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How to attract funding during a crisis: the AM-Pharma example

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How to attract funding during a crisis: the AM-Pharma example
Erik van den Berg CEO AM-Pharma
e.vandenberg@am-pharma.com
Innovation for Health
Equity Investing: The Fundamentals
• An investors invest in share capital of a company. It is not a
loan!
• An investor expects a return on invested capital
• An investor expects certain control over the company and its
expenses
2
Equity Investing: Sources of Funding
$$$
IPO
Venture Capital
regional investors
family offices
Informals
/ Angels
FFF
Maturity
3
VC Model
4
AM-Pharma’s Financing History
Research subsidy
(European, STW, etc)
Seed
€5M innovation
credit AKI
€4M innovation
credit UC
2002
2005
2007
2008
2011
A: €10M
B: €7M
€2M
bridge
C: €7M
D: €29.2M
inventages
inventages
Confidential
inventag
es
5
What do you need for an investment?
• Industry experienced management team
• Convincing data / Credible Science
• Strong IP
• Attractive Market (analyzed in detail)
• Development strategy
• Expert Network (SAB, CAB)
• Support form existing investors (if applicable)
• Early deal (if possible)
• Stamina!
6
Experienced drug development team
Erik van den Berg
CEO
•
Former CBO AM-Pharma
•
Global head BD Organon
•
20 transactions and raising
over EUR 130m equity
•
Consultant Arthur D. Little
•
MSc Chemistry and MBA
Steve Connor
VP Preclinical Development
•
30 years management experience
in pharmaceutical industry
•
Former Director at pSiMedica
•
Senior positions at Murex,
Quantum, Cantab, Chiroscience and
Imutran
Jacques Arend
VP Clinical Development
•
24 years pharma experience
•
Formerly at Grunenthal, Novo
Nordisk, Yamanouchi,
SmithKline, and Kendle
•
MD from University of Leiden
Andrea van Elsas
VP Research
•
Former team leader Shering-Plough
•
Head of biologics discovery Organon
•
PhD from LUMC and fellowship at
the University of California
Peter Verwayen
VP Finance
•
35 years finance experience
•
16 years at Atlas Venture
•
Controller Glaucus Proteomics
Tim Knotnerus
Director Business Development
•
Formerly at Aescap Venture
•
MSc. Science and Innovation
Management, MSc. Drug Innovation
7
Clinical Publications
8
AKI: High Incidence, High Mortality
9
APREN Phase-II (2011) Results
Pickkers et al, Critical Care, March 2012
10
The Investment Process
Preparation
•
•
•
•
Teaser
Presentation
Business Plan
Target List
Interacting
with
Investors
• CDA
• Pitch
• Stalk
Due
Diligence
Termsheet
• Negotiate
• Legal input
•
•
•
•
•
Dataroom
Team
Corporate
Commercial
Technical
Contracts /
Transaction
• Subscription
agreement
• Shareholders
agreement
11
Investment Process: VC Interaction
• Keep in mind: Investors evaluate hundreds of proposals per
year
• Develop a concise pitch
• Target potential lead investors
• Capture investors at conferences
• Sign a CDA before a visit or sending the business plan
• Present the team during visit
• Be Mindful of:
– VC’s bet on the jokey not the horse
– VC’s need to like and trust you
– VC’s initial focus: “what are the reasons that this idea won’t work”
12
Potential Dutch Investors (examples)
Lead Investors
Confidential
Followers
13
Investment Process: VC Interaction
1. Pre-emptively address their concerns
–
E.g. list the top 5 concerns and how you will overcome them
2. Avoid superlatives
–
“best”, “greatest”, “world-class”
3. Relate your ideas to proven companies
–
–
E.g. We are like “top company”, however “Fill in how you differ”
Don’t bad mouth another company
4. Boost your credibility wherever possible
–
E.g. customers testimonials, accomplished employees, advisory
board, relate to standards, such as deals or forecasts of
comparables
14
Two main models
• Drug Discovery Engine Company
–
–
–
–
€25-50M to exit
Avoid setting for an early non-optimal lead, kill failures early
Get non-dilutive funds from partnerships
Know what to build as competencies and what to outsource
• Single-Asset Company
– €15-25M to exit
– Experienced core team of seasoned drug hunters to manage virtual
model
– Select network of advisors and partners
– Being able to tap network for BD without distracting from drug
development
Capital Efficiency is Paramount!
15
Key Lessons in Financing
• Be Likeable
• Build Trust (takes a long time)
• Target the right VC’s and the right partner
• Start talking early to VC’s; They will first send you
away with more homework
• If you show endurance you are more likely to get
noticed and funded
• Differentiate!
16
Key Advice
• It will take longer than expected, so start
early!
• Pick a project you believe in!!
• Pick a team you like working with!!!
17
AM-Pharma
Erik van den Berg CEO
e.vandenberg@am-pharma.com
+31 30 228 9222
www.am-pharma.com
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