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Part 2: 2009 and Biotech Financing: How To Stay Afloat in Turbulent Economic Waters




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Video title: Part 2: 2009 and Biotech Financing: How To Stay Afloat in Turbulent Economic Waters
Released on: July 28, 2009. © PharmaVentures Ltd
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  • Summary
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2009 is a tough year in the business world and for many biotech companies finding essential funding is proving to be harder than ever. In this comprehensive discussion Paul Hastings, CEO, OncoMed Pharmaceuticals and Steve Parkinson, CEO, Lakewood Amedex tell of the innovative ways that companies can use to secure the cash they need to operate and of the pros and cons of new financing sources.
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Product focus and Alternative sources of financing from foundations.
Steve Parkinson:
Making these milestones, it's about getting them to the clinic.
Fintan Walton:
Right.
Steve Parkinson:
So they're getting value added to your company by getting through those.
Fintan Walton:
But when you focus your, your you no longer spreading your bets. So you are more likely to fail, so they get into a dilemma there?
Steve Parkinson:
Well yes but we like think in the biotech industry at least we are not shot gunning this you know we bring a product forward to the clinic if we really have confidence in it. So I think it's the case of that's just a little bit intensified.
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Paul J. Hastings
President and CEO
Steve Parkinson, President and CEO at Lakewood Amedex, has over 25 years experience in the biopharmaceutical industry, including four CEO roles over the last eleven years, one of them as founder and CEO of TranXenoGen, a company he took public on London AIM. As President and CEO of CereMedix, a drug discovery and development company, he advanced their first product to clinical trials. Previously he was with Advanced Cell Technology, Johnson & Johnson, PPL Therapeutics (Dolly the Sheep) and Genzyme Transgenics. Born and raised in Scotland he has lived and worked in the US for the past 20 years. Mr. Paul J. Hastings brings more than 20 years of experience as a biotechnology and pharmaceutical industry executive. He has served as President and CEO of OncoMed Pharmaceuticals since January 2006. Prior to joining OncoMed Pharmaceuticals, Mr. Paul J. Hastings was President and Chief Executive Officer of QLT, Inc. Previous to that, Mr. Paul J. Hastings served as President and Chief Executive Officer of Axys Pharmaceuticals, which was acquired by Celera Corporation in 2001. From 1999 to 2001, Mr. Paul J. Hastings served as the President of Chiron BioPharmaceuticals, a division of Chiron BioPharmaceuticals. Prior to that, he was President and Chief Executive Officer of LXR Biotechnology. Mr. Paul J. 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. Paul J. 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. Paul J. Hastings currently serves as Chairman of the Board of Directors of Proteolix, and also serves on the board of directors of Cerimon Pharmaceuticals. He received a Bachelor of Science degree in pharmacy from the University of Rhode Island.
Lakewood Amedex
Lakewood Amedex, a private development stage biopharmaceutical company, headquartered in Sarasota, Florida, has a diverse portfolio of targeted therapeutics, broad spectrum anti-bacterials, and anti-viral technologies. The lead product, LPI007, is a fully human toxin-neutralizing monoclonal antibody shown to be effective in the treatment of hemolytic uremic syndrome (HUS) caused by pathogenic EcoliO157:H7 and will be entering Phase I clinical trials in late 2008. Nubiotics are a broad spectrum first in class group of anti-bacterial compounds that represent a first line defense against the increasing number of antibiotic resistant bacteria. A proprietary nanoRNA technology developed for the treatment of viral diseases, such as avian influenza and hepatitis. OncoMed PharmaceuticalsOncoMed Pharmaceuticals was founded in August 2004, by Drs. Michael F. Clarke and Max Wicha who led the discovery of cancerstem cells, in solid tumors. The ability to isolate and monitor tumor initiating cells using specific surface markers and flow cytometry has allowed OncoMed to carefully evaluate the importance of specific targets associated with key biologic pathways implicated in both stem cell biology and cancer. Antibodies against these targets have been developed and tested within xenograft models derived from freshly resected human cancers. Using these approaches, OncoMedhas a portfolio of active antibodies that target biologic pathways critical for survival of tumor initiating cells. OncoMed's first antibody targeting the pathways critical to cancerstem cells has now entered clinical trials. Details of the initial Phase I study, which is now recruiting patients, may be found at ClinicalTrials.gov. Multiple additional promising therapeutic candidates that target other critical pathways are also being developed. OncoMed Pharmaceuticals has attracted significant funding from a prominent group of investors, that include, US Venture Partners, Latterell Venture Partners, The Vertical Group, Morgenthaler Ventures, Nomura Phase4 Ventures, Delphi Ventures, Adams Street Partners, De Novo Ventures and Bay Partners.