Business Workshops
Window Shopping - The Buyer's Perspective on Today's IPO Candidates
October 28, 2009
3:30 - 4:45 p.m.
Twin Peaks South
The window for biotech initial public offerings has been virtually locked tight since 2007, when only a few quality biotech companies successfully sold shares at reasonable valuations. For many that made the leap between 2004 to 2007, the public market ride has been anything but smooth. Today a majority of these companies are in desperate need of cash infusion and contributing to the current low tolerance for risk among new issuance investors. What will it take to open an IPO window, and will this public financing opportunity resemble any windows of the past? Biotech investors and market observers agree that only the companies with late-stage products, strong clinical data and solid pharmaceutical partnerships may squeeze through, attracting only the sophisticated investors more comfortable with taking on risk. Come hear banker, buy-side, venture investor and industry perspective - and new definitions - for initial public offerings, an IPO window, and what is needed to bring the industry a breath of fresh air and capital.
Moderator:
Christopher D. Earl, Ph.D, former President and CEO, BIO Ventures for Global Health (BVGH)
Panelists:
- J. Donald deBethizy, Ph.D, President and CEO, Targacept
- Ashley Dombkowski, Ph.D, Managing Director, MPM Capital
- Daniel Lyons, Ph.D, CFA, Equity Research Analyst, Janus Funds
- Bryan Roberts, Ph.D, Partner, Venrock
- Timothy C. Rodell, MD, President and CEO, GlobeImmune, Inc.
Who's Who
Christopher D. Earl, Ph.D
Christopher D. Earl, PhD is an entrepreneur and investor with track record of fostering company growth based on innovative products and underserved markets, both as a venture capitalist and CEO. He has broad experience as a CEO and board member of research-based, not-for-profit organizations, leading research, policy and advocacy efforts.
Most recently, Dr. Earl was the first President and CEO of BIO Ventures for Global Health (BVGH), a not-for-profit organization directing biotechnology industry R&D to create new medicines to treat infectious diseases of the developing world such as TB, malaria and sleeping sickness. During his tenure, BVGH defined an integral role for biotech sector in creating new medicines for and other neglected tropical diseases, extended its policy work into advocacy for new financial incentives for R&D, and forged new collaborations between the public and private sectors. During this period, BVGH established its role as a thought leader in the application of financial incentives to attract investment in R&D for global health. Dr. Earl secured over $8 million of funding from foundations, corporations and individual donors, including the Bill & Melinda Gates Foundation.
Previously, Dr. Earl served as Managing Director of Perseus Capital, LP, and the Perseus-Soros BioPharmaceutical Fund, L.P., leading investors in later-stage life science companies, where he managed investments in biopharmaceutical companies and served as a director on portfolio company boards. Earlier in his career, Dr. Earl was President and CEO of Avitech Diagnostics, Inc., and a General Partner of Plant Resources Venture Funds.
Dr. Earl serves on the Board of Directors of the Infectious Disease Research Institute, Asuragen, Inc., and the Nature Conservancy of Maryland/DC. He is a Trustee of the Committee for Economic Development. Dr. Earl received a BA in Biology from the University of Pennsylvania, and a PhD in Cellular and Developmental Biology from Harvard University.
J. Donald deBethizy, Ph.D
J. Donald deBethizy, Ph.D, is a co-founder of Targacept, Inc. and has served as President and Chief Executive Officer since its spinout from R. J. Reynolds Tobacco Company in August 2000; he has also served as Targacept's President since its inception in 1997. Previously, Dr. deBethizy held positions of increasing responsibility at RJR, including Vice President of Product Evaluation, Research and Development, where he was responsible for development, regulatory affairs and market introduction of reduced risk products.
At Targacept, Dr. deBethizy continues to play a key role in development of a portfolio of clinical stage novel small molecules targeting central nervous system diseases, and in developing business relationships with AstraZeneca, Aventis, Dr. Falk Pharma and GlaxoSmithKline. Dr. deBethizy led Targacept’s Initial Public Offering (IPO) in April, 2006, raising $45 million; during Targacept's years as a private company, he was instrumental in raising $123 million in venture capital.
