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K.A. Athanasiou Professor. Technology Innovation & Entrepreneurship From bench to bedside Cyprus Entrepreneurship Competition , Nicosia, Cyprus December 17 , 2003. Bioengineering, Rice University (Orthopaedics, Oral & Maxillofacial Surgery, Univ. of Texas Houston). OUTLINE.

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slide1

K.A. Athanasiou

Professor

Technology Innovation & Entrepreneurship

From bench to bedside

Cyprus Entrepreneurship Competition, Nicosia, Cyprus

December 17, 2003

Bioengineering, Rice University

(Orthopaedics, Oral & Maxillofacial Surgery, Univ. of Texas Houston)

outline
OUTLINE
  • The technology transfer approach
    • From academic research…
    • … to new technology…
    • … to commercialization
  • 4 examples (OsteoBiologics, Xilas, VidaCare, CyTex)
  • What I have learned
technology transfer approach
Technology transfer approach

New

technology

Academic

research

New

company

slide4

1st example

From musculoskeletal research to an orthopaedic company

OsteoBiologics, Inc.

slide5

KNEE

Articular cartilage cannot repair itself adequately in response to trauma or pathology

slide7

An ISO 9001 Company

12500 Network Blvd., San Antonio, Texas 78249Phone 210.690.2131

slide8

2nd example

From lower extremity bioengineering research to a diabetes company

Xilas Medical, Inc.

slide9

Diabetes affects 10% of population of developed nations

  • The lower extremity is an area of frequent & devastating afflictions
slide10

12665 Silicon Drive

San Antonio, Texas 78249Phone 210.692.1114

slide11

3rd example

From bone bioengineering research to an emergency room medical company

VidaCare, Corp.

slide12

Intravenous access is not available for many patients

  • Intraosseous infusion may be an alternate access method in emergencies
slide13

VidaCare Corporation

722-A Isom Road

San Antonio, Texas 78216Phone 210.375.8500

slide14

4th example

From personal issues with high cholesterol to a company with natural anti-cholesterol product

CyTex, Corp.

slide15

Incidence of elevated cholesterol

  • 100 million American adults have total blood cholesterol values of 200 mg/dL and higher
  • Thus, approximately 20-40% of the population of the USA exhibit hyperlipidemia
  • Using extrapolation, it is estimated that in Cyprus there are at least 150,000 people who could benefit from Miracle; in Greece, over 2 million people
slide16

Why Miracle?

  • Daily Miracle dosage is 1 capsule – 7.5 mg of Monacolins
  • Lovastatin dosage: 20-40 mg daily
  • Other ingredients (e.g., sterols) may also add to shown benefits
slide17

Manufacturers-Distributors

of Miracle

CyTex LTD.

Ave. Digeni Akrita 79C, Nicosia, Cyprus

(Also, 2119 MacArthur, Houston, Texas, USA)

Telephone: 22458300, 22753445

Fax: 22757260

Webpage: Cy-Tex.com/Miracle

email: miracle@cy-tex.com

New Med Tec LTD.

Nikodimou Mylona 9, Nicosia, Cyprus

Telephone: 22757770

Fax: 22751472

Webpage: Cy-Tex.com/Miracle

email: info@nicholsoncyprus.com

slide18

Newsweek cover story on statins (issue 9 July 2003)

  • EXCERPTS
  • 12-15 mil US adults on statins – another 21 mil should be taking them
  • Statins:theultimate miracle med
  • Roy Collins of Oxford University: “Statins are the new aspirin”
  • Possible treatment for Alzheimer’s disease, multiple sclerosis, osteoporosis and even cancer

Miracle:

A natural cocktail of statins

against cholesterol

what have i learned
What have I learned?
  • People are the most important asset… but also biggest problems – egos can destroy a company
  • A protectable, proprietary position is important to success
  • Valuation is an art – the earlier the investment stage, the less precise
  • Don’t take in more capital than you need (1-2 yrs)
  • Raise less C£ early, meet milestones, get more capital later at a higher valuation
more hard lessons
More hard lessons
  • The control issue
  • Surprise! Profitability does matter
  • Near zero liquidity of common stock – also no possible dividends, board seats, etc.
  • Do not go for preferred stock – investors won’t let you
  • Common stock is for founders, friends & family, angels, employees
consequences of the internet crash
Consequences of the Internet crash
  • Public markets no longer “fund” unproven business models
  • Exit opportunities have diminished
  • VC firms are spending more time managing their existing portfolio & less investing in new companies
  • VC firms are exiting the early-stage market for later-stage opportunities
post internet crash awakening
Post Internet-crash awakening
  • Existing VC portfolio companies are having difficulty raising money
  • Valuations are back to pre-1995 levels
  • Methods for determining valuations are more normal
  • The laws of finance are fairly stable – investor psychology is not
slide23

ELEMENTS FOR EFFECTIVE

TECHNOLOGY TRANSFER

  • Need to solve a significant problem
  • Novel but practical ideas
  • Have general idea of bench to bedside process
  • Prepare convincing proof-of-concept
  • No man is an island… excellent team
  • A man (woman, company) has to know his (her, its) limitations
slide24

THE VISION

  • Technology transfer does not have to be university-based
  • Effort must rely on applied research
  • Research and commercialization should go together
  • In the final analysis, everything is based on the human factor