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									    Business Acceleration and
Technology Out-Licensing Network
             (BATON)


    Innovations in RTP lecture
    September 9, 2009
    Rob Lindberg, PhD, RAC
    Director, BATON Program
Business Acceleration and Technology
Out-Licensing Network (BATON) is…

An infrastructure of professionals that supports the
creation of sustainable life sciences companies in
North Carolina based on technologies developed at
universities and research institutions.

A partnership whose stakeholders include:
      NCBC                  Service providers
      Entrepreneurs         Founding scientists
      Technology transfer offices

        NORTH CAROLINA BIOTECHNOLOGY CENTER
      BATON Program Activities

1. Identify inventions
  with commercial potential

2. Create sustainable NC companies
  to capture these commercial opportunities

3. Establish a community support network
  willing to contribute professional services

4. Provide NCBC loan funding
  for crucial inception-stage business activities

5. Identify and recruit an entrepreneur
  to take each opportunity forward

       NORTH CAROLINA BIOTECHNOLOGY CENTER
BATON Candidacy
   Protectable university intellectual property
       Life sciences
       Unlicensed; IP optioned to startup
   Spin out company opportunity
       Company may already be created
       Company to be HQ’d in NC
       Market opportunity corroborated by NCBC library
   Not interested in creating “vanity” or lifestyle companies
    Market “pull” ≠ Technology “push”




        NORTH CAROLINA BIOTECHNOLOGY CENTER
         BATON Stakeholder Services
      Accounting                   Industry expertise
        Banking                      IP & IP strategy
Business development                    Lab space
  Business mentoring                 License/option
                                     Manufacturing
 Business plan writing
                                    Market Research
     CEO services
                                Preclinical or technology
     Corporate legal                  development
  (incorporation, etc)
                               Product development plan
Contract research (CRO)
                                   Regulatory strategy
  Financing strategy               Sales & marketing
    Grants writing

       NORTH CAROLINA BIOTECHNOLOGY CENTER
               BATON Stakeholders
          Examples of Terms of Engagement


                        Pro-bono
                       Discounted
                          At cost
          Deferred (e.g., until Series A Round)
                    Service for equity


Whenever possible, stakeholder services will be contributed
 as deliverables at fixed terms rather than as uncapped
                       billable hours


        NORTH CAROLINA BIOTECHNOLOGY CENTER
BATON – Interim CEO

Recruitment
   Drawn from entrepreneurial talent pool (NCBC)
       Serial entrepreneurs
       Corporate industry execs
       Others
Engagement
       Negotiated directly with company
       Typically milestone-based, equity
Growing the community of serial entrepreneurs
       BATON provides access to technology, connection to
        expertise (“safety net”)

        NORTH CAROLINA BIOTECHNOLOGY CENTER
        BATON Checklist of Deliverables
    Establish NC company independent of university
    Obtain license or option to asset from university
   Present to BATON stakeholders, entrepreneur pool
   Finalize stakeholder & entrepreneur commitments
    Research prior art (FTO), market, regulatory path
     Triage commercial opportunities for technology
               Choose initial product focus
            Create strategic development plan

    (technology development, business, IP, regulatory)
   Establish business & technology milestones (+ costs)
   Set near-term financing goals to achieve milestones
       Capture corporate vision in a business plan

       NORTH CAROLINA BIOTECHNOLOGY CENTER
BATON program to date

    2.5 years
    13 companies (others under consideration)
    5 participating universities thus far
        Duke (5)
        NCSU (3)
        UNC-CH (3)
        NC A&T (1)
        UNCG (1)
    Life sciences (all areas)


         NORTH CAROLINA BIOTECHNOLOGY CENTER
Can the BATON model be applied elsewhere?


     Cluster of “Idea Engines” with sophisticated TTO’s
     Community of professional service providers
     Entrepreneurs
     Impartial central coordinator (e.g., NCBC)
     Cooperative, entrepreneurial business culture
     Access to capital
     Clearly-defined primary customer




         NORTH CAROLINA BIOTECHNOLOGY CENTER
Caveat…

     BATON was created in a life sciences ecosystem
     Commercialization requires many diverse role players
      working in synchrony
     Biotech requires Patience!
         Biotech road to revenue is very long and risky
         High cost of R&D, IP & regulatory approval
         Stage-specific management teams
             difficult to “flip” a biotech company




          NORTH CAROLINA BIOTECHNOLOGY CENTER
www.ncbiotech.org/baton
        rob_lindberg@ncbiotech.org

  NORTH CAROLINA BIOTECHNOLOGY CENTER

								
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