Dr. deBethizy co-authored Innovation That Fits: Moving Beyond the Fads to Choose the Right Innovation Strategy for Your Business published by Prentice Hall. He is also the author of numerous peer-reviewed scientific articles and book chapters. Dr. deBethizy was recognized by Ernst & Young as Emerging Company Entrepreneur of the Year in 2002 for his leadership in founding Targacept. In June of that year, Targacept was also the subject of a Best Practice case study article in the Harvard Business Review entitled Spinning Out a Star.
Within the Winston-Salem community, he is currently on the board of directors of the Piedmont Triad Research Park, United Way of Forsyth County, and Winston Salem Chamber of Commerce, and on the Board of Visitors of Winston-Salem State University. He has also served on the boards of Forsyth Technical Community College Foundation and Piedmont Triad Entrepreneurs Network (PTEN). Dr. deBethizy was recently elected to the Emerging Companies Section Governing Body of the Biotechnology Industry Organization (BIO). In December, 2006, he joined the Board of Directors of LigoCyte Pharmaceuticals.
Ashley Dombkowski, Ph.D
Dr. Ashley Dombkowski joined MPM Capital in 2000. Before joining MPM, she was a public market investor and Healthcare Equity Analyst covering biotech, medical device, and pharmaceutical stocks for Tiger Management, L.L.C., a diversified hedge fund. Prior to Tiger, Dr. Dombkowski followed the all-cap universe of public medical technology stocks as an Equity Research Associate at Dresdner RCM Global Investors. Dr. Dombkowski holds a Ph.D. in Mathematics from Rice University and a B.A. cum laude and with Departmental Honors from Wellesley College.
Daniel Lyons
Daniel Lyons is an equity research analyst for Janus Capital focusing on the biotechnology and pharmaceutical industries. He started consulting for Janus in February 1997 and joined the healthcare team full time in September 2000. He received his bachelor’s degree in biochemistry and chemistry, graduating magna cum laude, from Rice University. Dr. Lyons also earned a PhD from Stanford University’s Program in Immunology and conducted postdoctoral research at the University of Colorado as a Jane Coffin Childs Memorial Fund Fellow.
Bryan Roberts, Ph.D
Bryan Roberts, Ph.D. joined Venrock as a Kauffman Fellow in 1997. He is based in Venrock's Palo Alto office and focuses on a broad range of healthcare investments. Bryan currently serves on the Board of Directors of a number of private companies including Achaogen, Coderyte, Fate Therapeutics, Ikaria, Ironwood, Satiety and Ventana. Past investments include athenahealth (NASDAQ: ATHN), Xenoport (NASDAQ: XNPT); Sirna Therapeutics (acquired by Merck) and Illumina (NASDAQ: ILMN). Immediately prior to joining Venrock, Bryan received his Ph.D. in Chemistry & Chemical Biology from Harvard University. He previously held positions in corporate finance at Kidder, Peabody & Co and received his B.A. from Dartmouth College. Bryan was named a Henry Crown Fellow by the Aspen Institute in 2006, he was named to healthspottr’s 2009 Future Health 100 list and was the highest-ranking healthcare investor on Forbes’ Midas List in 2008 and 2009.
Timothy C. Rodell, MD
Dr. Rodell has been President and Chief Executive Officer of GlobeImmune, Inc. since 2004. From 1999 until 2002, Dr. Rodell was President and Chief Executive Officer of RxKinetix, Inc., a private drug delivery company that was sold to Endo Pharmaceuticals Holdings Inc. From 1996 until 2000, he held a number of positions at OXIS International, Inc., including Chief Technology Officer and President of OXIS International, SA, the company’s French subsidiary, and led the Company’s IPO on the Nouveau Marché of the Paris Bourse. From 1985 until 1995, Dr. Rodell was Executive Vice President of Operations and Product Development for Cortech, Inc. where he led all development of three clinical programs and co-led the Company’s successful IPO. Dr. Rodell is also a founder of Barofold, Inc., a protein re-folding company. Before moving to industry, Dr. Rodell practiced academic Emergency Medicine, Internal Medicine and Pulmonary and Critical Care Medicine. Dr. Rodell earned his M.D. from the University of North Carolina School of Medicine in 1980. He completed a residency in Internal Medicine and a fellowship in Pulmonary and Critical Care Medicine at the University of Colorado and is board certified in Internal Medicine and Pulmonary Medicine as well as being a Fellow of the American College of Chest Physicians. He completed post-doctoral fellowships in molecular biology and cell biology at the Eleanor Roosevelt Cancer Institute and the Webb Waring Institute respectively.