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NanoString: From Research to Start-Up

NanoString: From Research to Start-Up. Amber Ratcliffe Co-founder of NanoString Technologies October 23 rd , 2008. Presentation Overview. Genesis of the Basic Idea Seed Funding the Proof of Principle Decision to Start the Company The Start Up Process: Nuts and Bolts

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NanoString: From Research to Start-Up

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  1. NanoString: From Research to Start-Up Amber Ratcliffe Co-founder of NanoString Technologies October 23rd, 2008

  2. Presentation Overview • Genesis of the Basic Idea • Seed Funding the Proof of Principle • Decision to Start the Company • The Start Up Process: Nuts and Bolts • Current Status of NanoString Today • A Few Things to Think About

  3. The Backstory 1999 2000 2001 2002 2003 2004 2005 2006 2007 • Krassen Dimitrov and Amber Ratcliffe meet in Lee Hood’s Lab • Krassen & Amber build ISB’s microarray lab • Out of frustration with arrays idea of individual molecular tagging born

  4. Molecular Barcode Idea Target Specific Capture Probe Target Specific Reporter Probe Target Specific Capture & Reporter Probes are created to bind to the mRNA transcript

  5. nCounter Assay Image Surface

  6. nCounter Assay Codes are counted and tabulated

  7. Research Seed Funding 1999 2000 2001 2002 2003 2004 2005 2006 2007 • Pitch idea to the Institute for Systems Biology • Seed Funding for Basic Research • ISB Seed Funds Research • IP Licensing Rights for Founders Shares & Royalties • ISB Files First Patent • Amber Starts MBA at UW

  8. Early Proof of Principle Data 1999 2000 2001 2002 2003 2004 2005 2006 2007 • Dwayne gets hired and comes up with idea for stretching molecules • Preliminary data generation • Amber starts writing business plan Dwayne Dunaway

  9. Writing the Business Plan • Identify the Application for the Technology • Calculate the Market Opportunity • Analyze the Competitive Landscape • Identify the Business Model • Create an Operational Plan • Generate Financials • Determine How Much Money You Will Need • Focus on the Business, not the Technology!

  10. Business Plan Competitions 1999 2000 2001 2002 2003 2004 2005 2006 2007 • NanoString competes in business plan competitions • Jungle International Business Plan Competition • Purdue National Life Sciences Business Plan Competition • UW Regional Business Plan Competition • Gives access to community members • Seed money • Good press • Validation of idea

  11. Decision to Start the Company • Large Market Opportunity • Clear Business Model • Affiliations with Top Notch Scientists • Investor Interest • Access to Intellectual Property • Personal Passion for the Technology and Market • Desire to Experience the Process • Ability to Take the Risk

  12. Forming a Company 1999 2000 2001 2002 2003 2004 2005 2006 2007 • Company officially founded in June • Get corporate identity ready and infrastructure in place • Pitch to VCs - Kleiner Perkins, Paul Allen, Fraiser, Versant, Arch, Flagship, etc • Select Sonya Erickson for counsel • Meet Perry Fell • Perry introduces us to Chad Waite • OVP gives us term sheet = blood in the water

  13. Starting Up Operations 1999 2000 2001 2002 2003 2004 2005 2006 2007 • January 2004 – DFJ starts due diligence • May 2004 – Angel round, start operations • Execute agreement with investors • Start leasing space at ISB • Hire first official employees (half pay) • Find an accountant • Set up IT infrastructure • Continue technology development • July 2004– Close $4.3M First Tranche Series A

  14. Product Development 1999 2000 2001 2002 2003 2004 2005 2006 2007 • First “4 spotter” • November - Move in to 4300 sqft of lab/office space • CEO, COO, CSO, Office manager, 3 PhDs, 2 Research Associates • Barcode development, instrument development, image processing software development • Filing patents

  15. Product Development 1999 2000 2001 2002 2003 2004 2005 2006 2007 • Manufacturing scale up • Milestones: • January – make 25 reporters • May - make 100 reporters • August - make 532 reporters • File software patent • Start work on Nature Biotech Paper • Start Instrument OEM discussions

  16. Forming Commercial Team 1999 2000 2001 2002 2003 2004 2005 2006 2007 • Start offering fee for service • Commercial group formed • Chief Commercial Officer • Marketing • Sales • Business development • Open commercial office in CA • Prepare for commercial launch • Refresh corporate image • Messaging • Collateral generation • Formulations • Packaging, etc

  17. Today 2001 2002 2003 2004 2005 2006 2007 2008 • US Commercial Launch • Made Red Herring Top 200 Most Innovative Companies • Nature Biotech paper! • Raised $17M to date • Multiple System placements • Launching in Europe January 2009 • We currently have 43 employees

  18. Realistic Timeframes Time from idea to incorporation – 3 years From incorporation: • Time Amber worked with no pay – 11 months • Time to raise VC $$ - 13 months • Time to produce fully functional prototype – 4 years • Time to get to commercial launch – 5 years • Time to get rich quick – 8 years and counting…

  19. Take Aways • Be very clear about the opportunity • Market • Application • Freedom to operate (IP) • Do it for the passion and process • Understand your role now and going forward • Find experienced management & service providers • Know your tolerance for risk • Network, network, network – but be careful • Commit fully

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