Funding the Stepwise Development of Technology from Innovation to Market

Pharmaceutical, medical device and biotechnology enterprises can leverage a solid intellectual property strategy to capitalize their businesses and the commercialization process. I have worked closely with clients ranging in size from small start-up entities to very large public companies to fund the commercialization of their products. This experience has included the development of IP strategies to obtain: pre-seed, seed, angel, and Series A, B, C and D venture capital financing; convertible debt financing; SBIR/STTR, NIH, DOD, and NSF federal funding; CRADAs with the USDA and EPA; state funding from economic development agencies; private financing and grant funding from national and international disease organizations; and shareholder funding from the public markets. To date, I have helped innovators obtain about $100 million in start-up funding.

IP strategies are different with respect to the funding organizations above because of the different goals each organization seeks to achieve. For example, state funding agencies are most interested in increasing tax revenue locally so look to maximize local high-wage job creation and growth. Disease organizations are most interested in targeting the disease their mission is focused on. Overall, the large overlap with all IP strategies includes responding to the investors' desire to fund technologies that are likely to be well-protected on the market. Put another way, an investor is unlikely to fund the development of a technical area where competitors are not excluded from the market.

IP strategies are also important to achieve financial goals in mergers and acquisitions, licenses, debt and equity financing, and other agreements. To date, I have helped innovators with business transactions valued at about $1 billion. A large part of my experience includes conducting intellectual property due diligence as a part of those transactions. I have also represented lenders, borrowers, investors, and life sciences growth companies in structuring, negotiating, and closing a wide variety of financing and capital formation transactions, including senior term and revolving credit facilities, subordinated debt, convertible debt, venture and private equity financing, and restructurings.

It is not only important to actively protect your intellectual property, but also to leverage the knowledge of the individual members of the commercial ecosystem to evaluate technologies. Can disease organizations help your business with a reimbursement stategy, critical to achieving maximum investment potential? Can investors point out obstacles in freedom-to-operate that could become licensing opportunities? Can regulatory consultants identify multiple pathways through the FDA so that revenues may be generated sequentially rather than in one bolus?

My practice has also involved assisting clients with identifying potential sources of capital, market conditions, and in determining what technologies may be over- or under-invested, and in developing venture management strategies. By doing so, the information my clients obtain from angel, corporate, and venture investors can be leveraged to more effectively develop intellectual property strategies that protect technologies predicted to be "investable."

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