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K.A. Athanasiou Professor

K.A. Athanasiou Professor. Technology Innovation & Entrepreneurship From bench to bedside Cyprus Entrepreneurship Competition , Nicosia, Cyprus December 17 , 2003. Bioengineering, Rice University (Orthopaedics, Oral & Maxillofacial Surgery, Univ. of Texas Houston). OUTLINE.

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K.A. Athanasiou Professor

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  1. K.A. Athanasiou Professor Technology Innovation & Entrepreneurship From bench to bedside Cyprus Entrepreneurship Competition, Nicosia, Cyprus December 17, 2003 Bioengineering, Rice University (Orthopaedics, Oral & Maxillofacial Surgery, Univ. of Texas Houston)

  2. OUTLINE • The technology transfer approach • From academic research… • … to new technology… • … to commercialization • 4 examples (OsteoBiologics, Xilas, VidaCare, CyTex) • What I have learned

  3. Technology transfer approach New technology Academic research New company

  4. 1st example From musculoskeletal research to an orthopaedic company OsteoBiologics, Inc.

  5. KNEE Articular cartilage cannot repair itself adequately in response to trauma or pathology

  6. An ISO 9001 Company 12500 Network Blvd., San Antonio, Texas 78249Phone 210.690.2131

  7. 2nd example From lower extremity bioengineering research to a diabetes company Xilas Medical, Inc.

  8. Diabetes affects 10% of population of developed nations • The lower extremity is an area of frequent & devastating afflictions

  9. 12665 Silicon Drive San Antonio, Texas 78249Phone 210.692.1114

  10. 3rd example From bone bioengineering research to an emergency room medical company VidaCare, Corp.

  11. Intravenous access is not available for many patients • Intraosseous infusion may be an alternate access method in emergencies

  12. VidaCare Corporation 722-A Isom Road San Antonio, Texas 78216Phone 210.375.8500

  13. 4th example From personal issues with high cholesterol to a company with natural anti-cholesterol product CyTex, Corp.

  14. Incidence of elevated cholesterol • 100 million American adults have total blood cholesterol values of 200 mg/dL and higher • Thus, approximately 20-40% of the population of the USA exhibit hyperlipidemia • Using extrapolation, it is estimated that in Cyprus there are at least 150,000 people who could benefit from Miracle; in Greece, over 2 million people

  15. Why Miracle? • Daily Miracle dosage is 1 capsule – 7.5 mg of Monacolins • Lovastatin dosage: 20-40 mg daily • Other ingredients (e.g., sterols) may also add to shown benefits

  16. Manufacturers-Distributors of Miracle CyTex LTD. Ave. Digeni Akrita 79C, Nicosia, Cyprus (Also, 2119 MacArthur, Houston, Texas, USA) Telephone: 22458300, 22753445 Fax: 22757260 Webpage: Cy-Tex.com/Miracle email: miracle@cy-tex.com New Med Tec LTD. Nikodimou Mylona 9, Nicosia, Cyprus Telephone: 22757770 Fax: 22751472 Webpage: Cy-Tex.com/Miracle email: info@nicholsoncyprus.com

  17. Newsweek cover story on statins (issue 9 July 2003) • EXCERPTS • 12-15 mil US adults on statins – another 21 mil should be taking them • Statins:theultimate miracle med • Roy Collins of Oxford University: “Statins are the new aspirin” • Possible treatment for Alzheimer’s disease, multiple sclerosis, osteoporosis and even cancer Miracle: A natural cocktail of statins against cholesterol

  18. What have I learned? • People are the most important asset… but also biggest problems – egos can destroy a company • A protectable, proprietary position is important to success • Valuation is an art – the earlier the investment stage, the less precise • Don’t take in more capital than you need (1-2 yrs) • Raise less C£ early, meet milestones, get more capital later at a higher valuation

  19. More hard lessons • The control issue • Surprise! Profitability does matter • Near zero liquidity of common stock – also no possible dividends, board seats, etc. • Do not go for preferred stock – investors won’t let you • Common stock is for founders, friends & family, angels, employees

  20. Consequences of the Internet crash • Public markets no longer “fund” unproven business models • Exit opportunities have diminished • VC firms are spending more time managing their existing portfolio & less investing in new companies • VC firms are exiting the early-stage market for later-stage opportunities

  21. Post Internet-crash awakening • Existing VC portfolio companies are having difficulty raising money • Valuations are back to pre-1995 levels • Methods for determining valuations are more normal • The laws of finance are fairly stable – investor psychology is not

  22. ELEMENTS FOR EFFECTIVE TECHNOLOGY TRANSFER • Need to solve a significant problem • Novel but practical ideas • Have general idea of bench to bedside process • Prepare convincing proof-of-concept • No man is an island… excellent team • A man (woman, company) has to know his (her, its) limitations

  23. THE VISION • Technology transfer does not have to be university-based • Effort must rely on applied research • Research and commercialization should go together • In the final analysis, everything is based on the human factor

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