Entrepreneurship 101: Science and business do mix: The Interface Biologics story

Entrepreneurship 101Success StoryThe founder/inventor version

J. Paul Santerre, PhD., MSc. B.Sc.,Associate Dean Research, Dentistry, UofT,

CSO of Interface Biologics Inc.

Provides enablingtechnology

Interface Biologics Inc.

• More effectivedevices = superiorclinical outcomes

Drug Eluting Devices

Devices

Drugs

Next generation:Convergence of two trends:

Endexo™ TechnologyPassive Surface - Endexo™ can reduce platelet

activation and protein adhesion

Epidel™ Technology

Localized Drug Delivery - Epidel™ offer localized polymer-drug delivery

Kinesyx™ TechnologyBioactive Coatings - Kinesyx™ is versatile to

deliver a range of potent compounds to surfaces

Three Platform Technologies at IBI

How did I get here?

OPPORTUNITY-1986-89: Ph.D. in Eng

polymer processing vspolymeric Biomaterials

-1990: Materials labManager on Canada’sfirst Artificial heartprogram at OHI vs 2year postdoc at abiomaterials researchInstitute in Paris,France.

DECISION (outcome)→Biomaterials training

developed multi-discipli-nary knowledge inimplant physiology,materials sci., biology

→ Ottawa Heart Institute(OHI) providedexposure milestonedriven research, vendorselection experience,systems engineering,studies in inflammationresearch.[R20%,D80%]

How did I get here? (continued)

OPPORTUNITY-1993: Transfer to World

Heart Corp. or take anAcademic Position atthe Centre forBiomaterials, UofT todevelop my own ideas.

DECISION (outcome)→At UofT I was

strategically positionedin the applied bio-engineering circle. Theresearch programdeveloped aroundIndustry-Univ.(VasCath, Bayer,Zimmer…) and clinicalCollaborations , andmaintained a strongpublication record.

How did I get here? (continued)

OPPORTUNITY-1995-2001: “Patent and

Publish” vs “Publish orPerish”

DECISION (outcome)→Patent/Publish was

double the work, but themechanisms to supportpatent and translationalwork were being built inthe 1990’s. Lastelement missing was abridge seed financingstructure (e.g. GenesysCapital Partners)

How did I get here? (continued) OPPORTUNITY-2001: License 3 platform

technologies or start acompany. I took on the roleof CSO and President for 4yearsWhy:Generating the jobs and thevalue here in Ontario felt likethe right thing to do, giventhe funding that got us herewas Canadian and Ontariobased.

DECISION (outcome)→Financed Interface Biologics

Inc. with $1,000,000 andincubated the company atUofT for 3 years, deliveredon milestones with a 2nd

$1,000,000 bridge financing.

In 2004 received $10Mventure consortiumfinancing.

How did I get here? (continued)

OPPORTUNITY-2003: Accept an Associate

Dean Research inDentistry /consult forIBI, or leave the Univ forfulltime head of R&D atIBI.

DECISION (outcome)→Remaining at the Univ

has allowed for thetranslation of myfinancing and planingexperience in myacademic position and ithas maintained a directlink between Univ.resources and IBI fortheir R&D program andconvincing financialinstitutions that they arewell supported.

Comments on the Financial picture of theCanadian Life Sciences Start-up Industry today

It is a growth industry (the introduction of biology intoeveryday products is at its early stages)

Biomedical knowledge is key to growing it. (Thereforeyour knowledge is needed to make informed finanicaldecisions)

The players include-the promoters,-the players looking for financing,-the players that provide financing

Characteristics of a player seekingfinancing with a Biotech start-up Soft characteristics:

-critical thinking, effective communicator, teambuilding, comfortable with responsibility role, multi-tasking, organized, milestone driven

Hard characteristics:-Intellectual Property, strong and extensive networkof collaborators, access to facilities, interestedcustomers/partners, strong scientific data