and missteps. Establishing a collaborative relationship with a trusted partner who has extensive experience will not only help avoid these pitfalls but will also better position your venture to attract future investments.
In this session, we will cover:
- A venture capitalist’s perspective on the virtual model
- Creating a development plan with targeted milestones
- Company valuation and developing a capital strategy
SPEAKERS
- Stephen M Perry, CEO, Kymanox (discussion leader)
- Rick Bente, MBA, Co-Founder & CEO, Indomo
- Chris Garabedian, CEO, Xontongeny
