Twelve Months from the ClinicTwelve Months from the ClinicTales from an unlikely journey from bench to boardroom
Jeffrey Coull, PhDPresident & Acting CEOChlorion Pharma, Inc.
This PresentationThis Presentation
• About me
• The Chlorion story
• Perspectives on sourcing capital
• Being a founder, CEO and entrepreneur
About MeAbout Me
• PhD in pharmacology from McGill University,Montreal
• Former management consultant at SHI Consulting,Toronto
• Founder, President and Acting CEO of ChlorionPharma, Montreal
The Chlorion StoryThe Chlorion Story
• Base technology patented in 2003
• Incorporated in 2004
• Received CIHR POP I grant in 2005
• First full-time employee in 2005 (M. Gagnon)
• Identified small molecule leads and demonstratedproof-of-concept in vivo in 2007
• Closed series A1 round of financing ($6M) in thesummer of 2007
• To close series A2 round ($14M) in Q2 2008
Developing novel therapeutic strategies toDeveloping novel therapeutic strategies tocorrect chloride disequilibrium in disorders ofcorrect chloride disequilibrium in disorders of
the CNSthe CNS
The Chlorion Story (2)The Chlorion Story (2)
• 12 full-time researchers (67% with advanced degree, 4PhD)
• Fully-integrated R&D facility (Laval, Quebec), withcapacity in medicinal and bioanalytical chemistry, aswell as in vitro and in vivo pharmacology
• World’s largest library of diverse small moleculemodulators of cation-chloride co-transporters
• IND-enabling studies to commence in 2-3 months forfirst lead, with clinical development to kick-off in 14-15months
• Scientific Advisory Board includes top experts in theworld in CNS drug discovery
Perspectives on Sourcing CapitalPerspectives on Sourcing CapitalThe top ten facts I wish I had known in 2004…
10. Expect the quest for capital to take 2-3 times longer than you think it will.
8. To a VC, “pre-money valuation” really means the total value of alloutstanding shares + total value of all stock options. Hence, onpaper all non-investor shareholders will hold $2M worth of sharesonly at the end of the financing period.
9. A start-up biotechnology company will rarely fetch a valuationgreater than $2M to $3M, regardless of base technology.
7. Sourcing capital is a time-consuming exercise that cannot beperformed only during evenings and weekends.
6. Your chances of finding a VC that will be interested in yourtechnology (and seriously consider an investment) are about 1 in 20.
Perspectives on Sourcing CapitalPerspectives on Sourcing CapitalThe top ten facts I wish I had known in 2004…
5. Know the “right” answers to questions posed by VCs, even if theseare not necessarily the “true” answers.
4. If you are able to identify a VC that is truly interested in your project,spend 80% of your time trying to secure a commitment from this VC,and 20% of your time identifying other VCs that might be trulyinterested in your company.
3. Be optimistic about your timelines, but never deceitful. Understandthat VCs don’t typically want to invest in a drug discovery companyunless it is “12 months from the clinic”.
2. Think of VCs as the “customer”: they are ALWAYS right.
1. When a VC says “no” to you, what they really mean is “not now”.Truly.
Being a Founder / CEOBeing a Founder / CEO
• Founder / CEO versus “Professional” CEO
• Vision, motivation and obsession
• The CEO as integrator
• Other key responsibilities (“a day in the life of…”)
• Perspectives on leadership and relationships
• Beyond the current opportunity
Necessary Attributes for EntrepreneursNecessary Attributes for Entrepreneurs
• Persevere and be patient
• Profile opportunity and prove the concept
• Pitch
• Project manage
• Profit from challenge and responsibility
• PERFORM
The “Ps” of entrepreneurship
Closing Closing
• Questions?
• Thank you.