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The Interface Biologics Story Hear from the Founder (Prof. Paul Santerre), the Founding VC (Genesys Capital), and the Professional CEO (Rick Sullivan) of Interface Biologics on why they did it. An audio presentation can be downloaded by going to: http://blog.marsdd.com/2006/11/29/entrepreneurship-101-cash-vs-karma-why-would-you-start-up-a-company/
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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